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Retirement rush threat to Delta pilot pensionsPosted by Retirement on: 2005-09-22 07:58:10 in category:
401(k) [ Print | Permalink / 0 Comment(s) ] ATLANTA -- A continuing exodus of Delta Air Lines pilots has drained the pension plan to the point where future lump-sum payouts to retirees by the bankrupt carrier may be in jeopardy, according to the union. The chairman of the pilot union's executive committee, John Malone, said in a letter to members Tuesday night there is a significant likelihood that lump-sum payments will not be immediately available to pilots who are considering retirement on or after Oct. 1. Part of the reason, Malone said, is the high number of pilots who have retired, many of them early, over the last 21 months. There were 202 pilots who retired Sept. 1, two weeks before Delta's bankruptcy filing, and more that 2,300 have put in their papers since January 2003, Malone said. The normal pilot retirement age at Delta is 60. Senior pilots with enough years in can retire early at age 50. Delta pilots who retire can elect to receive half their pension benefits in a lump sum and the other half as an annuity later Homepage Please support are sponsors. To design you custom retirement plan. http://www.retirement-plan.us For planing a IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Professional money management: National ranked performance. http://www.roth-ira.us Managers selected to fit your needs. http://www.money-managers.us |
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