PBGC and MERGER

[usa1]

Has anyone heard from the PBGC as to whether or not will be able to start our PBGC retirement when we become American?

 

[nycbusdriver]

Has anyone heard from the PBGC as to whether or not will be able to start our PBGC retirement when we become American?

Don't bet on it. Corporate America, and particularly the creatures in Tempe, are too adept to let that happen.

 

[usa1]

Thanks for the reply. It wouldn't effect the new AA at all. Those that are 55, no longer working for US Airways are eligible for their PBGC retirement payments. Last time I spoke to the PBGC they said they would have to see the final transaction before determining if US Airways was gone. Most us need to start it and then up our 401k contributions in order to have a shot at a decent retirement later.

 

[irishrose]

I was PSA and tried to collect but was told I had to wait until I retired from USAirways

 

[psa8979]

Irishhorse or when you reach 65 if still working.

 

[psa8979]

Irishrose

 

[usa1]

I was PSA and tried to collect but was told I had to wait until I retired from USAirways

That's right because PSA was bought by US Air prior to the BK where our defined plan was turned over to PBGC ... but if you have a PBGC retirement payment due from the terminated US Air pension, then if US Air cease to exist after the AMR merger then you should be able to start it at 55 and keep working for the new company.

 

[psa8979]

Irishrose call the PBGC they are very helpful.

 

[Senor Pelon]

That's right because PSA was bought by US Air prior to the BK where our defined plan was turned over to PBGC ... but if you have a PBGC retirement payment due from the terminated US Air pension, then if US Air cease to exist after the AMR merger then you should be able to start it at 55 and keep working for the new company.

I was with TWA and after TWA ceased to exist I was able to start receiving my PGBC after I turned 55 even while I was still working for AA.

 

[usa1]

I was with TWA and after TWA ceased to exist I was able to start receiving my PGBC after I turned 55 even while I was still working for AA.

That's the way it should work. If US Airways (LCC) no longer exist after the merger we can draw our PBGC pension at 55 and work for the new AMR.

 

[mike33]

That's the way it should work. If US Airways (LCC) no longer exist after the merger we can draw our PBGC pension at 55 and work for the new AMR.

Lets hope so... The problem i now see is the stock migration 70/30. I just hope with the filing of new stock it would be apparent that Usairways no longer exists.

 

[usa1]

LCC is gone AAL is here? 
 
http://www.dallasnews.com/business/airline-industry/20131115-goodbye-amr-american-airlines-picks-aal-as-new-ticker-symbol.ece

 

[cltrat]

that was discussed in a thread here at some point maybe you find it?

 

[usa1]

Final merger agreement has to be seen ..... PBGC will rule. If LCC is no longer, we are eligible. 

 

[Newman]

That sounds almost too good to be true!