I actually said that the company may steal it, you seem to think they are one in the same.
E.O./S&S and prefunding match
- Thread starter rifbound
- Start date
I actually said that the company may steal it, you seem to think they are one in the same.
TWU informer
Veteran
- Nov 4, 2003
- 7,550
- 3,731
I think Realityck meant that your current representation would never file any lawsuit on your behalf. And that is probably right, but that sure as hell doesn't mean one will not happen.
Most likely the retirees are screwed just like the rest of us and will not receive any future medical, thus we should all get that company match returned also. So probably moot about any lawsuit anyway.
Decision should come Jan 23rd 2013 and then we will all know the facts.
The retirees are saying that it looks good as far as them keeping their benefits for a while. Dont know what they've heard. I think what this will come down to is does the company want to piss us off even more just to get some positive PR? (By claiming they keep th benefit alive for a while longer-off our contributions)
They backed off somewhat on the OT rules and I think they are starting to realize that they went too far. As I walk the floor I see that nobody cares about AA anymore. Where guys used to try and clear items, now they just MEL them, sooner or later that catches up with the operation. They arent going out of their way to find stuff, but they arent going the extra mile to fix anything either. They are giving AA what AA is giving them. If the company screws them on the prefunding they may get motivated, but not the way the company wants them to be.
They backed off somewhat on the OT rules and I think they are starting to realize that they went too far. As I walk the floor I see that nobody cares about AA anymore. Where guys used to try and clear items, now they just MEL them, sooner or later that catches up with the operation. They arent going out of their way to find stuff, but they arent going the extra mile to fix anything either. They are giving AA what AA is giving them. If the company screws them on the prefunding they may get motivated, but not the way the company wants them to be.
jimntx
Veteran
I got two checks yesterday in the mail. First check was for my contributions. Second check was for earnings on the money (and therefore taxable; though, I was pleasantly surprised that my account had experienced almost a 1/3 increase from earnings. Beats what Merrill Lynch did with my investments over the same period.
). The cover letter specifically stated that return of the company match portion depended upon "successful completion of the 1114 process." (Whatever that means. And, I would not be surprised if the company gets to define "successful.")
Really? What makes you think anybody at AA cares what some washed up Teamsters fossil that works at UAL thinks?
Be careful or Realityck will start calling you an AMFA clown!!
AA Tulsa Mechanic
Senior
- Jul 18, 2008
- 307
- 95
I got two checks yesterday in the mail. First check was for my contributions. Second check was for earnings on the money (and therefore taxable; though, I was pleasantly surprised that my account had experienced almost a 1/3 increase from earnings. Beats what Merrill Lynch did with my investments over the same period.
AA Tulsa Mechanic
Senior
- Jul 18, 2008
- 307
- 95
Anyone else not receive the cover letter on the company match? I got 2 checks.
One check is the after tax contributions you made, the other is the interest that it earned over the lasty twenty years. Niether of them is the company match. One is non taxable since you already paid the tax, the interest is taxable. If we get the match it will all be taxable.
FYI - On Jetnet:
1. When did prefunding begin?
The Flight Attendant workgroup became eligible for prefunding on Jan. 1, 2002. TWU-represented employees became eligible for prefunding on Jan. 1, 1990.
2. When did prefunding end?
Prefunding for Flight Attendants and TWU-represented employees ended on Oct. 31, 2012, and we began the account review at that time. (TWU-represented Ground School and Simulator Instructors have already received their prefunding contribution refund as a result of the Oct. 1, 2011 American/TWU agreement. In addition, a high percentage of the TWU-represented Maintenance Control Technicians (MCTs) have already received their prefunding contribution refund as a result of the May 5, 2010 American/TWU agreement.)
3. How do I know if I was eligible to prefund?
Flight Attendants and TWU-represented employees were eligible for prefunding when they met the criteria of 30 years old and had one year company seniority. They were automatically enrolled once eligible.
4. Was every employee's contribution amount the same?
No. Prefunding employee contributions were defined in your previous collective bargaining agreement and were based on several factors including your on payroll date, your age, and applicable Table 1 or Table 2 rates at the time you became eligible.
