Early Outs For Cwa

[oldtimer]

Just as a side note to the employee vesting in the stock options, I had filed for retirement on Oct 25 for an effective date of Feb 1. I continue to get no information from Benefits and today spoke with them again. Each time I get a different response. Now they have no information or effective date of the start of pensions. They have no information on health care or buy back of unused sick days, as was agreed upon in the CWA contract. If retirement commences on Feb 1, no pension checks will be issued until a future unknown date. No information on the amount of the monthly retirement. No information regarding medical coverage or sick time buyout will be available until some future date. It is not known if health care coverage will continue. If you retire on Feb 1, you will be in limbo with regard to any future pension, health care, or sick day buy back. No one there knows. You can retire but have nothing.

[post="242298"][/post]​

I am also trying to retire (from furlough) February 1st, and have been getting the same runaround from Benefits. IMHO, I believe that the company is not going to be sending any packets out, but instead will depend upon the PBGC to do the work after they turn all the pensions over to them January 30th. Although I have been told that we would receive all back pension pay retroactively from February 1st to whatever date you begin receiving your pension, for that I won't hold my breath either. I believe that this outsourcing company has been instructed to give you any type answer that avoids conflict since PBGC is in our future.

 

[BoeingBoy]

Based only on reports from pilots who retired after the PBGC took over our pension, they (the PBGC) will send you a check. If, as discussed in this thread, you happen to retire early in this transition period from the company to the PBGC, it might take a few months for it all to get sorted out but you will eventually get paid something (the first check should include retroactive pay back to your retirement date).

Once the dust settles and the PBGC has all the information digested, they will make an adjustment if necessary - changing from an estimated benefit used initially to pay your retirement to a final calculated value. If they owe you money, you'll get it as a lump sum. If they overpaid you - well, they can get their money back.

Of course, the post-retirement medical is an entirely different story since it's still run by the company....

Jim