What retirement? You must be too young or too far away to understand the basics of the US airline mess. Many of our pilots can work as (747) Flight Engineers after age 60. But when they officially retire, they never mention this in the company rag. This always seems odd-are the pilots ashamed of what they do?
Many US airline pensions (many airlines had none, even with a union contract) were grossly underfunded in the good old days. Now they cannot afford (maybe FEDEX and UPS, DHL can) to put criticically needed cash into them.
If the US PBGC takes over, one's annual income after a long career as pilot might be as low as $25,000. Some retirement, isn't it? The PBGC will be going soon to the US taxpayers to prop up this division. Airlines are only ONE industry which might need the PBGC. Other US industries might also soon lean on the PBGC until there is nothing there. Hello taxpayers-many, many billions would be sought after.
Among the three people on the PBGC, two of them also run the ATSB, which decides whether to loan airlines government money at low rates.
Is there not a serious conflict of interest here?
Some part-time flying with Netjets (doubt that it is possible), might help us survive ok. Imagine that many thousands of retired pilots will soon try to work somewhere to help make financial ends meet.