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 08.31.15

Airborne 09.01.15

Airborne 09.02.15

Airborne 09.03.15

Airborne 09.04.15

Airborne Hi-Def On YouTube

Airborne 08.31.15

Airborne 09.01.15

Airborne 09.02.15

Airborne 09.03.15

Airborne 09.04.15

EAA/ANN AirVenture Innovation Preview

AIP-#1 Vimeo

AIP-#2 Vimeo

AIP-Part 1 YouTube

AIP-Part 2 YouTube

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

Parsing The Model Aircraft Advisory Circular

Attorney Jonathan Rupprecht Finds Several Issues With The FAA's New AC On August 10, 2014 FAA accidentally canceled AC 91-57, which had been around for a little more than 34 years.>[...]

Rockwell Collins Debuts Pro Line Fusion For Commercial Helicopters

Avionics On Display At The China Helicopter Exposition Following integration into 20 aircraft ranging from business jets to military flight decks, Rockwell Collins will unveil Pro >[...]

Airborne 09.03.15: Falcon 9 Delayed, UAV 'Favor' Fined, Impounded In The UK

Also: Rob Holland's Gold, API: Innovative Aviation Content, Master Instructors, Wallops' New Launch Command Ctr, Webb Space Telescope, Satellite Broadband Network, Another FAA Fine>[...]

AeroSports Update: Cubs Vs Champs

In The Lee Bottom Flying Field Event Contest, Piper Cubs Win The First Round Of The Champs Vs Cubs Challenge Lee Bottom Flying Field, an airport favored by grassroots aviators, wil>[...]

AD: Vulcanair S.p.A. Airplanes

AD NUMBER: 2015-18-01 PRODUCT: Vulcanair S.p.A. Model P.68R airplanes.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2015 Web Development & Design by Pauli Systems, LC