Former U.S. Airways Pilot Captain Sully Lost His Pension and Had His Salary Slashed — but Why?
Losing a pension is a tragedy, but Sully seems to be doing quite well these days without it.
Published Jan. 2 2025, 9:57 a.m. ET
We all know the story of Chesley B. "Sully" Sullenberger III, the former U.S. Airways pilot who safely landed Flight 1549 on Jan. 15, 2009, saving all 155 passengers aboard. Sully recounted in an interview with Make the Connection that after departing LaGuardia Airport in New York, the plane encountered a flock of Canada geese — birds weighing 10 to 12 pounds with 5-to-6-foot wingspans.
After striking the birds, which damaged the engines, Sully's quick thinking and decisive action allowed him to safely land the plane on the Hudson River, later dubbed the "Miracle on the Hudson."
Despite navigating one of the most challenging moments of his life and saving countless others, Sully lost his pension and retired in March 2010. While pensions are designed to be a safety net for retirees, Sully didn’t have one to fall back on — and here’s why.
Why did Sully lose his pension?
Sully lost his pension after multiple airlines, including U.S. Airways, filed for bankruptcy. The financial troubles seem to have been triggered by the tragic events of Sept. 11, 2001, and a recession. U.S. Airways first filed for bankruptcy in 2002 but successfully emerged in 2003. However, just a year later, the airline filed again in 2004, and by 2005, it merged with America West Airlines.
Sully revealed to the House Aviation Subcommittee in February 2009, just a month before his retirement, that his salary had been slashed by 40 percent in recent years and his pension was terminated.
The slight silver lining was that his pension was replaced with what he described as a promise "worth pennies on the dollar" from the Pension Benefit Guaranty Corp., a federally created program, according to NJ.com.
It seems that once the airline filed for bankruptcy in 2004, its pension plan was reportedly terminated the following year, with the Pension Benefit Guaranty Corporation (PBGC) stepping in. However, the payout was capped, resulting in pensions being reduced significantly.
It just goes to show that no matter who you are or the financial security promised, no one is truly safe.
What is Chesley B. "Sully" Sullenberger doing now?
Sully went on to achieve incredible milestones after retiring, but it's worth highlighting the impressive track record he built in aviation: 30 years as an airline pilot and seven years as an Air Force fighter pilot (1973–1980). Even after stepping away from commercial aviation, he stayed connected to the industry by working as a flight safety expert. He’s also a keynote speaker and author, as showcased on his Instagram account, which boasts an impressive following of 140,000!
Beyond his professional pursuits, Sully has focused on family time. On Dec. 16, 2024, he shared a heartwarming Instagram post announcing that he had become a grandfather. Alongside a sweet photo of a newborn, he wrote, "Our first grandchild is here! Our precious granddaughter Ellie made her way into the world, and Lorrie and I are overjoyed." One commenter summed it up perfectly, writing, "She’s gonna have the coolest grandpa story ever."
As if 2024 couldn’t get more eventful, Sully shared a photo of him and his wife during their attendance at a White House dinner in November 2024, yet another remarkable moment to add to the books.