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Date Posted: 19:58:33 11/13/08 Thu
Author: Fred
Author Host/IP: 98.173.140.150
Subject: Airline pilots....

A senior captain with 30 years in at United Airlines could
retire and expect a pension payout of $93K yearly. But UAL
declared bankruptcy in December 2002, the biggest airline bankruptcy in history. As a result of the bankruptcy, most
of UAL's pension obligations were offloaded to the
PBGC. Now the PBGC may guarantee pensions, but it is
rarely anywhere near the original amount in typical defined
benefit pension plans. So instead of $93K yearly, our
retired United captain ends up with $28K yearly. Well, forget
the condo in south Florida and opt for the double-wide out
in DuPage County.
Does a similar fate await soon-to-be-retired auto workers?

....Fred

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