Delta offering paid insurance if you will retire

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suggarfoot
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Someone mentioned Delta is offering paid insurance as a incentive to get people to retire. If that is the case, I can only share the experience of my own group and a group about 3 years ahead of us.
My advise to anyone that believes this is that you must check out their track record on this issue, and not what they might be saying.

When I retired, they offered us the same. They herded us all into an auditorium and a woman pranced from one side of the stage to the other touting the program. Many of us reminded her of the poor retirees that only a couple of years earlier, believed this, then after they retired, Delta stopped paying. The poor retires hired a lawyer, went to court in Delta land/Atlanta, and lost.

This same woman now prancing around in front of us with her microphone assured us that would never happen again.
About a year after retirement, just like clockwork, Delta pulled the plug on us.

I can only say believe in their past track record on this and decide for yourselves.

If their word was good on this, wouldn't they have prior to offering you something they took away from prior retires that trusted them...
1. reinstate it to the 1st group of retirees and made good on their promise?
2. If not the 1st group, how bout the 2nd group us? If they are now in a position to honor that for you now, wouldn't it be honest to offer to reinstate that to the 2nd group that they pulled the plug on?
3. and most important, do you want to be part of the last group that was lied to, when the evidence is staring you in the face?

The only people that they don't change the rules on after retirement are the ones at the GO with contracts. Not, the ones that are in public contact. You get what is left over, and usually it ain't much. Someone gets a bonus for con ing you out the door. Don't forget that.

Bonkers
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Sugarfoot

I think the big word "bankruptcy" dissolves all agreements.
Delta, and other companies, feel that unions screwed them so what's wrong with us.......

suggarfoot
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Delta's Bankruptcy never dissolved the million dollar bonuses

that upper management still walked out with.

We found out later that our penisons were not really safe.

Bonkers
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Yeah, that law needs to be changed

where failed executives in spite of a legal contract that they all have should not benefit so much upon bankruptcy!
It wasn't enough money however to have funded but a few pensions!

suggarfoot
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Delta's public contact pensions are very small

Around 2000.00 a month if you have over 25 years. Those millions, lavished on the undeserving, would have gone a long way in paying the pensions of those who spent so many years, as opposed to the 'sweetheart deals' of the 'Million dollar quickies' that came and went.

I can't think of a single "million dollar quickie' that didn't rape Delta and left it worse than before.

Michelle Burns, one of the over paid Einsteins, sold our fuel hedges, if you can believe that, played a 'strong role' in getting our insurance changed to paying for same sex partners, at a time when other things were much more important.

And the ball buster of all times, she found our pension plan couldn't be raided, Hollis Harris, had fixed that, thank God, years ago. What he nor anyone else dreamed anyone would be so low to raid, was the pensions for widows and orphans! That was gutted, and left with 2 years of funding. Part of that money went to pay the million dollars bonuses for the privilaged!

It is hard to imagine paying for that kind of wickedness.

Bonkers
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sugarfoot: pensions

As I said, no executive should have profited excessively over his failed company. Of course some of them were not responsible, and had contracts.
The decisions were made by CEO and executive committee, very likely.

Now, I said their bonuses would fund very few:
Here are some numbers---you said 24 year people got $24,000 pensions (I assume that is not pilots).
OK, 24,000 X 20 years of drawing the pension - 480,000 total.

480,000 X only 250 pensioners = $120,000,000 to fund 250 people for 20 years. I don't think 120,000,000 was paid out in bonuses!

I assume there were a lot more who lost their pensions.

That is what I meant by only a few could have been funded. It was not the main reason the pensions were lost!

Again, they shouldn't have gotten it anyway for any reason as a matter of fairness.

The bankruptcy was caused by many years of unbelievable operating losses and borrowing money to continue. The losses can be blamed on many things.

Cyclist
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Joined: 05/15/2007
Retiree Health Care

Not to worry cause the "Guv" will take care of you - maybe.

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