United Airlines wants to just 'Forget' Pension Promise.....

[Cut-Throat]

Just heard on the news tonight that United Airlines wants to forget about the Pension Promise made to their workers.

This is fine with me, as long as they tap all the Bank Accounts of all former Officers of United Airlines and if this does not cover the promised pension, they should serve about 25 years
apiece in Jail. 

I don't know about the rest of you here, but this makes me more mad than any of the rants of the neocons against welfare folks.

 

[Michael]

Just heard on the news tonight that United Airlines wants to forget about the Pension Promise made to their workers.

Thou shalt not defraud thy neighbour...

Leviticus 19:13a KJV

At his day thou shalt give him his hire, neither shall the sun go down upon it; for he is poor, and setteth his heart upon it: lest he cry against thee unto the LORD, and it be sin unto thee.

Deuteronomy 24:15 KJV

 

[Cut-Throat]

Thou shalt not defraud thy neighbour...

Leviticus 19:13a KJV

At his day thou shalt give him his hire, neither shall the sun go down upon it; for he is poor, and setteth his heart upon it: lest he cry against thee unto the LORD, and it be sin unto thee.

Deuteronomy 24:15  KJV

Michael,
I have no doubts that the Lord will punish these bastards. But in the mean time, I'd like to see the U.S. Marines launch an assault on these United Airlines executives, instead of chasing camels in Iraq.

 

[Michael]

That would discourage others from doing the same. Unfortunately, Republicans hate uniions, so they are probably doomed. I remember President Bush calling union retiree benefits a "sweet heart deal" when the same happened to the steelworkers. He lobbied against the union retirees being made whole.

 

[sgeeeee]

Just heard on the news tonight that United Airlines wants to forget about the Pension Promise made to their workers.

This is fine with me, as long as they tap all the Bank Accounts of all former Officers of United Airlines and if this does not cover the promised pension, they should serve about 25 years
apiece in Jail. 

I don't know about the rest of you here, but this makes me more mad than any of the rants of the neocons against welfare folks.

I'm afraid we're going to see a lot more of this over the next 3 years.  Corporate executives of several large corporations would love to find a way out from under the medical and pension benefits they've promised.  It's free money to them if they can get away with it.   And for the next 3+ years they have an Administration, Congress and Supreme Court that loves to cater to the rich and powerful.   Who cares what happens to the working class?  They'll vote for us as long as we thump our bibles while talking against abortion and gun control. My prediction is that once a few companies find the legal path to pulling out on these committments, there will be a race of many other companies to do the same thing.  

 

[Michael]

I agree. I would think the auto workers in particular are at risk.

 

[Cut-Throat]

The only silver lining in this whole mess, is that any attempt at Screwing with Social Security by the Bush League will be met with even more scrutiny than it has already.

Disapproval rating is running at over 60% lately.

 

[uncledrz]

My prediction is that once a few companies find the legal path to pulling out on these committments, there will be a race of many other companies to do the same thing.  

SG
I agree.  So companies walk away from their pension obligations, the PBGC,  a governmental entity gets to take over the obligation, and we, as taxpayers, get to foot the bill. 
There should be an officer and director liablity.  Won't be, but should be.
Uncledrz

 

[Michael]

I would much prefer that my Social Security not be cut, but I don't have much hope.  The Democrat's platform is too far away from the center to win a clear majority.  Unless they moderate a bit, the Republicans may stay in power for quite some time.  Another Republican administration after this one could seal Social Security's fate.  What we need is a whole new political party that has mercy on the middle class.

 

[tjon72]

As a retired UAL pilot I couldn't agree more. Promises? What promises, we were only kidding!!........tom

 

[Cut-Throat]

I would much prefer that my Social Security not be cut, but I don't have much hope.  The Democrat's platform is too far away from the center to win a clear majority.  Unless they moderate a bit, the Republicans may stay in power for quite some time.  Another Republican administration after this one could seal Social Security's fate.  What we need is a whole new political party that has mercy on the middle class.

70,000 voters in Ohio does not make a Mandate by any stretch of the imagination. After 8 years of 'W', the country should have had enough!

Even if the Republicans win the White House in 2008, the candidate will want to run again in 2012. Putting up proposals to skewer Social Security will not be a good re-election plan for that candidate.

And wake up! The Democrats are for the middle class! As you have seen the middle class evaporate over the last 5 years, it is no coincidence.

 

[Michael]

And wake up! The Democrats are for the middle class!

At least more than the Republicans seem to be.

I hope that you are right about Social Security. If it falls, Medicare will probably be next on the agenda.

 

[REWahoo]

And wake up! The Democrats are for the middle class!

This has been a paid political announcement brought to you by the Committee for the Preservation of Bunnies Wearing Pancakes on their Heads.

 

[Michael]

As a retired UAL pilot I couldn't agree more.   Promises?  What promises, we were only kidding!!........tom

I hope you wind up with your full pension from the PBGC.  I know people that had their pension cut by 2/3 when the PBGC took over the Steelworkers' plan.  The President thought that was just great.