5. Why could prefunding balances differ from one employee to another?
If an employee was on an Unpaid Sick Leave of Absence or Injury on Duty (IOD) they were not required to pay for prefunding.
When an employee was furloughed and under the age of 50, they did not pay for prefunding.
Additionally, if a Flight Attendant had taken a leave of absence such as Maternity Leave, FMLA (Self), Unpaid Sick or an IOD Leave, the employee was not required to pay for prefunding during that time period.
6. Can I get direct deposit for my prefunding check?
No, J.P. Morgan does not have bank account information for most employees.
7. Will I be able to see my prefunding refund in ePays?
No, the check is being distributed by a third party, J.P. Morgan.
8. Where will my refund be sent?
J.P. Morgan will mail your refund to the address you have on file with American Airlines. If you also have an alternate address on file, the refund will be mailed to your alternate address.
9. Why doesn't my prefunding include the company's contribution
The refund of the company prefunding is contingent upon the successful completion of the 1114 process.
10. What is the difference between investment earnings and employee contributions?
Your contributions are the amounts deducted from your paycheck each pay period and placed into the Trust of the prefunding plan. A team of investment managers invest your contributions and the gains and losses of these investments are allocated to your account. The value of your prefunding account is equal to the amount of your contributions adjusted for gains and losses.American's Pension Asset Administration Committee oversees the management of these funds.
<a name="11" rel="nofollow" style="line-height: 1.2em; text-decoration: none; color: rgb(0, 51, 153); outline-style: none; outline-width: initial; outline-color: initial; ">11. Will my prefunding refund be taxed?
Since your contributions were deducted from your paycheck after taxes, there will be no taxes taken from that check. For any investment earnings, you will be provided a 1099 for your annual income tax filing.
12. What should I do if I do not receive my prefunding check from J.P. Morgan?
Checks were mailed on Dec. 12, 2012. If after 10 business days you haven't received your check, please call J.P. Morgan at 1-800-345-2345. They can confirm the address your check was mailed to, and after 10 business days they can reissue a new check.
1. When did prefunding begin?
The Flight Attendant workgroup became eligible for prefunding on Jan. 1, 2002. TWU-represented employees became eligible for prefunding on Jan. 1, 1990.
2. When did prefunding end?
Prefunding for Flight Attendants and TWU-represented employees ended on Oct. 31, 2012, and we began the account review at that time. (TWU-represented Ground School and Simulator Instructors have already received their prefunding contribution refund as a result of the Oct. 1, 2011 American/TWU agreement. In addition, a high percentage of the TWU-represented Maintenance Control Technicians (MCTs) have already received their prefunding contribution refund as a result of the May 5, 2010 American/TWU agreement.)
3. How do I know if I was eligible to prefund?
Flight Attendants and TWU-represented employees were eligible for prefunding when they met the criteria of 30 years old and had one year company seniority. They were automatically enrolled once eligible.
4. Was every employee's contribution amount the same?
No. Prefunding employee contributions were defined in your previous collective bargaining agreement and were based on several factors including your on payroll date, your age, and applicable Table 1 or Table 2 rates at the time you became eligible.
5. Why could prefunding balances differ from one employee to another?
If an employee was on an Unpaid Sick Leave of Absence or Injury on Duty (IOD) they were not required to pay for prefunding.
When an employee was furloughed and under the age of 50, they did not pay for prefunding.
Additionally, if a Flight Attendant had taken a leave of absence such as Maternity Leave, FMLA (Self), Unpaid Sick or an IOD Leave, the employee was not required to pay for prefunding during that time period.
6. Can I get direct deposit for my prefunding check?
No, J.P. Morgan does not have bank account information for most employees.
7. Will I be able to see my prefunding refund in ePays?
No, the check is being distributed by a third party, J.P. Morgan.
8. Where will my refund be sent?
J.P. Morgan will mail your refund to the address you have on file with American Airlines. If you also have an alternate address on file, the refund will be mailed to your alternate address.
