ABX Done Flying For JAL?
11-12-2012, 03:02 PM
#55
Line Holder
Joined APC: Sep 2012
Posts: 84
I think I know how it worked for pilots at United.
Also, the PGBC has said that, if American Airlines is successful in their plan to default on their pension obligations, the PGBC might become insolvent.
If ATSG is able to eliminate the CBA with 1224, ATSG will certainly quit paying $30 million per year into the pension fund. In fact, eliminating the pension payments will be a major incentive for the company to complete the merge and dissolve CBA with 1224.
With current and future retirees taking a huge amount out, how long do you think the remaining funds will last without additional contributions?
i hope it will be there for all of us, but i think, anyone under 55 really needs a backup plan.
Also, the PGBC has said that, if American Airlines is successful in their plan to default on their pension obligations, the PGBC might become insolvent.
If ATSG is able to eliminate the CBA with 1224, ATSG will certainly quit paying $30 million per year into the pension fund. In fact, eliminating the pension payments will be a major incentive for the company to complete the merge and dissolve CBA with 1224.
With current and future retirees taking a huge amount out, how long do you think the remaining funds will last without additional contributions?
i hope it will be there for all of us, but i think, anyone under 55 really needs a backup plan.
11-12-2012, 03:46 PM
#56
Gets Weekends Off
Joined APC: Jul 2008
Posts: 862
A change in the contract can not relieve ATSG from the pension obligations that it has already incurred. The pension was frozen several years ago so no new obligations have been incurred since then.
11-12-2012, 05:10 PM
#57
Gets Weekends Off
Joined APC: Apr 2007
Posts: 1,872
As you say, anything is possible. Maybe a nice signing bonus with distribution decisions to be made by 1224 leaders? With the lions share will go to the most senior guys to supplement their departure to retirement. do you remember the severance pay money that was distributed in 2009? The furloughed pilots didn't get to vote on how that went down. $31 million dollars went to the pension fund! How many of those furloughed guys are going to be enjoying that pension? Or, maybe SJ and pals can include some nice early out options in the package.
The union leaders are already involved in negotiating this and they will make sure they take care of themselves. By the time everyone else learnes the details, it will be too late.
The union leaders are already involved in negotiating this and they will make sure they take care of themselves. By the time everyone else learnes the details, it will be too late.
11-12-2012, 05:27 PM
#58
Gets Weekends Off
Joined APC: Apr 2007
Posts: 1,872
Well if you are saying ATSG is going out of business don't let Wall Street know....the stock is already beat up enough. ATSG as the parent company is responsible for the pension liabilities of ABX.
11-12-2012, 07:16 PM
#60
Gets Weekends Off
Joined APC: Jul 2008
Posts: 862
Don't put words in my mouth.
Unlike dinosaurs, pensions are governed by a federal law. Those laws apply to active pensions, the disposition of terminated pensions, and frozen pensions such as the ABX Air pilot's pension. Pish seems to have a number of misconceptions regarding how those laws work.
He also keeps saying things like "our" and "us" but talks more like a CCI pilot than an ABX pilot. Even if ABX, ATI, and CCI merged, and the ABX contract survived, there would be no pension for the ATI/CCI pilots as the plan was frozen back in (IIRC) 2009.
Unlike dinosaurs, pensions are governed by a federal law. Those laws apply to active pensions, the disposition of terminated pensions, and frozen pensions such as the ABX Air pilot's pension. Pish seems to have a number of misconceptions regarding how those laws work.
He also keeps saying things like "our" and "us" but talks more like a CCI pilot than an ABX pilot. Even if ABX, ATI, and CCI merged, and the ABX contract survived, there would be no pension for the ATI/CCI pilots as the plan was frozen back in (IIRC) 2009.
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