American Airlines sees uptick in pilot retirements
Post on: 2011-09-05 By: admin
DALLAS (AP) — More pilots are retiring early at American Airlines than normal, but the company says it will cover flights with remaining crews.American said Friday that 111 pilots turned in papers to retire this month, up from the usual pace of 10 to 20 a month.In the past, American has seen an increase in retirements when the stock market slumped. A provision in the pilots' retirement fund lets them retroactively lock in stock prices going back 60 days, so pilots who quit this week could avoid stock losses from July and August.From mid-July through the end of August, the Dow Jones industrial average fell 8.7 percent and the Standard & Poor's 500 lost 9.3 percent.Shares of American Airlines parent AMR Corp. have fallen even faster. They have lost 20 percent since mid-July, 33 percent since July 1, and 54 percent this year through Aug. 31.AMR has been the poorest performer among the major U.S. airline companies; it was the only one to lose money last year, and analysts expect it to post another loss this year.American has 7,840 active pilots — enough to find replacements on flights that would have been handled by any of the pilots who decided to retire, a spokeswoman for the airline said."We don't anticipate the September pilot retirements will impact the schedule," said airline spokeswoman Missy Cousino. "We closely monitor our pilot staffing and have some flexibility because of our reserves and the ability of pilots to pick up additional time."American furloughed thousands of pilots, flight attendants and other workers after the terror attacks of 2001 and slumps in the airline industry. It has recalled several hundred in the past year, in some cases to handle new flying.Federal rules require commercial airline pilots to retire by 65. The age was raised from 60 in 2007, meaning that no American pilots have yet hit the mandatory retirement age.AMR shares fell 6 cents to $3.46 in afternoon trading.
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