Failing Pension Plans Push Union to Review Retirement Age for Pilots

[Rose Siding]

The airline industry's financial crisis and the collapse of some pension plans are leading the nation's biggest pilot union and some aviation experts to question a federal rule requiring that airline pilots retire at the age of 60.

Letting pilots work a few years longer would give those who are suddenly facing much more frugal retirements more time to save money, and could reduce the funds' expenses by cutting the number of pensioners, advocates say. For some airlines, it could also trim operating costs by reducing the need to train new pilots, although not all airlines would see benefits and some might see additional costs, experts say.

Some pilots see the idea of another few years of work as intensely appealing, and are arguing that it would be good for the industry, too. Graham W. Jones 3rd, a 59-year-old captain who flies Boeing 747's for United Airlines, said the influx of retiring pilots would strain the finances of the government's Pension Guarantee Benefit Corporation, which is poised to take over United's pension plan. The corporation has already taken over US Airways' pension plan.

When his company's plan was healthy, Mr. Jones was expecting a pension of nearly $9,000 a month and a lump-sum payment of $250,000; now he is expecting no lump sum and a monthly benefit of about $2,500, he said. "Now that the pensions have fallen apart, I'll have to do something else, maybe be a greeter at Wal-Mart," he said.

http://www.nytimes.com/2005/02/07/politics/07pilot.html

[aquart]

1. Why are we simply accepting that the pensions are "falling apart"???

Why is this acceptable on any level?

[amazona]

2. jeebus pleebus

I'm sorry but I know what turning a young and sprightly 40 has done to my response time and reflexes.

No one should be piloting a commercial jet past age 60. This is ridiculous. Fund a decent retirement for these people already. And if they still want to fly -- and I understand that people love flying -- let it be in small craft where only they are at risk.

We have an 80 year old flight attendant, the infamous "Bob" on Northwest Airlines.

What is next? An 80 year old pilot?

No, people, sorry. Middle age is the ideal age where you still have some of the reflexes of youth but the experience of age. But older people should not be piloting large commercial craft. This is just not fair to the passengers.

Take my nail clipper for my "security" and then hand me over to a 68 year old pilot? Don't think so!

P.S. As for the dude who can't live on $2,500 a month pension -- more than I have ever dreamed of earning at any point in my entire life -- no sympathy there. If you can't live on that in retirement with a paid-off house and Medicare, there is something seriously wrong with your values. Your pension is not supposed to pay for you to party with Paris Hilton. $9K a month pension indeed. Sheesh.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

[bluedeminredstate]

3. If pensions are falling apart

and performing so badly, giving the retirees only a fraction of their expected retirement income, how is it the Bush people and their henchmen expect their model for private Social Security accounts to make us all RICH? How does that work? Is there a magic place where they'll be "growing" the money for the new wealthy "ownership" society?
:shrug:

[flyarm]

4. ownership society...

now you know..what ever * names it ..it is just the opposite!!
that means you are owned as slave labor to the elite!!