- Thread Starter
- #31
PITBull:
PITBull said, "ALPA IS TESTIFYING ON HOW THE COMPANY CAN SAVE MONEY BY FREEZING OTHER GROUPS PENSIONS, THEY HAVE LOST MY SUPPORT! Union leaders do NOT behave this way! Unions do not go to management and ask them to BURN everyone else's house down."
Roy Fruendlich said,"An actuary witness for the objector attorney testified to the legitimacy of assuming that future legislation would produce the higher interest rate to reduce funding obligations for the pension plan, which he estimated to be 500-600 million dollars below the Company’s forecast over the seven-year period between 2003 – 2009. The objector actuary witness also testified that if the pension plans were frozen, as opposed to terminating one plan, the funding obligation would be reduced by 700-900 million dollars over the same period when combined with assuming that the higher interest rate from expected legislation is legitimate for forecasting pension funding requirements."
Chip comments: PITBull, ALPA has not suggested to the court that other pensions be frozen, this was done by an objector attorney and his licensed actuary witness. There are five independent defense attorney's who all are introducing witnesses and cross-examining company witnesses.
In fact, in some cases the non-ALPA defense attorney's have hurt the case for all US Airways employees.
However, the challenge is this option (that was not initiated by ALPA) has now been placed before the court, which is an option or potential settlement to the company's motion to terminate the pilot pension plan and is now part of the testimony.
Unfortunately, now all pension plans face some risk.
Chip
PITBull said, "ALPA IS TESTIFYING ON HOW THE COMPANY CAN SAVE MONEY BY FREEZING OTHER GROUPS PENSIONS, THEY HAVE LOST MY SUPPORT! Union leaders do NOT behave this way! Unions do not go to management and ask them to BURN everyone else's house down."
Roy Fruendlich said,"An actuary witness for the objector attorney testified to the legitimacy of assuming that future legislation would produce the higher interest rate to reduce funding obligations for the pension plan, which he estimated to be 500-600 million dollars below the Company’s forecast over the seven-year period between 2003 – 2009. The objector actuary witness also testified that if the pension plans were frozen, as opposed to terminating one plan, the funding obligation would be reduced by 700-900 million dollars over the same period when combined with assuming that the higher interest rate from expected legislation is legitimate for forecasting pension funding requirements."
Chip comments: PITBull, ALPA has not suggested to the court that other pensions be frozen, this was done by an objector attorney and his licensed actuary witness. There are five independent defense attorney's who all are introducing witnesses and cross-examining company witnesses.
In fact, in some cases the non-ALPA defense attorney's have hurt the case for all US Airways employees.
However, the challenge is this option (that was not initiated by ALPA) has now been placed before the court, which is an option or potential settlement to the company's motion to terminate the pilot pension plan and is now part of the testimony.
Unfortunately, now all pension plans face some risk.
Chip
