AA- management asks pilots for relief
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Joined: Feb 2006
Posts: 153
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From: US
AA- management asks pilots for relief
31August- 111 pilots retire (mostly >60 year olds); many 777 & 767 Captains
stock market still down...>60 year old pilots can retire 30September and lose minimal amount in share value (~$2.50USD) in defined contribution fund...after that? it's a massive loss, and being >60 y/o, not much time until forced retirement (age 65) to recover.
With many more retirements DEFINITELY only 3 weeks away (still ~ 400 pilots left >60 years old), the scare of defined benefit plan going below funding thresholds (possibly threatening lump sum payout), might spur additional retirements to soar.
Management asking 777 Captains to defer vacations, and other negotiations (relief?) occurring too.
Management opened negotiations FIVE years ago, trying to slide a concessionary contract to the pilots, during a little window of opportunity in late 2006 to early 2007. That didn't work, so they didn't bargained in good faith for 3 to 4 years.
Leverage (retirements/massive aircraft orders) finally arrives to the pilots.
Will it be squandered as pilot leadership and 50%+1 of the membership piss themselves?
Or, will they take advantage of the moment, and raise the bar for all pilots?
The next couple months are going to be interesting.
stock market still down...>60 year old pilots can retire 30September and lose minimal amount in share value (~$2.50USD) in defined contribution fund...after that? it's a massive loss, and being >60 y/o, not much time until forced retirement (age 65) to recover.
With many more retirements DEFINITELY only 3 weeks away (still ~ 400 pilots left >60 years old), the scare of defined benefit plan going below funding thresholds (possibly threatening lump sum payout), might spur additional retirements to soar.
Management asking 777 Captains to defer vacations, and other negotiations (relief?) occurring too.
Management opened negotiations FIVE years ago, trying to slide a concessionary contract to the pilots, during a little window of opportunity in late 2006 to early 2007. That didn't work, so they didn't bargained in good faith for 3 to 4 years.
Leverage (retirements/massive aircraft orders) finally arrives to the pilots.
Will it be squandered as pilot leadership and 50%+1 of the membership piss themselves?
Or, will they take advantage of the moment, and raise the bar for all pilots?
The next couple months are going to be interesting.
Joined: Aug 2005
Posts: 2,525
Likes: 0
From: fl
Yes, my friend just retired August 31st as I did 8 years ago, same date. We get a lump sum so get to control our retirement money. I think a lot of AA pilots are getting nervous again about a possible loss of their lump sum if the company fails. Also they are allowed to lock in their retirement payout to June 30th so with the stocks falling they benefitted from that.
Joined: Jun 2001
Posts: 246
Likes: 15
From: phoenix, AZ, USA
I remember this happening at Delta a while ago. I believe the solution was for the pilots (mostly 777 drivers, I believe) to retire but get hired back on a contract basis until the new crews could be trained.
Anyone closer to the source please correct me on this.
Anyone closer to the source please correct me on this.
Joined: Sep 2007
Posts: 93
Likes: 0
From: Florida
cactusbusdrvrI remember this happening at Delta a while ago. I believe the solution was for the pilots (mostly 777 drivers, I believe) to retire but get hired back on a contract basis until the new crews could be trained.>>
This will not be allowed to happen at AA unless it comes with a new agreement.
This will not be allowed to happen at AA unless it comes with a new agreement.
