Delta must still go through the government agency that handles pension programs and they say the program will be retroactive to September 2nd. Still pilots will receive just slightly over $75,000 a year including their lump sum payment.
As a part of the settlement, which ironically happened on Labor Day, Delta will pay the group $500,000 dollars to cover costs and both sides agreed to not "criticize or disparage one another." Sherwin Kaplan, a lawyer for the group said, "I think we would all agree that termination of the pension plan is not a good thing. The plan's end, he said, will cause "enormous hardships" to the pensioners, many of whom had worked for decades only to see their entitlements cut."
Delta still contests that they must cut the pension program in order to stay afloat after exiting bankruptcy. However, Continental and American have still continued to fund their pension programs; Continental even so after exiting bankruptcy several times. I just don't understand how the airline can just say after 30 years or more, your money that you put away to retire will not all be there when you get out. I just don't get it.
Chicago Tribune
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