PBGC Rejects US Airways Pension Plans

[pitguy]

Sounds like the premier viewing of "Concessions III" coming to a work place near you soon.

 

[delldude]

[P]
[BLOCKQUOTE][BR]----------------[BR]On 12/21/2002 8:38:46 PM pitguy wrote:
[P]Sounds like the premier viewing of "Concessions III" coming to a work place near you soon.[/P]----------------[/BLOCKQUOTE]
[P][/P]yeah,i see bronner squealing to the media again the day after next ratification vote.i wonder what he cost us in cancelled tickets and refunded revenue with his assinine threats.

 

[Dea Certe]

Some one should duct-tape Bronner's beak shut. I'm sure there will be no shortage of volunteers.

 

[delldude]

i can get duct tape from work.

 

[chipmunn]

Roy Fruendlich, ALPA Communications Committee Chairman, told the Pittsburgh Post-Gazette today ALPA and US Airways are appealing the PBGC's decision to reject the company's proposal.

Expect more news on this issue from the federal government and Senator's Specter and Santorum.

Chip

 

[Retired1]

Do we not have any Senators from North Carolina?

 

[gilbertguy]

On 12/22/2002 10:03:43 AM chipmunn wrote:

[FONT face=Verdana]I have been informed by a reliable source that the Company, ALPA, and Congressional supporters will hold a meeting at the White House with Bush Administration officials on Friday, December 27 to discuss our pension plan.

I hope that ALPA made bigger contributions to the Republicans than to the Democrats....by all means we need to protect the sacred pension 'cow'....why isn't the IAM or CWA included in this meeting...Oh,that's right....NO pension plans!

 

[chipmunn]

[FONT face=Verdana]I have been informed by a reliable source that the Company, ALPA, and Congressional supporters will hold a meeting at the White House with Bush Administration officials on Friday, December 27 to discuss our pension plan.[BR][BR]Today the CLT Observer said US Airways unveiled its final plan of reorganization Saturday, a key step toward emerging from bankruptcy court protection. Now the airline must negotiate with regulators on what to do about the $3.1 billion liability in its pilots' pension plan.[BR][BR]In an interview, Bronner said US Airways' most critical immediate problem is to work out a solution to its pension issues with the Pension Benefit Guaranty Corp., the government agency that oversees pension plans.[BR][BR]US Airways has fallen behind in funding its pilot pensions because of poor stock market performance and reduced interest rates. Pilots have agreed to lower pension benefits, but it is unclear whether their agreement fully addresses the PBGC's concerns.[BR][BR]"We have done everything humanly possible, and so have employees and management," Bronner said. "But now a Pension Benefit Guaranty Corp. solution has to be gotten. We don't have the PBGC people on board yet. We are working to try to get there."[BR][BR]If the airline can work out a solution to its pension plan issues, it should be able to secure federal loan backing, already conditionally approved by the Air Transportation Stability Board.[BR][BR]Chip[/FONT][BR]

 

[delldude]

friday october 27th?

 

[jetmechline]

[blockquote]
----------------
On 12/22/2002 1:24:29 AM chipmunn wrote:

Roy Fruendlich, ALPA Communications Committee Chairman, told the Pittsburgh Post-Gazette today ALPA and US Airways are appealing the PBGC's decision to reject the company's proposal.

Expect more news on this issue from the federal government and Senator's Specter and Santorum.

Chip
----------------

Chip,

I remember recently reading a statement by the PBGC that they don’t have the authority to grant US Airways proposal concerning the pension.

In your opinion what other options does US Airways have?

Can this be worked out between the company and unions?

 

[diogenes]

Does not the PBGC sit on the creditors' committee?

HTF do we put out a reorg plan the PBGC ixnay's before the ink is dry?

Did these folks even talk to each other?

Or, has U used the pension stick to goad ALPA into making concessions for all of us, knowing all along, at the end of the day, they were going to hammer ALPA on the pension, and not even leave any fingerprints - oh, it's the bad ol'PBGC doing it!

Or, if ALPA has to convert to a DCRP, will they get a credit for it (and it would be huge) to be applied to the rest of their contract,leaving the rest of us stuck with the s**t end of the stick.

Naaa, couldn't happen!