Retirees

[SKY HIGH]

FULL story:http://www.fortwayne.com/mld/journalgazette/business/10346229.htm

US Airways retirees fighting mad over plan to cut benefits

Associated Press


WINSTON-SALEM, N.C. - In the 30 years he worked for Piedmont Airlines and US Airways, Dennis Turbyfill says he missed all of a day and a half on the job.

He showed up despite illness and even broken bones. Now, two years after his retirement, Turbyfill says the airline is skipping out on him.

"I thought the airline would provide for my benefits for the rest of my life, but now it appears their pledge may not be worth the paper it was written on," he said.

Turbyfill and other retirees are upset about the bankrupt airline's decision to seek termination of retiree medical and dental benefits on Jan. 1 and its pension-plan obligations in early 2005.

The Virginia-based airline filed for Chapter 11 bankruptcy protection on Sept. 12, the second time that it has done so in two years.

A bankruptcy court judge said Thursday that he doesn't expect to make a ruling on the benefits request until early January.

 

[Winglet]

I wonder if the Excutives get lifetime medical, travel, etc etc etc. . . . . . .

I'm guessin' yes. They just want you to shut-up and take what crumbs they give you.

 

[drifterreno]

The retirees need to stick together and fight this. Is there any way we can do this?? We put our own money into this account also. I thought the government protected it??? What happens to our monthly payments. I tried getting through to HR and can get no answer.

 

[Winglet]

The retirees need to stick together and fight this. Is there any way we can do this?? We put our own money into this account also. I thought the government protected it??? What happens to our monthly payments. I tried getting through to HR and can get no answer.

[post="226875"][/post]​

I'm afraid there's precious little you can do. You're screwed. The time and money has all be squandered and swilled by Siegel and his buds. You're mistake was not getting "yours" up-front or in contracts that the BOD will acutally abide by like Siegel did and the BOD approved . . . . . $4.5 million worth. I believe the word they probably use in the BOD meetings in relation to retireees is "suckers."

 

[Seatacus]

I hate to say this but I think the Federal Gov't. should get involved. I don't like gov't. getting involved in private business but this retirement "bait and switch" program has got to stop. People stay loyal to a company because of certain promises the company has made. If a company can't keep its promises then maybe they shouldn't be a company. At the very least retirees should be given the same benefits as a current employee. :angry:

 

[aafsc]

I hate to say this but I think the Federal Gov't. should get involved. I don't like gov't. getting involved in private business but this retirement "bait and switch" program has got to stop. People stay loyal to a company because of certain promises the company has made. If a company can't keep its promises then maybe they shouldn't be a company. At the very least retirees should be given the same benefits as a current employee. :angry:

[post="226950"][/post]​

But the government can't get involoved....That would be socialism.

 

[Dea Certe]

Here's something that was sent to me. It sounds pretty good. I suggest we all call, write or e mail our Senators, Congressmen and Representatives.

Representative George Miller (D-CA), Senior Democrat, US House of Representatives, Education and Workforce Committee, introduced legislation which places the retirement security of workers and executives on more equal footing. The Pension Fairness Act of 2004, H.R. 5292, would prohibit a company from paying or promising executive deferred compensation for directors and officers for a five year period, in the event that a company's defined pension plans are terminated in connection with bankruptcy reorganization or converted to a cash balance plan.
Under the Pension Fairness Act, if workers' plans are terminated or converted into a cash balance plan, the company's executives and directors may not enhance their own deferred compensation deals for five years. If any new deals or packages for executives or directors were cut the year PRIOR to an underfunded termination, payments to those executives or directors would also be suspended for five years.
"This is about fairness and common sense" Rep. George Miller stated when he introduced the legislation. "Employees cannot be asked to absorb the full brunt of bankruptcy by having their pension plans terminated and dropped on the Federal Government. Executives should share in that pain".
The bill would create more of a level palying field in the corporate retirement world, where an increasing number of large companies are dumping their underfunded multibillion dollar pension plans onto the taxpayer-backed Pension Benefit Guaranty Corporation (PBGC). When companies terminate their underfunded pension plans, the federally estabilished PBGC takes over those liabilites.
Please take action today! Call your US Representative and urge him/her to cosponsor Representative George Miller's bill, H.R. 5292, The Pension Fairness Act of 2004.
To reach your Repersentative's office in Washington, DC, you may call the US Capitol Switchboard at 202-224-3121. Non-U.S. citizens should contact Speaker of the House, Dennis Hastert (R-IL) 202-225-2976.

It may not be perfect, but it's a start.

Dea

 

[Winglet]

The rule should be that if a company defaults on worker pension programs that ALL management and executive pension programs are also cancelled and that money used to reimburse the PBGC. Further, ALL payments to excutives and BOD are reviewed to ensure that monies received by them weren't meant to cirumvent the laws in advance.

Neither the Republicans nor the Democrates give half a hoot about the rank and file worker, and moreover, have a disdain for unions as the cause of business interference.

The message to workers is clear. WE NEED TO GET "OURS" UP-FRONT LIKE THE EXECUTIVES DO. OTHERWISE THEY"LL STEAL IF FROM YOU IN THE END . . . AND THE CONGRESS AND THE "LAW" WILL HELP THEM DO IT.

 

[usfliboi]

In a supreme court case, that woud of helped retirees of companies similar to us the supreme court refused to hear the case, effectively, closing the door on any future law suits. It appears, according to the news, usairways retirees, are sunk.... sad but true

 

[Hope777]

What a great company fliboi. And YOU support management....

 

[Seatacus]

But the government can't get involoved....That would be socialism.

[post="226952"][/post]​

The gov't is already involved. What about child labor laws, Railway Labor Act, minimum wage laws?

 

[Borescope]

You don't need a minimum wage law, your just about there.

 

[Borescope]

Representative George Miller (D-CA), Senior Democrat, US House of Representatives, Education and Workforce Committee,

[post="226955"][/post]​

This guy supported ebonics in the Oakland city schools.

Under the Pension Fairness Act, if workers' plans are terminated or converted into a cash balance plan, the company's executives and directors may not enhance their own deferred compensation deals for five years. If any new deals or packages for executives or directors were cut the year PRIOR to an underfunded termination, payments to those executives or directors would also be suspended for five years.

[post="226955"][/post]​

All this says is they can't "ENHANCE" their deferred compensation for five years. So, if they know whats coming down the pipe they CAN ENHANCE it in the year or so before. Then all they have to do is comply with the required waiting period of five years before they start withdrawing. I'm sure these exec's can live off the money they make for five years before they need to make withdrawals from their deferred compensation plans. It should be cut for cut, with no special outside plans. One for all, all for one. Are they (exec's) in court asking the judge to terminate their plan also, I doubt it!

 

[usfliboi]

Hope, I do support management, simply theres no other choice, if thousands of employees are to continue working...... you dont?

 

[insp89]

Hope, I do support management, simply theres no other choice, if thousands of employees are to continue working...... you dont?

[post="227284"][/post]​

Thousands of people will continue to work regardless, whether it will be for Usairways or some other place of employment...