Pay the pensions Parker! (potential legislation)

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derg

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LAUTENBERG LEADS BIPARTISAN GROUP OF SENATORS TO PUSH FOR RESTORING AIRLINE EMPLOYEE PENSIONS

LETTER TO PBGC ASKS AGENCY TO CONSIDER RESTORING
US AIRWAYS EMPLOYEE PENSION PROGRAM

WASHINGTON, D.C. - Last night, United States Senator Frank R. Lautenberg (D-NJ), along with a bipartisan group of his colleagues, sent a letter to the head of the Pension Benefit Guarantee Corporation (PBGC), asking him to explore the possibility of restoring the terminated employee pension programs at U.S. Airways, in light of the airline’s substantially improved financial circumstances. The employee pension plans, which were underfunded by $4.8 billion at the time of their termination, have since been assumed by the PBGC.

By law, PBGC has the authority to take such action if a company’s financial situation is improved.

Earlier this month, US Airways offered to purchase the larger Delta Airlines for some $10.2 billion, including $5 billion in cash.

“If US Airways now clearly has ability to generate considerable cash and has easy access to credit markets, the company’s ability to restore its terminated pension plans must be fully explored.

This is especially true in light of the fact that PBGC regulations would permit the restored plans to be funded over a period of up to 30 years, which is an even longer funding period than airlines are afforded under the Pension Protection Act of 2006,” the lawmakers wrote.

“The Federal government shouldn’t allow a company that dumped its pension responsibilities buy another,” said Lautenberg. “US Airways should take care of its employees before taking over another airline.”

Senators Johnny Isakson (R-GA), Maria Cantwell (D-WA), Saxby Chambliss (R-GA), and Patty Murray (D-WA) also joined Lautenberg in signing the letter.
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Re: Pay the pensions Parker! ;)

thats a point the pilots of awa and usair should be screaming about. there shouldnt be these big types of transactions unless the employees have a pension that they accept. DISCLAIMER: these are just my thoughts nothing more nothing less. please dont kill me for what i say. :) i just think its a load of crap that people dont have a retirement and the company goes out and spends money like this.
 
Re: Pay the pensions Parker! ;)

This is like a father coming to his kids at christmas and saying...Sorry kids, it was a really rough year this year, we werent able to get any gifts for you...BUT we are still a family!!...Then the next day dad rolls up in a new BMW.
 
Re: Pay the pensions Parker! ;)

A snippet from the Arizona Republic:

t's also no coincidence that US Airways pilots picked Thursday to picket in front of the the airline's headquarters. They know media attention will be focused on the airline that day because it is the deadline the company has set for Delta creditors to get moving on its merger proposal.
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I'd go out and walk with them, but by the time I get home on thursday, I'm sure it's going to be over.
 
Re: Pay the pensions Parker! ;)

What's the deal with all this? Is management just populated by very mean people?

Is it "group think" within the board?

I just hate to think that real people who have the power to influence people's lives can be such a-holes.
 
Re: Pay the pensions Parker! ;)

I saw that DAL had the "Keep Delta my Delta" billboard trucks driving past "East" HQ today. Getting closer to the "deadline" it seems...
 
Re: Pay the pensions Parker! ;)

Supposeldy the lawyers are looking into this to see if they can legally restore the plans. I don't see why they can't though.
 
Re: Pay the pensions Parker! ;)

Kingairer said:
This is like a father coming to his kids at christmas and saying...Sorry kids, it was a really rough year this year, we werent able to get any gifts for you...BUT we are still a family!!...Then the next day dad rolls up in a new BMW.
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Sadly...that happened to my nephews this past christmas. My brother makes $45 an hour as a grocery manager for Wal-Mart. He bought himself two brand new cars for christmas.

An 07 Cheverolet Avalanche LTZ and an 07 Honda S2000. Got his three sons, my nephews Old Spice (from his store with his discount...and were opened, one bottle was semi used.) And claimed that he had no more money for gifts.

So my immediate family had to chip in to buy his three kids Christmas presents. My brother, what an effin selfish bastard!!!
 
Re: Pay the pensions Parker! ;)

good on the senators for seeing the fluked up plan!! somebodies gotta speak up and if it comes down to congress getting the word in edgewise, i'm all for it!
 
Re: Pay the pensions Parker! ;)

It's pretty easy to say "Woo hoo! Lookit my profit!" when you just screwed a large portion of your employees.

I'm glad Lautenberg had the gonads to mention this.

And yes, when Southernjets exits bankruptcy and declares a massive profit, I'm going to give even more scrutiny.
 
Re: Pay the pensions Parker! ;)

careful seggy about what you say. it wasnt all that long ago a jerseyite was screwing around on his supposed wife and kids. what was that govenors name? :) i kid i kid.
 
That would be Jim McGreevey. Nothing like springing that on your wife and kids, then writing a book with very graphic details about sexual encouters in rest stop bathrooms!
 
You can't force "US" to pay legally contracted agreements ... it's UNAMERICAN! It's detrimental to the FREE MARKET PLACE!!! It'll make all of those rich, greedy, selfish SOBs that run the company .00000000000001% LESS RICH!!!!!!

My GOD man, w h a t a b o u t t h e SHAREHOLDERS!?111
 
Re: Pay the pensions Parker! ;)

The suthernjet employee's are in a catch 22 with the whole deal. They back the company because they dont want to be part of ParkerAir and show their support for the Widget but yet this is the same company that in 2005 for most employees handed out a 19% paycut and approx 15% benefit increase (non union employees). A tough pill to swallow when the one you support has just cut your pay and benefits. Suthernjets doesnt need USAir as much as USAir needed them. There are better mergers out there if they decide they need to merge
 
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