Originally Posted by
nachosdelux
there is no "forced" retirement for the most senior (only voluntary), and only if the company and pilot's union agree on terms.
Since the pilots are union, all layoffs are based on seniority, so the most junior will be the ones to be let go (furloughed)
Agreed - will be strictly voluntary. If there is even a hint of a Chapter 11 filing, expect a long list of volunteers:
https://www.nytimes.com/2005/05/11/b...ion-plans.html explains the impact of United terminating its pension plans as part of a bankruptcy filing in 2005, handing off responsibility to the Pension Benefit Guaranty Corporation (US Government agency).
..."It's a hammer blow to thousands of retirees who will have to somehow make do with lower pension checks," said Joseph Tiberi, a spokesman for the International Association of Machinists and Aerospace Workers. "The promises United made to them are worthless,"...
Queue the too big to fail responses.