PBGC and MERGER

[usa1]

The merger will create the largest airline in the world with over 6,500 daily flights and more than 100,000 employees. The new company, American Airlines Group, will be headquartered in Fort Worth and will trade on the NASDAQ exchange under the ticker symbol AAL.

http://www.star-telegram.com/2013/11/27/5373727/bankruptcy-judge-approves-americans.html?rh=1

 

[mike33]

http://www.star-telegram.com/2013/11/27/5373727/bankruptcy-judge-approves-americans.html?rh=1

I applied for mine this morning. Just filled aout the info and started it on Jan 2014. What do i have to lose? At least they have all the info if the merger is technically the 8th of Dec
 
https://mypba.pbgc.gov/mypba2/faces/login?_adf.ctrl-state=p9txtmywa_9

 

[usa1]

Let me know how it goes ..... I have my paper work ready to go.

 

[mike33]

Let me know how it goes ..... I have my paper work ready to go.

No paperwork. Just a copy of your passport sent to them. Go on the website and fill out the forms. Even your tax and banking info if you want it that way.

 

[nevergiveup]

Looks like if you start at 55 and save it all at 1% interest, you hit age 65 with 254K. Spend all of it once you retire to supplement your 2001/mo and you start wishing you had waited at age 73. Taxes not considered.(2001/mo at 55 vs 4448/mo at 65.) How long do you plan to live and what is your neck size and body mass?

 

[mike33]

Looks like if you start at 55 and save it all at 1% interest, you hit age 65 with 254K. Spend all of it once you retire to supplement your 2001/mo and you start wishing you had waited at age 73. Taxes not considered.(2001/mo at 55 vs 4448/mo at 65.) How long do you plan to live and what is your neck size and body mass?

HuH ????

 

[nevergiveup]

HuH ????

I could be wrong. Open to all corrections!

 

[nycbusdriver]

Looks like if you start at 55 and save it all at 1% interest, you hit age 65 with 254K. Spend all of it once you retire to supplement your 2001/mo and you start wishing you had waited at age 73. Taxes not considered.(2001/mo at 55 vs 4448/mo at 65.) How long do you plan to live and what is your neck size and body mass?

 
If you start at age 60, it's only about $19K/year.  If you wait until 65, it's about $44K per year.  
 
Assuming you were looking at figures for a plan terminated in 2003, your amounts are way off.  You will only collect the amount indicated on the chart from the year the plan was terminated, not this year, nor the year you retire.  Those charted amounts, based on your age when you start to collect, will never change.  No COLA; no inflation consideration.  They are as close to written in stone as can be had.

 

[usa1]

For agents it's one amount from 55-62, then it drops and it's lower amount as long as you live. For guys with 13-14 years in the PBGC protected plan that would be around $750 / $500 per month. 

 

[nevergiveup]

 
If you start at age 60, it's only about $19K/year.  If you wait until 65, it's about $44K per year.  
 
Assuming you were looking at figures for a plan terminated in 2003, your amounts are way off.  You will only collect the amount indicated on the chart from the year the plan was terminated, not this year, nor the year you retire.  Those charted amounts, based on your age when you start to collect, will never change.  No COLA; no inflation consideration.  They are as close to written in stone as can be had.

I see that I lo
 

 
If you start at age 60, it's only about $19K/year.  If you wait until 65, it's about $44K per year.  
 
Assuming you were looking at figures for a plan terminated in 2003, your amounts are way off.  You will only collect the amount indicated on the chart from the year the plan was terminated, not this year, nor the year you retire.  Those charted amounts, based on your age when you start to collect, will never change.  No COLA; no inflation consideration.  They are as close to written in stone as can be had.

I see now that I looked at the term plan for 2014, not 2003. Wishful thinking, back to the Waffle House chef plan. Xtra hash browns for all retired pilots!

 

[usa1]

PBGC Pension and Merger Update

For those Flight Attendants who have their pension benefits through the PBGC, we have the latest update from the PBGC on when you can collect your PBGC pension.

The preliminary assessment by the PBGC Attorneys is that US Airways will continue as the employer and the present plan/PBGC limitations on plan participants not being able to receive pension payments while continuing to work for the plan sponsor will remain in place.

In other words, for those Flight Attendants who were Shuttle employees, you can collect your PBGC and continue flying at age 62 and all others at age 65.
 

 
http://www.afausairways.org/?zone=/unionactive/view_article.cfm&HomeID=368827
 
This must be challenged. US Airways is no longer our employer. Next year we start working for the "New American".
 
"Preliminary assessment", they are trying to pull one and they know it?? ..... This can be won in court!   

 

[Reed Richards]

 
http://www.afausairways.org/?zone=/unionactive/view_article.cfm&HomeID=368827
 
This must be challenged. US Airways is no longer our employer. Next year we start working for the "New American".
 
"Preliminary assessment", they are trying to pull one and they know it?? ..... This can be won in court!   

[SIZE=10.5pt]Good luck, and I really mean that. The PBGC does as they please. They unilaterally changed our pilot plan to full benefits at age 65 instead of age 60, by the stroke of a pen. We have been fighting them on it for years, in fact our only hope is actual legislation to change the law. RR[/SIZE]

 

[mike33]

 
http://www.afausairways.org/?zone=/unionactive/view_article.cfm&HomeID=368827
 
This must be challenged. US Airways is no longer our employer. Next year we start working for the "New American".
 
"Preliminary assessment", they are trying to pull one and they know it?? ..... This can be won in court!   

 
 
 Don't get discouraged and think too much. As i said on wed i filled out my application. Low and behold i just got a call on fri morning about 30 mins ago and the rep said that they got the application and the information put out was not official. I even told him my situation and he said that the date of jan 1 2014 will be the date for me and its still a wait and see come dec. Like i said , it doesn't hurt to go ahead and file. Get a jump on it now. Nothing to lose!

 

[Real tired]

 
If you start at age 60, it's only about $19K/year.  If you wait until 65, it's about $44K per year.  
 
Assuming you were looking at figures for a plan terminated in 2003, your amounts are way off.  You will only collect the amount indicated on the chart from the year the plan was terminated, not this year, nor the year you retire.  Those charted amounts, based on your age when you start to collect, will never change.  No COLA; no inflation consideration.  They are as close to written in stone as can be had.

Correct.
 
But I might add, it's close to written in stone as can be had after the "final determination" has been made.  And for MTC, that just occured.  But then just like the previous poster stated, it can be changed with the stroke of the pen.
 
And to add some info to the thread, for MTC, we can begin collecting at age 50, and our plan was terminated in '05.

 

[N617P]

Here is an interesting senerio. In Los Angeles prior to the merger two mechanics had retired from US airways and hired in at America West. This was before the merger announcement. They both started their PBGC Pensions when they retired from US airways Once the merger was completed the PBGC notified them that they could not continue to draw their pension and work for US airways as they were not 65 years old. One stopped his PBGC pension the other resigned.

The way I see it they can't have it both ways! Once LCC is no longer exists they need to pay us. I had almost 18 years at the time our pension was terminated. My intent is to take the PBGC pension asap and invest it. I will incur a 3% penalty every year before age 62 but it's a greater pay off.