Mitch Cronin Posted May 10, 2005 Share Posted May 10, 2005 Based on that.... and all the rest that comes with their current situation... I wouldn't be flying anywhere on United any time soon... Bloody sad day for the average Joe in America! What an obscene state of affairs! Link to comment Share on other sites More sharing options...
Dropzone Posted May 11, 2005 Share Posted May 11, 2005 Bloody sad day for the average Joe in America! What an obscene state of affairs! I think there is a message here for all of us...Defined Benefit DB pension plans are finished. Link to comment Share on other sites More sharing options...
YYC I/C Posted May 11, 2005 Share Posted May 11, 2005 After seeing what has happened to United Airlines employee pension plans, it would be fair to say that we, at AC, came out of this bankruptcy relatively un-scathed. I can't imagine wanting to work there if I spent 20 years putting money towards a pension that no longer exists. A very sad day. Link to comment Share on other sites More sharing options...
Guest Skirt Posted May 11, 2005 Share Posted May 11, 2005 On NBC Nightly News, they stated that the CEO (or Prez?) at UA made $1.14 million US last year and his pension is $4+ million US!!! Just makes you wonder... I know a few UA ramp and counter folks at BOS, IAD and ORD and I hope they make it OK. Nice people, sh!tty situation. John. Link to comment Share on other sites More sharing options...
Sky High Posted May 11, 2005 Share Posted May 11, 2005 While I'm not a fan of unions, I can understand totally that they would go on strike now. The courts have just put a stake thru pension plans everywhere. Soon every company that gets into the slightest trouble is going to be applying to do away with the employee pension plan. The United employees worked for years with the hopes that they would retire some day. Just a crappy situation now they wont' have their planned pensions. I feel sorry for anyone in that situation. Link to comment Share on other sites More sharing options...
mo32a Posted May 11, 2005 Share Posted May 11, 2005 At least in the US when a company defaults on a pension plan or goes bankrupt the government takes it over and the employees still get their pensions. In Canada you're just SOL. Link to comment Share on other sites More sharing options...
dagger Posted May 11, 2005 Share Posted May 11, 2005 At least in the US when a company defaults on a pension plan or goes bankrupt the government takes it over and the employees still get their pensions. In Canada you're just SOL. Actually, they don't get all their benefits in the States. UA employees and retirees will be getting a pension haircut to go along with the wage and benefit haircut. And the health benefit cuts are at least as impactful as the pension haircut because the active employees can't fall back on Medicare or Medicaid. Link to comment Share on other sites More sharing options...
Kid Posted May 11, 2005 Share Posted May 11, 2005 Perhaps its time to re-examine some form of re-regulation of the industry. I`m certainly not a proponent of further government intervention in the private sector, but the stability of this industry, with the occasional exception, appears to have been in steady decline post regulation, at least from the perspective of the majority of the employees. Link to comment Share on other sites More sharing options...
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