 

[Michael]

Committee for the Preservation of Bunnies Wearing Pancakes on their Heads

Now that's a committee that I can support whole heartedly.

 

[cute fuzzy bunny]

May I have your nomination for candidate for president from the CPBWPH party?, fellow early retirees?

Of course, if nominated, I will not run. If elected, I'm too lazy to serve.

 

[REWahoo]

May I have your nomination...for president from the CPBWPH party?, fellow early retirees?

Of course, if nominated, I will not run.

Your have my nomination and my vote. But no running is required. Just hopping...and some occasional flipping.

REW

 

[Eagle43]

Apparently United isn't the only one.
--------------------------------
http://moneycentral.msn.com/content/Retirementandwills/Createaplan/P106201.asp

Biggest failed pension plans
Pension Plan Claims Year
Bethlehem Steel $3.65 billion 2003
United Airlines Pilots $1.9 billion 2005
LTV Steel $1.85 billion 2002
National Steel $1.2 billion 2003
Pan American Air $841 million 1991-1992
US Airlines Pilots $754 million 2003
Trans World Airlines $711 million 2001
Eastern Air Lines $553 million 1991
Wheeling Pitt Steel $495 million 1986
Polaroid $357 million 2002
Source: PBGC

Right now, PBGC is able to guarantee the pensions of all but the best-paid workers. (Benefits are capped at $45,614 for those who retire at 65, and $29,649 for those who leave work at 60.) Its ability to continue that protection will depend on its continuing financial survival, however.
-------------------------------
http://www.csmonitor.com/2004/1004/p02s01-usec.html
Another article says:
Twenty years ago, 40 percent of American workers were covered by traditional pensions known as defined-benefit plans. Today that number's dropped to 20 percent. As the Bethlehem Steel and United examples show, even that 20 percent may not be able to count on what they've been promised. Currently, about 75 percent of those corporate plans are underfunded. "There are numerous threats to retirement in the future," says Brad Belt, executive director of the PBGC. "So it's incumbent on individuals to be well informed, prudent about their investments, and to save accordingly."
----------------------------

 

[unclemick]

The reason there is any Federal safety net at all - the blood letting got so bad in the 70's that Congress acted.

Flip side of the agrument - Congressional pension reg.'s were the start of the defined pension plan's long decline.

Back to the future - one more time. History never repeats -but sometimes it rhymes(quoting). The go-go 60's, nifty fifty - then the 70's. Now the 90's internet 'bubble' and then ?

Heh, heh, heh, heh.

 

[deserat]

Yes, very, very sad - that's why I'm also saving money on my own for my retirement.

Now for a real eye opener, lookie what congresspeople get for a pension and other benefits - will that ever be taken over by the PBGC?

http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/04/03/MNGK1C2HA71.DTL says:

Lawmakers who left Congress last January are receiving pensions ranging from as little as $14,165 a year for six years' service to as much as $114,102 a year for more than 30 years' service.

Inflation-adjusted pensions based upon the highest three years of salary are available to lawmakers as early as age 50 with 20 years' service. Lawmakers with less service qualify for full pension benefits starting at age 62. The retirement package includes automatic inflation adjustments and guaranteed access to post-retirement private medical insurance in addition to Medicare protection provided all Americans.

Deserat

 

[Michael]

May I have your nomination for candidate for president from the CPBWPH party?

I nominate the pancake. I like pancakes.

 

[sgeeeee]

. . .Of course, if nominated, I will not run.  If elected, I'm too lazy to serve.

Best promise I've heard from a politician in a long time. We might even get John Galt to come out and vote for that kind of promise.

 

[Mr._johngalt]

Best promise I've heard from a politician in a long time.  We might even get John Galt to come out and vote for that kind of promise.   

Works for me! I also liked the original version by W.T. Sherman.

JG

 

[Mr._johngalt]

Just heard on the news tonight that United Airlines wants to forget about the Pension Promise made to their workers.

This is fine with me, as long as they tap all the Bank Accounts of all former Officers of United Airlines and if this does not cover the promised pension, they should serve about 25 years
apiece in Jail. 

I don't know about the rest of you here, but this makes me more mad than any of the rants of the neocons against welfare folks.

Lighten up Cut_Throat. You saw the Godfather movies, right?
"It's not personal, just business."

JG

 

[Spanky]

Pension plan is becoming a concept of the past. Only the government can offer (or afford) it at the expense of tax payers. The mission of corporations is primarily producing profits for their management and possibly stock holders (as corporations claim). As profits fall (or disminish), corporation will attempt every means to reduce costs (including payouts to pension plans). That's capitalism. It is not, however, a model that I embrace. We just have to accept it.

A fair approach is to abolish pension plans (including those offered by the government) all together and to return all contributions to social security (or any type of pension plan) with interest so that we can manage our own money to fund our retirement instead of depedence on the government or corporations - my 2 cents worth.