john vattimo
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- Apr 8, 2020
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Hey Guys,New to the forum...Was wondering if any of the Veop provisions are protected if Parker walks the steps to bankruptcy???
American looking to "right-size" the company and staffing levels for the Fall and 2021
- Thread starter jimntx
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CremaDiLimone
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- Jun 8, 2016
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agree and according to the assoc., they are trying to get the company to give a full year's pay.
aa had originally proposed this when the company was negotiating with it's assoc. members through the company website.
so, what changed? the govt. is paying the majority of the current labor costs. company got liquidity through cheap govt. loans to pay other expenses.
robbedagain
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- Oct 13, 2003
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Welcome to forums
My own opinion. if ch 11 then I think unless it's in writing it cld be all bets of . Hopefully it wont get to that point but w the pandemic anything us possible
john vattimo
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- Apr 8, 2020
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thank you...beating my head against the wall with this decision...
Only for the executives! Remember Carty and friends BK proof pensions and bonuses.
Me too!
JREwing
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- Feb 11, 2014
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If you're 60 now and can't take this current retirement offer because of financial reasons that have been under your control for decades, then you haven't planned wisely for retirement.
V.O. Reason
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- May 3, 2019
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Well it’s called divorce
wings396
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- Aug 20, 2002
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I'm going to have to disagree with you on this statement. This current offer gives you half of a year's pay along with an extension on your medical plan. If you're in the 60 range, that leaves you with a severe cut to your income. We all know that starting to collect your SS at 62 isn't the best option due to the decreased amount. Leaving at 60, has you waiting almost 2 years in order to collect even a reduced amount. Add to that a frozen pension, or even worse, one that ended up with the PBGC. Then, some of us have the sucky IAM pension that started out in 2003. It was just simple math for me to see that this isn't any type of a great insentive to leave. I just had to look at what my base pay is going to be for the next 4-5 years, and I would be down well over 300k at the minimum. So I must ask you, what do you live off of after that half years pay dries up?
eolesen
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- Jul 23, 2003
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Unlikely, but all bets are off in the courtroom. Non-monetary provisions probably wouldn't be touched i.e. extended travel benefits, preferential re-hire, seniority restoration if applicable, etc...
john vattimo
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- Apr 8, 2020
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Thanks,I was thinking about them holding my money if I opt for the lump sum and the 150,000 in the medical account??
Welcome. Anything could happen in BK. Depends on what the company asks for from the courts, also depends on what the courts will allow and approve.
I can assure you that there would be way more takers if AA would get serious and offer a full years salary, period. I still do not have the numbers as of yet from my airline (SWA) however, if Southwest was only offering 6 months salary for the early retirements, they wouldn't have 1/2 of what they have participating at the full years salary. Southwest thought thru this big time and they new it would take more than the last offer of 75K (which was a little short of a years salary at that time) They learned from that last offer when not enough folks took it. If these legacy carriers were dead serious about getting their numbers they would buckle down and offer a full years salary. This has been proven so many times in the past that it takes a full years salary to get the larger participation required. I would even go as far as if I were 62 I would not take the 6 month offer. You really should be asking yourselves where in the hell is that original offer that was being discussed during contract talks? That was a years salary being discussed heavily. Bring that offer back, keep the adjusted medical alive, and then you will get the participation needed or at least a hell of a lot closer. I am thinking both AA and United are actually "wanting" to do the layoffs instead of the buyouts. In a way AA is looking forward to blaming these layoffs all on the C-19, when they should have downsized after merger was completed so now they will use the pandemic to recoup what they should have done before and then some now.
Oh boy! Here comes the merger/consolidation rumor mill talks. Look how fast the media is jumping on the merger/consolidation talks. Right out of the gates with this announcement between AA and JB. They will not allow them to merge. Too big already. It would make more sense if they said two small airlines combining. I say it's too early for merger talks, maybe later down the road when it gets a bit rougher for some of the airlines to stay around, there will be less airlines after this is all over IMO.
https://www.yahoo.com/news/m/6f743fff-103a-34b2-a40d-02c5f74d3e7f/american-airlines-and-jetblue.html
Reuters reported this morning that more and more support coming from key congress senators and now the Airlines For America are also now backing the unions request for extending assistance for payrolls. Hopefully now this will gain the attention required to get er done.
https://www.google.com/url?rct=j&sa...W46VVM&usg=AFQjCNEyLiaFVtayGNtN99iBBZzm2eqORg
https://www.google.com/url?rct=j&sa...W46VVM&usg=AFQjCNEyLiaFVtayGNtN99iBBZzm2eqORg
CremaDiLimone
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prior to 2011......hmmm.....half your 401k or half your pension? tough choice.
CremaDiLimone
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- Jun 8, 2016
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here's the key -
what no new strings? old strings are ok? do they mean they'll take money with no layoffs and bonuses for execs, or they can layoff and give bonuses to execs?
when they complained about ettihad, qatar, emirates...they were very clear with their issues, points and how to resolve.
disappointing response. how can the govt. give them billions and then thousands of tax-paying voters are laid-off?
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