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 06.27.16

Airborne 06.28.16

Airborne 06.29.16

Airborne 06.30.16

Airborne 07.01.16

Airborne Hi-Def On YouTube

Airborne 06.27.16

Airborne 06.28.16

Airborne 06.29.16

Airborne 06.30.16

Airborne 07.01.16

AEA2016 LIVE Aero-TV: 04/27-0830ET, 04/28-1400ET, 04/29-1100ET

Sun 'n Fun 2016 Innovation Preview on Vimeo!

Sun 'n Fun 2016 Innovation Preview on 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

Airborne 06.30.16: 7000th Citation, C Series Order, John Glenn Honored

Also: Solid Rocket Motor Test, OSH16 Coverage!, Ducted Fan, Welsh Farewell, Blue Origin, Boeing-Farnborough, European TBM 930 Cessna has delivered the first fractional Cessna Citat>[...]

Airborne 06.29.16: SWA Delays Max, McConnell OKs B29-Doc, AAL Trashes Cameras

Also: Flytenow V Supreme Ct, Electric eSpyder, F-35 Adir, IL AirShow, NJ AvTax, FAI Young Artist, Unregistered Airplane To survive in the airline business it is sometimes necessary>[...]

Airborne 06.30.16: 7000th Citation, C Series Order, John Glenn Honored

Also: Solid Rocket Motor Test, OSH16 Coverage!, Ducted Fan, Welsh Farewell, Blue Origin, Boeing-Farnborough, European TBM 930 Cessna has delivered the first fractional Cessna Citat>[...]

ANN's Daily Aero-Linx (07.01.16)

FAA Repair Station Locator Need to find a certified repair station near you? This FAA resource allows you to search by state and type of repair needed to provide you with your opti>[...]

ANN's Daily Aero-Term (07.01.16): Terminal VFR Radar Service

A national program instituted to extend the terminal radar services provided instrument flight rules (IFR) aircraft to visual flight rules (VFR) aircraft.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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