Delta Vp sellsout

[General Lee]

Just thought there would be more outrage, but if you're happy with it then i'll let it rest.

So do you really think its only a 42 month cut ?

Getting $280,000 plus an additional $66,000 is not bad, and it will make up for some of it. USAir East guys got a $4400 Xmas bonus. I would say we did well for the position we were put in with a judge watching.

Bye Bye--General Lee

 

[Stifler's Mom]

.... and you still don't have to go to LBB. It's good to be the General.

 

[FDJ2]

Even the retired pilots got most of what they were owed.

Bye Bye--General Lee

Just to add on to that, the Delta Pilot Retirement Trust had enough assets to cover 81% of all PC-3 (read retired or over 53 at plan termination) liabilities. On top of that the PBGC had a $2.2B claim, which if valued at 45 cents on the dollar, would produce enough PC-5 redistribution to cover 100% of all PC-3 qualified obligations and a large part of PC-4 obligations.

Additionally, all Delta pilots who were hired post 1992 have 100% of their accrued benefit covered by the PBGC and their Money Purchase Pension Plan. That's about 50% of the pilot list, which makes their distribution of the $650M as icing on the cake.

Most Delta pilots received an imputed FAE of $205K or the minimum credit of $5.7K/year, making them more than whole for their terminated plan and giving them a good head start on building that retirement nest egg.

 

[General Lee]

Just to add on to that, the Delta Pilot Retirement Trust had enough assets to cover 81% of all PC-3 (read retired or over 53 at plan termination) liabilities. On top of that the PBGC had a $2.2B claim, which if valued at 45 cents on the dollar, would produce enough PC-5 redistribution to cover 100% of all PC-3 qualified obligations and a large part of PC-4 obligations.

Additionally, all Delta pilots who were hired post 1992 have 100% of their accrued benefit covered by the PBGC and their Money Purchase Pension Plan. That's about 50% of the pilot list, which makes their distribution of the $650M as icing on the cake.

Most Delta pilots received an imputed FAE of $205K or the minimum credit of $5.7K/year, making them more than whole for their terminated plan and giving them a good head start on building that retirement nest egg.

That is a great explanation. Anyone with any other questions, please direct them towards FDJ2.

Bye Bye--General Lee

 

[dtfl]

Good for you, hope it was worth it.

You are an idiot.
Please tell me how a pilot's paycut was deposited into an account, then paid out to a VP in stock?
We r waiting.

 

[BILL LUMBERG]

PEOPLE.....

Listen to yourselves....I'm sick thinking that we have Delta people GLOATING over our dumped pension and crappy pay rates and CFO controlled incentive laden POS contract. You guys rationalize this by bragging about being the best setup out of bankruptcy...

Kinda reminds me of the old special olympics joke....You may be first in the 100 yard dash, but you are still a retard!!

That's our money these clowns are walking away with....that's OUR money that was deposited into your 401K....get on that train of thought and maybe we'll find a pair and stand up to these thieves......

 

[9rj9]

stop waiting

You are an idiot.
Please tell me how a pilot's paycut was deposited into an account, then paid out to a VP in stock?
We r waiting.

Well... they just made a 250 million dollar profit and didn't have to pay into the A fund because it doesn't exsist anymore, they didn't pay you the old wage, and all you get is posibly 0-4% raise in Jan.
Your retirement pat out was yours to begin with, you might have got 5% of its worth.
I realize you had no control when in bankruptcy but why be happy you might get a small raise in Jan while some random VP takes 500,000 tax free.
You have bought into the companys greed, they have made you believe you don't deserve anymore and seeing each Delta pilot defend these thiefs you will never get another dime from them.
When will someone standup for themselves, oh let ALPA do it, they have an excellent track record. Guess there to busy paying off the RJDC guys.

 

[General Lee]

Well... they just made a 250 million dollar profit and didn't have to pay into the A fund because it doesn't exsist anymore, they didn't pay you the old wage, and all you get is posibly 0-4% raise in Jan.
Your retirement pat out was yours to begin with, you might have got 5% of its worth.
I realize you had no control when in bankruptcy but why be happy you might get a small raise in Jan while some random VP takes 500,000 tax free.
You have bought into the companys greed, they have made you believe you don't deserve anymore and seeing each Delta pilot defend these thiefs you will never get another dime from them.
When will someone standup for themselves, oh let ALPA do it, they have an excellent track record. Guess there to busy paying off the RJDC guys.

So, did you totally forget about our claim in BK worth $400,000 to most Captains and $280,000 to me, plus an additional amount for the pension dump?(up to $250,000 for some captains and around $66,000 for me) You left that out. A pension is just a promise unless it is in your own name. We now have a DC fund that addresses that issue, and cash in the bank and full 401Ks to help with that pension "promise" that was broken. Our bottom furloughed pilot got a huge chunk, and our retired guys also got most of what they were "owed." It is not a perfect ending, but not as bad as how USAir East got smacked. I think ALPA, although far from perfect, did ok for us under the circumstances and comparitive to others going through the same process. BK suks, no doubt.

Bye Bye--General Lee

 

[flaps30]

i don't really care

I don't care if the guy gets 500,000 tax free, I don't work there. If GL likes it so be it.

 

[Jmoney]

Owed?

So, did you totally forget about our claim in BK worth $400,000 to most Captains and $280,000 to me, plus an additional amount for the pension dump?(up to $250,000 for some captains and around $66,000 for me) You left that out. A pension is just a promise unless it is in your own name. We now have a DC fund that addresses that issue, and cash in the bank and full 401Ks to help with that pension "promise" that was broken. Our bottom furloughed pilot got a huge chunk, and our retired guys also got most of what they were "owed." It is not a perfect ending, but not as bad as how USAir East got smacked. I think ALPA, although far from perfect, did ok for us under the circumstances and comparitive to others going through the same process. BK suks, no doubt.

Bye Bye--General Lee

I thought a mainline pension was worth about 3 to 4 million-at least. I don't think any retired guys were given anything like that out of bankruptcy. I guess the sunny side is that you didn't lose all your stuff like all the stockholders.....

Oh well, coulda had a V-8, like all the Southwest guys you are always ragging.