Quote:
Originally Posted by ASU2003
Bankruptcy will help the company out, but the retirees will lose out on a lot of their monthly checks from the company. When United Airlines went into bankruptcy, the pensions got cut by 1/3.
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I think that 1/3 figure is an average. I know a few retired UA pilots and they lost much closer to 50%. The way it was explained, in detail, to me was the max. pension you could get was 45K a year. So pilots who had been making 130K a year and contributing for 30 years into a plan that would pay them 90K woke up one day to find out they could only get 45K. Part of the kicker for pilots was they couldn't be pilots after age 60, that's been upped to 65 since. So couldn't just work a few more years and try to build up some saving to buffer the shock.
I think this type of thing is exactly what they're trying to do to the UAW workers.