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InvisibleGabbaDj
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Registered: 04/08/01
Posts: 19,478
Loc: By The Lake
United Airlines Loses Pension Fund.
    #4161092 - 05/11/05 10:41 AM (12 years, 2 months ago)

Well, its been taken over by a government agency and cut by BILLIONS.

Many would be retirees are now expected to take on other jobs after 30+ years of service just to pay the bills. Others will just be asked to put in another 10 years with UA with still a 30% cut in total benefits..

Current retirees can expect at least a 30% cut out of their checks and some up to 75%.

http://www.google.com/search?client=fire...G=Google+Search


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GabbaDj

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OfflineSeussA
Error: divide byzero

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Registered: 04/27/01
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Re: United Airlines Loses Pension Fund. [Re: GabbaDj]
    #4161247 - 05/11/05 11:20 AM (12 years, 2 months ago)

Kinda makes you wonder where all the money went in the first place. It wasn't United's money to spend... I don't see how this isn't theft.


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InvisibleGabbaDj
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Re: United Airlines Loses Pension Fund. [Re: Seuss]
    #4161334 - 05/11/05 11:42 AM (12 years, 2 months ago)

Quote:

Seuss said:
Kinda makes you wonder where all the money went in the first place. It wasn't United's money to spend... I don't see how this isn't theft.




Pension funds arent company money.. Its employee money.


They recently did the same thing with the grocery workers.. My old boss has worked for 37 years and was promised all along a comfortable retirement..

His pension benefits would have brought him about $4000 a month, now they will only bring him $2300.


What happened to rewards for a lifetime of dedicated service?


And taking money from people already retired? Thats just wrong.


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GabbaDj

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OfflinePhred
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Registered: 10/19/00
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Re: United Airlines Loses Pension Fund. [Re: GabbaDj]
    #4161352 - 05/11/05 11:48 AM (12 years, 2 months ago)

Linky no workee.



Phred


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InvisibleGabbaDj
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Re: United Airlines Loses Pension Fund. [Re: Phred]
    #4161363 - 05/11/05 11:51 AM (12 years, 2 months ago)

Dooh..

It was a google link to the search page. "united airlines" pension.

sooo many articals I couldnt choose one.


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GabbaDj

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Invisiblez@z.com
Libertarian
Registered: 10/13/02
Posts: 2,876
Loc: ATL
Re: United Airlines Loses Pension Fund. [Re: Seuss]
    #4162865 - 05/11/05 07:16 PM (12 years, 2 months ago)

Quote:

Seuss said:
Kinda makes you wonder where all the money went in the first place. It wasn't United's money to spend... I don't see how this isn't theft.



Even worse is that now the taxpayers have to foot the bill while United is allowed to continue to operate. I wish government would get the hell out of business. If the company promised the pensions they should be forced to pay even if it means liquidating part or all of the company.


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"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." - C.S. Lewis

"I would rather be exposed to the inconveniencies attending too much liberty than to those attending too small a degree of it." - Thomas Jefferson


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OfflineJesusChrist
Son Of God
Registered: 02/19/04
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Re: United Airlines Loses Pension Fund. [Re: z@z.com]
    #4164559 - 05/12/05 01:26 AM (12 years, 2 months ago)

GM can't afford pension costs. The Steel industry can't afford pension costs. The airline industry can't afford pension costs. All of those pensions are going to be paid by the American taxpayer.

They should have given the money to employees and let them invest it in 401ks. Social Security has insolvency problems, and this is why private accounts are a good idea. You can't trust a company with your future, and you are a fool to trust the government with it either.

You can blame the company, but blame the whole company. A big part of the union push to increase wages, benefits and pensions has made these companies uncompetative in the global marketplace.

General Motors lost $1.1 Billion in the first quarter of this year. The "legacy costs" of pensions cost them $1,600.00 on every vehicle that they make. The company spends more cash than they bring in making cars. Those pension benefits are nice, but it looks like they have killed the goose that laid the golden egg. GM has lost $43 billion in market value since 2000, and now their bonds have a "junk" rating.

GM can't close plants or lay off workers because of union agreements. They have to run plants at a minimum of 80% capacity whether they make money or not. GM could shut down every single production line and due to union contracts they would still have to pay their workers, and that includes paying for their lavish benefits and pensions.


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Invisibleafoaf
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Registered: 11/08/02
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Re: United Airlines Loses Pension Fund. [Re: JesusChrist]
    #4164696 - 05/12/05 01:50 AM (12 years, 2 months ago)

if they couldn't manage the money they kept for the
funds, what makes you think they could have afforded
to hand it over to the customers.

the underlying issue is the fact that these low margin
companies cannot afford to pay for exhorbitant, union
mandated penions and benefits package for a largely
unskilled and commoditized work force.


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OfflineLearyfan
It's the psychedelic movement!
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Registered: 04/20/01
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Re: United Airlines Loses Pension Fund. [Re: GabbaDj]
    #4164757 - 05/12/05 02:02 AM (12 years, 2 months ago)

This is bullshit. I know someone who this happened to after 9-11.





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InvisibleDirtMcgirt
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Registered: 10/20/04
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Re: United Airlines Loses Pension Fund. [Re: Learyfan]
    #4164858 - 05/12/05 02:25 AM (12 years, 2 months ago)

Quote:

GM has lost $43 billion in market value since 2000, and now their bonds have a "junk" rating.




Do you not think this has something to do with the fact that 90% of GM products are "junk" cars that nobody wants to buy?

Quote:

If the company promised the pensions they should be forced to pay even if it means liquidating part or all of the company.





amen.


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"And we, inhabitants of the great coral of the Cosmos, believe the atom (which still we cannot see) to be full matter, whereas, it too, like everything else, is but an embroidery of voids in the Void, and we give the name of being, dense and even eternal, to that dance of inconsistencies, that infinite extension that is identified with absolute Nothingness and that spins from its own non-being the illusion of everything."


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Invisiblecarbonhoots
old hand

Registered: 09/11/01
Posts: 1,351
Loc: BC Canada
Re: United Airlines Loses Pension Fund. [Re: GabbaDj]
    #4169862 - 05/13/05 08:45 AM (12 years, 2 months ago)

At least United's CEO Glen Tilton will still be getting his 4.5 million a year pension.

Only the lower and middle classes will see 20%-50% rollbacks in their pensions.


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  -I'd rather have a frontal lobotomy than a bottle in front of me

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