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Delta to stop funding exec pension trusts - WSJ report

Delta to stop funding exec pension trusts - WSJ report

Old Aug 12, 03, 6:15 am
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Delta to stop funding exec pension trusts - WSJ report

Delta to stop funding exec pension trusts

Delta Air Lines will stop contributing to a pension plan aimed at retaining its executives during the industry downturn, The Wall Street Journal reported today.

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Old Aug 12, 03, 7:48 am
Join Date: May 2001
Location: florida/new mexico
Programs: delta/song
Posts: 271
They have put 45 million into a fund for 35 top executives..Their pension is secured and ours is underfunded by 4.9 billion. GIVE ME A BREAK! STILL NOT GOOD ENOUGH
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Old Aug 12, 03, 9:16 am
Join Date: Mar 2001
Location: ATL-PM and Dan Reeves is my HERO!
Posts: 331
The money in the trusts should be returned in full with interest earned to date. That would put everyone on equal footing and the pilots will have no choice but comply with the request for pay cuts.

If management does not make this courageous decision soon, the Board of Directors will have no choice but to remove Leo and Co. It's time to stop with the band aids, stand up and be a man and just do the right thing.

DL's stock has been one of the worst performing of the airlines stocks this year and believe me, this is playing a very significant role.
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Old Aug 12, 03, 9:19 am
Join Date: Oct 2001
Location: Somewhere...
Programs: AA PLT/3MM, UA GM/1MM, DL DM/1MM, FB Plat, AS MVP Gold, WN AList+
Posts: 1,569
Too late...numbers are out and the natives are restless.

'Max pay to the last day' are words Leo is going to have to get used to. He also better get used to a CASM for Song that has DALPA pilot rates built in.
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Old Aug 12, 03, 4:40 pm
Join Date: Jul 2003
Posts: 71
This would only make me anxious. Delta seems to be just one excuse from bankruptcy.

The trusts will not be liquidated unless those 35 execs all agree. Why should they? The only way around that would be if a bankruptcy trustee goes in and argues this was a preference transerfer to insiders. (even then they could avoid that by waiting out the preferential transfer window)

Who controls the pension fund of the pilots and stewardesses?
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