cityfan.
Thank you thankyou.
You have explained it in laymans terms. I hope the rest "get it". I watched in horror for days as the attack dogs hired by the airline for some $11million tore into our side. The judge incredibly believed the smoke and mirrors and agreed that the union had to agree to terminate the pension. The union of course caved and thus my soul is owned by the PBGC. Those older than 53 when the pension was stolen (see my previous post re PBGC techniques) actually got an enhanced pension and only lost some 60% of their expected income.(the lump was naturally gone). The under 53s got as you suggest about $28K.
So once again get out while the going is good and for goodness sake have a back up plan.