A fighter pilot with the US Airways as experienced as Sully Sullenberger earns nearly $130,000-$150,000 per year. Sully’s pay, went down by 40 percent and the company terminated his pension. But why did Sully lose his pension? Did the Captain break any rules, or did he willingly give up his pension? Let’s find out more about Sully Sullenberger.
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Who is Sully Sullenberger?
Born on January 23, 1951, Chesley Burnett “Sully” Sullenberger III is a retired airline pilot, diplomat, and fighter pilot.
When he was a child, he lived in Texas and his house was near an Air Force base. As he grew up watching military jets, Sully dreamed of becoming a pilot. He built aircraft carriers and plane models in his leisure time.
At 16, Sully learned flying from a local instructor, and he says that the training greatly influenced his career. He later studied at the United States Air Force Academy. In 1975, he earned his wings as a pilot.
After acquiring years of experience, he became a training officer, a flight leader, and a Captain. In the year 2010, Sullenberger announced his retirement, after being a commercial pilot for 30 glorious years.
And Did Sully ever fly again? The Captain’s last flight was from Florida to North Carolina and it was the US Airways Flight 1167. On this flight, he was accompanied by Skiles and some passengers who were on Flight 1549.
Books authored by Sully
Sully and ex-colleague Jeffrey Zaslow together wrote a book that became a New York Times bestseller. It is a memoir including details of the events of Flight 1549 and is titled Highest Duty: My Search for What Really Matters. Making a Difference: Stories of Vision and Courage from America’s Leaders is Sully’s second book and he published it in 2012.
Sully’s most recent achievement is that in 2021, Joe Biden nominated him as the U.S. Representative to the ICAO (International Civil Aviation Organization). He served as an ambassador for 5 months in 2022.
Why is Sully Sullenberger so famous?
Sully secured the second position among the Top 100 Most Influential Heroes and Icons of 2009 by Times. So, what did he do to achieve so much fame and reverence?
Sullenberger gained worldwide recognition as the US Airways’ Captain in 2009. A bird strike disabled both engines of the plane Sully was driving, namely, Flight 1549. He succeeded in ditching the plane and landing on the Hudson River, thus saving the lives of all 155 passengers.
Sullenberger’s expertise as a pilot was praised by all and he became a spokesperson of aviation safety. Multiple leading airlines contacted him, and he developed novel flight safety protocols with them.
George W. Bush, the then US President, thanked Sully publicly for taking the right decision. Since then, he has always remained in the limelight for one thing or another.
Why did Sully lose his pension?
Now that we have shared about Sully’s extraordinary contributions to the field of aviation, it might come as a shock to you that he still lost his pension. These are the main reasons:
Bankruptcy
One of the reasons behind Sully’s pension cut is the bankruptcy of the US Airlines. In 2002, the underfunding of the company’s pension plan reached nearly $2.5 million. The outcome was that PBGC (Pension Benefit Guarantee Corp.) of the federal government had to take over the pension plan. However, they could cover only a fraction of the total loss.
Compensation cuts
Sully testified that in recent years, his employer has reduced his pay by 40 percent. The instances of airline bankruptcies after the terrorist attacks on September 11, 2001, was one of the main reasons behind it.
Additionally, airlines are going through a hard time due to recession in current times. So, Sullenberger is not the only pilot who had to deal with a pay cut. Several other airline companies are forced to reduce the compensation for their pilots.
Now let’s talk about Sully’s pension reduction under these changed circumstances. If there is compensation cut, it will impact pension after retirement. The same happened with Sully.
Deregulation of the airline sector
Reduction or removal of government regulations in an industry is known as deregulation. It gives autonomy to industries to make decisions independently, operate business functions freely, and remove certain restrictions. Hence, deregulation may or may not work in the favor of employees.
When asked to highlight the reasons behind his pension cut, Sullenberger also blamed the airline sector’s deregulation. It happened in the 1970s and changes that were made impacted the salaries of pilots and other airline staff.
As the labor-management relations in the airline industry changed, there were long-term effects on financial situations of pilots and their pensions.
Sully’s present lifestyle
Now that you know why did Sully lose his pension, it is natural to wonder what he is doing now. Sully earns well as a public speaker, advising people on flight safety. For instance, just one year after his retirement, CBS News hired him in 2011. Sully has appeared on several other platforms as an aviation safety expert.
Additionally, Sully’s books have been bestsellers and so, they too contribute to his annual income and net worth.
How much did Sully earn for the movie?
Sully’s biopic (named Sully) was released in 2016. Veteran actor Tom Hanks played the character of Sully Sullenberger. The National Board of Review and American Film Institute stated that it was one among the top 10 films released in 2016.
The film was released in theaters in many countries, and it made more than $240 million. So, it goes beyond saying that Sully was offered an impressive amount by the film makers. However, the exact amount has never been disclosed by the former Captain.
Final thoughts
So, why did Sully lose his pension? Poor management of airlines is the reason behind this, and Sully is not the only sufferer. Many accomplished pilots like him were trapped in this situation. However, Sully is a celebrity with diverse income sources and is still among the richest ex-pilots of the world.
