Fifty Plus Five?

[NewHampshire Black Bears]

Can someone THOROUGHLY explain about retiree medical benefits.
 
I retired from AA/TWU in 2004, at age 58 with 18 years of service, and prefunded the retiree medical from the day it was first required.
 
Now first I was told that I was  'S - O - O - L'    ( S -Out - O - LUCK ) as far as retiree medical was concerned.
 
Next, something 'went down' in court that pissed AA off and not so long ago I was notified that  I   and certain others have retiree medical for lifetime(providing one does Not max out the 'limit' $$$.)
 
So again I ask, What Happened  ??
 
Thanx in advance !!

 

[eolesen]

This is straight from Pension info on Jetnet:
 
50-55 Age Rule

If you are at least 50 years of age, but not yet 55 years of age and have at least 15 years of company seniority at the time you separate from the Company, you can be deemed a retiree at the age of 55 if you meet retiree eligibility.

 
That sounds right.  

Essentially, if you leave before 50, don't plan on coming back.  When I was looking at possibly taking a position with AA last year, it was made clear that even though I had more than 15 years of prior service, the clock started over regardless if you'd been gone a week or a decade, even on retiree travel.  Figured it was worth going to work somewhere else as long as the clock was going to start over.

 

[Salty Dog]

Perhaps contacting Human Resources instead of asking questions on this forum would be the better course of action.  I would not plan my retirement on the basis of "I think"/"I heard"/"a co-worker told me" information.  If you leave the company and THEN find out that the information you got here was wrong, you have no recourse.

I have and will again but they are giving me different answers depending on who answers the phone.

 

[Salty Dog]

I'm almost 49 now and still can't figure out if I would be better off waiting until I turn 50...

 

[Salty Dog]

Or wait for 55?

Are there any advantages other than pay to stay?

 

[Realityck]

Can someone THOROUGHLY explain about retiree medical benefits.
 
I retired from AA/TWU in 2004, at age 58 with 18 years of service, and prefunded the retiree medical from the day it was first required.
 
Now first I was told that I was  'S - O - O - L'    ( S -Out - O - LUCK ) as far as retiree medical was concerned.
 
Next, something 'went down' in court that pissed AA off and not so long ago I was notified that  I   and certain others have retiree medical for lifetime(providing one does Not max out the 'limit' $$$.)
 
So again I ask, What Happened  ??
 
Thanx in advance !!
 
 
In the last negotiations AA achieved the elimination of the $50,000 retiree medical coverage for active (prefunding) TWU members. Although AA  indicated they also wanted to eliminate that coverage for former retiree’s as well, the Bankruptcy Court Judge has not approved that action at this point so the $50,000 retiree medical coverage continues for that group.
 
 

 

[chilokie1]

Or wait for 55?

Are there any advantages other than pay to stay?

Not sure your location but staying till 55 is a major advantage to guys like me
who live in Tulsa, with the uncertainty of the bases future & it goes the way of 
AFW you have the option to start drawing your pension (although a lesser amount)
day one as long as you are 55. That is one reason to stay away from the IAMPF, 
with the AA plan you can leave at 55 and work elsewhere while drawing your pension.

 

[jimntx]

 
That sounds right.  

Essentially, if you leave before 50, don't plan on coming back.  When I was looking at possibly taking a position with AA last year, it was made clear that even though I had more than 15 years of prior service, the clock started over regardless if you'd been gone a week or a decade, even on retiree travel.  Figured it was worth going to work somewhere else as long as the clock was going to start over.

From my experience at other companies, that sounds right on the mark.  People confuse the "math problem" benefit requirements as applying to everything.  As I understand it, the 65 rule (age plus years of service=65) applies only to the lifetime travel benefits, not to pension payments or anything else.  Most classic pension plans have a minimum age you have to reach before you can leave, and it's usually age 50. If you leave before that date you forfeit most if not all retiree benefits.  And, in fact it could be that any separation at/after age 50 (other than termination for cause) is considered a retirement on the company's records.  I had just turned 50 when I resigned from Texaco.  On their records I took early retirement.  Once you turned 50, you could retire or die, but you couldn't quit.