9. Why doesn't my prefunding include the company's contribution
The refund of the company prefunding is contingent upon the successful completion of the 1114 process.
10. What is the difference between investment earnings and employee contributions?
Your contributions are the amounts deducted from your paycheck each pay period and placed into the Trust of the prefunding plan. A team of investment managers invest your contributions and the gains and losses of these investments are allocated to your account. The value of your prefunding account is equal to the amount of your contributions adjusted for gains and losses.American's Pension Asset Administration Committee oversees the management of these funds.
<a name="11" rel="nofollow" style="line-height: 1.2em; text-decoration: none; color: rgb(0, 51, 153); outline-style: none; outline-width: initial; outline-color: initial; ">11. Will my prefunding refund be taxed?
Since your contributions were deducted from your paycheck after taxes, there will be no taxes taken from that check. For any investment earnings, you will be provided a 1099 for your annual income tax filing.
12. What should I do if I do not receive my prefunding check from J.P. Morgan?
Checks were mailed on Dec. 12, 2012. If after 10 business days you haven't received your check, please call J.P. Morgan at 1-800-345-2345. They can confirm the address your check was mailed to, and after 10 business days they can reissue a new check.
I'm not a Teamster nor do I work for UAL. Wrong again genius.
You'd be surprised. AA didn't tell the trustee to invest these funds in a savings account or low-yielding tax-free bonds - the money was invested so that it would grow. Goes to show what 22 years worth of buy-and-hold can do to your net worth, especially when those 22 years were some of the best 22 years in my lifetime.
The money you contributed in 1990 (the first year) would have grown by a cumulative 400% between 1990 and today if it were invested in a low-cost S&P500 mutual fund. That means if you contributed $500 in 1990 to the trust, the earnings alone on that $500 would be about $2,000 today. Of course, the more recent contributions didn't have as much time to grow as large, but you get the idea. I'm not surprised that the earnings on your prefunding exceeded your contributions.
Unfortunately, your investment gains weren't because they were awesome investors; it's because the last 22 years featured tremendous gains in equities and as long as you bought and held (so that you didn't miss any of the good days), you made lots of money. I assume that's how these prefunding amounts were invested. It's when you try to time the market that you tend to sell too soon and then you don't buy back in soon enough to capture those days when the market rebounds like a rocket. I read something a few years back that said if you were out of the market on the ten best days of the last 25 years, your gains were only about 1/3 as large as those who bought and held (and never sold, hoping to win in market timing). Market timing makes you poor and makes the Wall St traders very wealthy (at your expense).
The really sad thing is, past results are not accurate predictors of future events. Like I said, 1990-2012 was a great time to be invested. Who knows what the next 22 years will bring?
Hopefully a time where the value of work is restored.
Yes your right.. I spoke with a few high end investors and they informed me the funds were probably invested in a hedge fund... 9 to 10 digits investments are in a league of their own when it comes to roi returns.. He say 149% return was probably due to investments in real estate developments and not the stock markets.. Hedge Funds rarely lose money..
Thanks for the info..
Money makes money...
I'm not able to verify this with a higher rank yet, but had received it from a few quality sources.. If anyone knows about it, post up..
The judge is scheduled to rule on retirement medical January 28.. What’s being debated by the 3 parties involved is the validity of the companies claim that the language from, I believe 1992, can be altered in bk and the 1114 filing..
The word I received is that if you indeed "cashed" the prefunding refund checks, you inadvertently exempted yourself from the ruling and possibly receiving the retirement medical benefit if ruled in favor of the membership...
If it is true, then this is a ruthless and deceiving strategy utilized by the company scumbags.
The judge is scheduled to rule on retirement medical January 28.. What’s being debated by the 3 parties involved is the validity of the companies claim that the language from, I believe 1992, can be altered in bk and the 1114 filing..
The word I received is that if you indeed "cashed" the prefunding refund checks, you inadvertently exempted yourself from the ruling and possibly receiving the retirement medical benefit if ruled in favor of the membership...
If it is true, then this is a ruthless and deceiving strategy utilized by the company scumbags.
