AA Pension

[swdriver]

Continental is one up on you guys at AA. They will keep their pensions, but will AA? Better take that 40% paycut so AA can at least keep the pilots
pension in place.


Continental Airlines today announced that it has contributed an additional $75 million in cash to its defined benefit pension plans.

The company has contributed $336 million to its pension plans in 2007, significantly exceeding its minimum funding requirement of $187 million for the year.

"We continue to keep our promise and fulfill our pension commitments," said Chairman and CEO Larry Kellner. "We are successful thanks to the continued hard work of my co-workers."

 

[FA Mikey]

AA has also contributed more to its pension fund then required like CAL. looks like our wind up artist DTTB is back.

 

[flyhigh]

CAL would be one up if they hadn't already changed their pensions through the two bankruptcies they went through. AA has had not substancial changes until the recent legislation went through. Add to that the fact that CAL was able to get rid of a lot of people in Lorenzo's first trip through Ch 11 which included some costly people on the payroll.

They're a good carrier and do a lot of things really well, but trust me, the grass just looks greener...they're no different than AA or anyone else.

 

[donttouchthebeauty]

AA has also contributed more to its pension fund then required like CAL. looks like our wind up artist DTTB is back.

No, but now I am .... Wind me up buttercup, ooopppsss I meant to say BITTERCUP.. Anyhow - isn't AMR pensions underfunded by nearly 2 billion?

 

[FWAAA]

Continental is one up on you guys at AA. They will keep their pensions, but will AA? Better take that 40% paycut so AA can at least keep the pilots pension in place.

Continental Airlines today announced that it has contributed an additional $75 million in cash to its defined benefit pension plans.

The company has contributed $336 million to its pension plans in 2007, significantly exceeding its minimum funding requirement of $187 million for the year.

"We continue to keep our promise and fulfill our pension commitments," said Chairman and CEO Larry Kellner. "We are successful thanks to the continued hard work of my co-workers."

You are mistaken. Just yesterday (Wednesday) AMR reported:

AMR contributed $200 million to its defined benefit pension plans in the third quarter, as the Company continues to meet this important commitment to its employees. With the third quarter contribution, the Company has contributed $380 million to these plans in 2007, meeting its projected commitment for the year. The Company has contributed nearly $2 billion to these plans since 2002.

http://biz.yahoo.com/prnews/071017/law036.html?.v=101

Looks like CAL and AA are both keeping their pension promises, unlike UAL and USAir.

Go hawk the misinformation somewhere else. Thank you. Come again.

 

[FA Mikey]

No, but now I am .... Wind me up buttercup, ooopppsss I meant to say BITTERCUP.. Anyhow - isn't AMR pensions underfunded by nearly 2 billion?

were you not the one who posted

So I will do you AA Elitists a favor and quit busting your happy chops and leave you alone to your board

 

[eolesen]

And how much did UAL, DAL, and US contribute to their employee pensions this year?...

No, but now I am .... Wind me up buttercup, ooopppsss I meant to say BITTERCUP..

Name-calling!.... Name-calling!.... Oh, wait... that only works when antagonists get called names....

Sorry for wasting the bandwidth and everyone's time....

 

[operaations]

No, but now I am .... Wind me up buttercup, ooopppsss I meant to say BITTERCUP.. Anyhow - isn't AMR pensions underfunded by nearly 2 billion?

Funny How this comment comes from someone whos own company dumped thier pension. Jealous do I smell a hint of Jealousy

 

[donttouchthebeauty]

Funny How this comment comes from someone whos own company dumped thier pension. Jealous do I smell a hint of Jealousy

Not even hardly, I am younger than your youngest child, therefore I had no pension to lose... Furthermore I am not one of the narrow minded who solely relies on one form of retirement... Like I said before - Don't put all your eggs in one basket, because if the basket is dropped your eggs will break... .... .... So no you don't smell anything except some harsh reality... Don't mistake the two.

 

[eolesen]

Total Debt is down to $16.6B, compared to $19B in 3Q06. Net Debt is at $11.2B compared to $14B in 3Q06. Plus $5.8B in cash, which will probably be necessary in order to survive the oil storm that's now sitting at about Cat 4 in strength...

I am younger than your youngest child

I wasn't aware that UAL was hiring straight out of middle school, but it does explain how you thought 3% == 9% among other things...

 

[Veritas]

I wasn't aware that UAL was hiring straight out of middle school, but it does explain how you thought 3% == 9% among other things...

Why are you feeding the Troll?

 

[aafsc]

No, but now I am .... Wind me up buttercup, ooopppsss I meant to say BITTERCUP.. Anyhow - isn't AMR pensions underfunded by nearly 2 billion?

I can see that you are still enthralled with our pensions. But to answer your question (from the 2006 annual report): On an accumulated benefit obligation basis (ABO) it is underfunded by about $1.6 billion. On a projected benefit obligation basis(PBO) it is underfunded by about $2.5 billion. AA has about $6 billion in cash so it could fund the PBO tomorrow if it wanted to. AA also has many assets it could borrow against or sell to raise cash. These include: unencumbered aircraft, gates and slots in high density airports, slots in LHR, slots in NRT, the Latin American routes, our three maintenance bases, and from what we learned from UA, the hidden valuable asset of our frequent flier program (AAdvantage). Of course, the assets themselves in the plan can increase in value reducing the underfunding and in fact become over funded. But thanks for your concern.

 

[Wretched Wrench]

Why are you feeding the Troll?

Hear, hear!

 

[aafsc]

Funny How this comment comes from someone whos own company dumped thier pension. Jealous do I smell a hint of Jealousy

That is exactly what you smell. The reason most of the UA people on this board have venom for us is because 1.)We are their primary competitor. AA is #1 UA is #2 in terms of size and we both compete heavily in ORD. 2.) During their bankruptcy they lost it all; especially the pilots and AMTs. Not only did they lose their pensions and other retirement benefits, but they lost a lot of money with the ESOP; as where AA people still have their pensions and other retirement benefits and we never had an ESOP to lose. Also, AA pilots make more money hourly and fly less than UA pilots. UA AMTs make less than AA AMTs and their heavy airframe overhaul was farmed out and what little is left (component and engine overhaul-United Services) is for sale. AA still does airframe and engines in house. The fact that the bonuses of senior UA management are greater than that of AA management; even though AA management has done much more than just screw the employees and paint some A-320s to return to profitability; added to their anger. And most recently, the hidden asset that was found (Mileage Plus) which could have been used to fund their pension plans but instead will somehow enable Tilton to fulfill his long delayed desire to consolidate and open his golden parachute just adds fuel to the fire.