Hawker, Salaried Retirees Reach Tentative Pension Agreement | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 02.08.16

Airborne 02.09.16

Airborne 02.10.16

Airborne 02.11.16

Airborne 02.12.16

Airborne Hi-Def On YouTube

Airborne 02.08.16

Airborne 02.09.16

Airborne 02.10.16

Airborne 02.11.16

Airborne 02.12.16

Thu, Jan 24, 2013

Hawker, Salaried Retirees Reach Tentative Pension Agreement

Agreement Will Cover Shortfalls Following Emergence From Bankruptcy

Hawker Beechcraft has reached a deal with an ad hoc group of former employees who retired from salaried positions with the company to cover a shortfall in their pensions when the plan is taken over by the government's Pension Benefit Guaranty Corporation.

The company will set aside $250,000 over 10 years to cover the reduction in pension that will come from the government takeover. The deal affects about 70 of the planemaker's employees who would see their benefits reduced. The PBGC is limited to paying $56,000 per year for a 65-year-old retiree. The agreement reached this week specifies that employees who have not yet reached 65 will not be eligible to draw from the fund until they they reach that age.

The Wichita Eagle reports that the company will also cover the legal fees incurred by the retirees group, amounting to about $80,000.

While all the details are still being finalized, Hawker Beechcraft spokeswoman Nicole Alexander said the two parties have reached an "agreement in principle" which is subject to approval by the bankruptcy judge overseeing the case.

Hawker Beechcraft will reportedly send individual notices to the affected retirees, who had opposed the PBGC's takeover of the pension plan saying their benefits would be greatly reduced.

FMI: www.hawkerbeechcraft.com

Advertisement

More News

Airborne 02.11.16: Drone #s Increase, Fokker D. VIII Replica, Gulfstream G500

Also: Albania Auction, Aero-Community: AEA!, 500 F-35 Hours, SeaPort Airlines, Maxcraft Avionics, Air Power Museum, Webb Space Telescope FAA Administrator Michael Huerta told a UAV>[...]

ANN's Daily Aero-Linx (02.12.16)

Space Adventures Space Adventures' vision is to open spaceflight and the space frontier to private citizens. Over the next decade Space Adventures will fly more people to space tha>[...]

ANN's Daily Aero-Term (02.12.16): Climb To VFR

ATC authorization for an aircraft to climb to VFR conditions within Class B, C, D, and E surface areas when the only weather limitation is restricted visibility.>[...]

Aero-News: Quote Of The Day (02.12.16)

“U.S. airlines are vital to the health of our nation’s economy, and the flying public should not be asked to foot the bill for deficit reduction.” Source: Stateme>[...]

ANN FAQ: Here's How YOU Can Support The 'Let Bob Fly!' Documentary Project

Bob Has Asked ANN To Help Him Tell A Story That Could Transform The Fight For Airmen Rights... YOU Can Help! Just a few days ago, ANN dropped the first hints (of many to come) of w>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC