The Pension

[steelersrule]

I think the pilots will get what they deserve if Dave cancels their pension. I would suggest all pilots go to their leadership and tell them to freeze the plan immediately because there just aren't any pilot jobs out there and unemployment is only a few hundred a week.
The judge will throw out your pension if you don't agree!

 

[mlt]

The Air Line Pilots Association branch at US Airways[BR]still hopes for a legislative solution, a spokesman said. "We are not[BR]receptive to talking to the company about gutting the plan," he said, noting[BR]that the pilots already agreed to a reduction in the payout to 50% of final[BR]earnings from 65%. The union doesn't plan to cave in on this front, he said,[BR]"[STRONG]even if it hinders the company's emergence from Chapter 11."[BR][BR][BR][BR]

[/STRONG]Well, Well, Well! [BR][BR]If memory serves me correctly, Chip encouraged the other labor groups on the property to accept everything in our concessionary agreements because the emergence from bankruptcy was of the utmost importance. [BR][BR]The reality is: this was 'the powers that be' intentions all the time. Coerce concessions from the employees, default on the pensions and allow the government to do the dirty work. They played us beautifully!

 

[sdavis29]

 

[pitguy]

It appears the pilot pension may have to be reduced/modified so that the company can get back on track. Granted we have all given concessions to the company, but we are so close now. The pilot pension is the real ringer here for the ATSB loan. Remember it is allot better to give up part of your pension then to see the whole company go down now. Think of your co-workers. This job is better than no job.

 

[MrAeroMan]

[blockquote]
----------------
On 1/13/2003 536 PM mlt wrote:

The Air Line Pilots Association branch at US Airways
still hopes for a legislative solution, a spokesman said. "We are not
receptive to talking to the company about gutting the plan," he said, noting
that the pilots already agreed to a reduction in the payout to 50% of final
earnings from 65%. The union doesn't plan to cave in on this front, he said,
"[STRONG]even if it hinders the company's emergence from Chapter 11."

I think this is a great question but it hasn't really been explained thoroughly.
What happens if U determines it can't fulfill it's obligations to the pension and ends it? Wouldn't that leave the pilot group with an estimated 75% reduction in their pensions and the PBGC would be running the plan? What recourse do the U pilots have at that point if management ends the plan? Is this enough of a sticking point that it could lead the company into Chapter 7?
Thanks

 

[cat 111]

Chip, The pilot group needs to let the company terminate your pension plan.The company then come out of bankruptcy.I know this is tough.Chip,remember how you kept saying the iam and cwa members needed to accept the next round of concessions?Well,it looks as though the tables have changed !!!!Without the termination of your pension plan the company cannot survive.Alpa must accept these changes Chip.

 

[oldiebutgoody]

[blockquote]
----------------
On 1/13/2003 6:06:50 PM cat 111 wrote:

Chip, The pilot group needs to let the company terminate your pension plan.The company then come out of bankruptcy.I know this is tough.Chip,remember how you kept saying the iam and cwa members needed to accept the next round of concessions?Well,it looks as though the tables have changed !!!!Without the termination of your pension plan the company cannot survive.Alpa must accept these changes Chip.
----------------
[/blockquote]
You don't get it.

 

[A320 Driver]

Chip had some good points on another thread regarding our pension. He stated that our pension was fully funded in 2001 and is only underfunded now because of the weak economy and the poor investment return on the pension funds. What we need here is to buy time. The MEC offered to lower our pensions and change the funding model, but the PBGC said no. We are certainly reaching a point where there are very few choices, but I don't see the MEC doing anything detremental to the company's emerging from Chapter 11. I'm not even sure if they could stop the termination of the plan if they wanted to. That being said, things will play out one way or another over the next few days. Time is not on our side here and we have come too far to sink the ship now.

Just my opinion

A320 Driver

 

[delldude]

[EM]I RESPECTFULLY REFRAIN FROM PILOT BASHING AS A NEW YEAR RESOLUTION![/EM]

 

[A320 Driver]

You sure your not my mother-in-law?

 

[DaWoo]

[STRONG]Chip???[/STRONG] [FONT color=#cc6666]Chip who??[BR][/FONT][BR]Oh now the shoe is on the other foot and he is nowhere to be found....[BR]Chip, time to give up your pension, your union needs to play ball now...You said it yourself, you have to give Dave the latitude he needs to keep the company going.[BR]We know you don't mind......Thanks for pitching in your pension !![BR][BR]A320....better check a little closer on the pilot pension payments. They are far from being fully funded, that comes directly from DAVE, the guy you trust.[BR][BR]Dave and Jerry can now play the trump card.....we have been beaten.

 

[cat 111]

a320, He deserves a taste of his own medicine.

 

[steelersrule]

Dave needs to terminate the pilots pension because all other employee groups have already given. The pilots should not be allowed to cause this airline to collapse.
Mr. Munn, do it for Dave, I know you wouldn't do it for other work groups, but do it for everyone's buddy Dave.

There are no pilot jobs out there Mr. Munn. Your union needs to understand that before it shuts this company's doors.

Why am I not surprised that everyone gave what was asked but the pilots are still hanging on to their greedy pension and their own leadership has given indications it is willing to shut the door.

 

[A320 Driver]

When you guys want to have a serious conversation about this serious issue and are willing to ditch the sarcasm...let me know.


A320 Driver

ps Chip does have a life outside of these boards.

 

[cat 111]

Chip, we only have a few more days.Jan 16 will be here before you know it.Alpa needs to let the company terminate the pension plan.Chip, you know the company could liquidate.That is why we need your help !!!! Do it for the 30,000 employees.