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/NBAA2014 10.21.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.21.14 **
** Airborne/NBAA2014 10.20.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.20.14 **
** Airborne 10.17.14 ** HD iPad-Friendly -- Airborne 10.17.14 **

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 at NBAA--10.20.14: HondaJet, Honeywell Forecast, Gulfstream's G500/G600

Also: Garmin's ADS-B For BizAv, R44s For Jordan, Textron Aviation, Hartzell Props, Clarity Aloft Pro Plus At a news conference early Monday at the 2014 NBAA convention, HondaJet sa>[...]

Airborne 10.17.14: Enstrom Delivers, Flight School Scandal, NBAA2014

Also: Rare O-46 Rebuild, Valor Unveiled, OK's Anti-Fly-In Airport, FAA Screw-Ups, The first Enstrom Model 480B-G has been delivered to Rick Boswell of New Hampshire with the Garmin>[...]

Airborne at NBAA--10.20.14: HondaJet, Honeywell Forecast, Gulfstream's G500/G600

Also: Garmin's ADS-B For BizAv, R44s For Jordan, Textron Aviation, Hartzell Props, Clarity Aloft Pro Plus At a news conference early Monday at the 2014 NBAA convention, HondaJet sa>[...]

Game-Changing NBAA2014 Sponsor Mid-Continent Instruments and Avionics!

Innovation Brings Safe, Certified, Nanophosphate® Lithium Batteries To New Business Aircraft True Blue Power is the first company in the world to achieve FAA TSO and EASA ETSO >[...]

ANN FAQ: Feel The Propwash!

Get Aero-News Delivered To Your E-Mail We know you, like many of our readers, make it a point to check out the latest news and information daily on Aero-News... but did you know th>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC