United CEO Wants Airline To Eliminate Pension Plans

Tilton Says Existing Labor Contracts Will Need To Be Replaced

POSTED: 11:15 am MDT April 12, 2005
UPDATED: 11:52 am MDT April 12, 2005

CHICAGO -- United Airlines CEO Glenn Tilton reiterated the carrier's intent Monday to eliminate unionized employees' current pension plans and replace existing labor contracts ...

http://www.thedenverchannel.com/money/4371736/detail.html

to Tilton's golden parachute?

dp

he gained as the expense of the workers?? I'm sure he would go alone with that plan. That way, nobody has a pension plan..

nt

I'm sick to death of greedy CEOs siphoning off all the money they want while denying good pay and basic benefits to employees.

This is how Rome fell, btw. And when the revolution comes, these fat cat CEOs will be the FIRST up against the wall.

My pension plan (pilot's pension) was terminated by management (under CEO Dave Siegel and the bankruptcy judge) on March 31, 2003. Siegel left US Airways later in 2003 (as Randi Rhodes would say, "don't let the door hitcha where the Good Lord splitcha!"), and in 1994 it was revealed by the Washington Post that Siegel had 2003 bonuses in excess on $10-million. I posted that story here on DU with all the documentation.

US Airways set a horrible example that many other airlines will now follow. That will further tax the PBGC (Pension Guarantee Trust Corp) which was millions and millions in the black when Clinton left office. Now that safety net is millions and millions in the red under the Bu$hco regime. It will only get worse. Watch for the Bu$h criminals to totally dismantle PBGC.

My nick-name in the crew rooms in the 1990's and early 2000's was Captain Comrade. It was actually given to me by a fellow lefty. The wing-nut pilots loved to use it, too. But it was when the lefty pilots and so, so many of the under-paid flight attendants used it that I was proud. Both sides knew my favorite line by heart too: Things will be different after the revolution! The sad thing is that it was more-or-less a joke in the 90's. Now many of the former Bu$h-supporting pilots call me with their disgusting mea culpas.

Mac (Captain Comrade)


My former office: MD-80 series

Did they cut the pension of those already receiving it? (I'm afraid I know what your answer will be.)

I missed the post that your speaking of. I would love to see it, print it out and let my husband take it with him on his trips. He is with another major in DFW but based in New York. He can't believe how many pilots are still repukes and he says the FA's always are so excited to have a Dem as a captain, though he says he is starting to see a change. He always likes to have reading material to hand to guys that think * is such a great guy.

to see the handwritting on the wall. I don't know how many other pensions the PGBC backs, but it it goes belly up, that will put more strain on Social Security. The Grey Panthers may lead the revolution, Captain Comrade. At least some of your ex coworkers have enough sense to give a mea culpas.

Even in allegedly healthy fields outside of aviation, many more corporations will soon be demanding that employees give up their current pension funds.

Scandalously, many corps haven't been paying in, relying instead on fictitious stock market gains.

they've already eliminated pension plans for new hires where I work. All the new hires have now is their 401k.

Right.

They managed to keep wages lower and increased the employess share of costs for all those years in exchange for a "promise' that they would be getting pensions after retirement.. Look at all that money they saved.. and they also got the "use" of the "phantom money" in those "accounts". It helped their books look ebtter than they should have for all these years...and now that their workforce (or a lot of it) is nearing collection age, they "want to eliminate it".. What a bunch of bastards..

I simply cannot get my brain around the fact that CEO's can run busiinesses that have supported people for decades and longer, into the ground..strip them of their wealth, engineer slick mergers, and come out with THEIR money fully intact, and the rank and file employees get bupkus:grr: