DP3 FACT SHEET

January 2012

WHO:	DP3, Inc., (Delta Pilot's Pension Preservation Organization/DP3) is a non-stock Delaware Corporation created by and for retired Delta pilots. The Certificate of Incorporation states that the Corporation shall be a non-profit organization.  The Board of Trustees, comprised of nine unpaid retired pilot volunteers, runs DP3 on behalf of a membership base that includes over 3,000 retired pilots and almost 2,000 Honor Roll^1 member retired pilots.
WHAT:	DP3’s mission is to restore and preserve the earned pensions, health insurance and other benefits of retired Delta pilots, their dependents and survivors.  In dealings with the PBGC, DP3 only represents retired pilots eligible for PC3^2 benefits.
WHY:	Pension Benefits • Delta terminated its pilot pension plan in September 2006 during bankruptcy proceedings, and the Pension Benefit Guarantee Corporation (PBGC) assumed control of the plan’s assets and the monthly payment of qualified annuities. • The plan termination caused many retired Delta pilots to lose a significant portion of their qualified benefit. • DP3 is working to ensure the PBGC calculates a retiree’s final benefit in strict compliance with ERISA law and the Delta pilot working agreement.  Since the PBGC calculated final benefits in a manner that we believe violates the spirit and intent of ERISA law, DP3 has retained the Washington DC based law firm of Miller & Chevalier Chartered – experts in ERISA benefits – to appeal the PBGC’s procedures and take additional legal action if necessary.  DP3 filed their administrative appeal on October 28, 2011.  [In PBGC matters, we represent interests of our PC3^2 Honor Roll^1 members only.]  Heath Care • Like countless Americans, many retired Delta pilots don’t have access to affordable healthcare. While Delta offers a retiree health plan, it’s costly and doesn’t qualify for the Health Coverage Tax Credit (HCTC) for retired pilots who are receiving a benefit from the PBGC and who are not eligible for either Tri-Care or Medicare. The HCTC can save retirees thousands of dollars a year in medical premiums. • DP3 has established a Voluntary Employee Beneficiary Association (VEBA) health plan for retired pilots, their spouses, dependents and any Delta employee active or retired. (DP3 was successful in having our proposed VEBA plan approved by the bankruptcy court, which makes it eligible for the HCTC, for those who otherwise qualify for the tax credit.)
WHEN:	The PBGC began issuing final Benefit Determination Letters in April 2010 and completed most of the non-QDRO letters in January 2012.  QDRO BDLs will be issued slowly through the first quarter of 2012.  Retirees have 45 days in which to file an objection to their letter.   If no appeal is filed within the time limit, the benefits determined by the PBGC may become final and binding.  DP3 will only represent Honor Roll^1 members in any legal action taken against the PBGC, and only those retirees who are eligible for PC3^2 PBGC benefits.  DP3 filed an administrative appeal with the PBGC on October 28, 2011.
NOTES:	1 -Honor Roll members are those retirees who have paid all contributions and assessments, totaling $1,650 as of 2012.  2- PC3 eligible is defined as “Participants who retired or could have retired 3 years before plan termination” (Born before 9-2-1953)