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 01.16.17

Airborne 01.17.17

Airborne 01.18.17

Airborne 01.19.17

Airborne 01.20.17

Airborne Hi-Def On YouTube

Airborne 01.16.17

Airborne 01.17.17

Airborne 01.18.17

Airborne 01.19.17

Airborne 01.20.17

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 01.19.17: $200K Drone Fine, Sandia IVSI TSO, 'Can't Close' KSMO

Also: MH370 Search Suspended, Supporting AUVSI, Sikorsky S-92, Challenger Astronaut, Stressed Pilots, JBA Aviation, Embraer E2 A settlement agreement has been reached between the F>[...]

Washington Special Flight Rules Modified For Trump Inauguration

Increased Flight Restrictions Will Be In Place Over Washington D.C. The planned 2017 Presidential Inauguration Festivities in Washington, DC are scheduled for January 20, 2017. At >[...]

Airborne 01.18.17: AirVenture 2017, King Schools Drone Test, Tico Warbirds

Also: Plastic Fuel, 747 Down, Great Lakes, Lily Suit, Neffenger Stepping Down, Coast Flt Training, Boeing-SpiceJet EAA-AirVenture is many things to many people, and not the least o>[...]

Airborne 01.19.17: $200K Drone Fine, Sandia IVSI TSO, 'Can't Close' KSMO

Also: MH370 Search Suspended, Supporting AUVSI, Sikorsky S-92, Challenger Astronaut, Stressed Pilots, JBA Aviation, Embraer E2 A settlement agreement has been reached between the F>[...]

U.S. Forest Service Releases 'Learning Review' From Helicopter Accident

Two Fatally Injured When The Aircraft Setting Controlled Burns Went Down In Mississippi A 90-page "Learning Review" has been released by the U.S. Forest Service analyzing an accide>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC