PBGC

[BoeingBoy]

Sorry, john-john - I should have been more specific. By law PBGC benefits for a terminated pension that hadn't previously been frozen are calculated as though retirement had occurred 3 years prior to termination. That's apparently the situation that exPiedmontPacemaker is in.

I had forgotten that the CSA pension had been frozen back in the 90's and that would affect the calculated benefit. In the case of a pension plan that's frozen then later terminated I'm not sure how the PBGC would calculate the benefit.

Jim

 

[john john]

Sorry, john-john -

I had forgotten that the CSA pension had been frozen back in the 90's Jim

As did the rest of the union world then the big fat stinking cheese curve ball came

 

[CSA007]

Can someone who is receiving a check from the PBGC tell me how much tax is with held?

 

[john john]

The whole termination or frozen during bankruptcy was a story in its self. Maybe USAPA can get to the bottom. Maybe the unions on the property could get a joint effort into the inter workings of bankruptcy I and II.or has that ship sailed

 

[BoeingBoy]

Can someone who is receiving a check from the PBGC tell me how much tax is with held?

It would depend in the amount of your benefit, so there is no "one size fits all" for tax withholding. The PBGC only withholds federal income tax, though - no state income tax is withheld. If you're subject to state income tax you may have to make estimated payments to avoid a penalty for underpayment.

Jim

 

[usa1]

Customer Service agents can start drawing retirement from the PBGC at age 55 and continue working for the company. The only catch is you have to retire and start over for pay and seniority.

Station managers and customer service managers are able to start theirs at 55 ... rehire the same day at the same pay grade and seniority is not an issue for them. Thats a great deal .... it's like getting a $1000.00 a month pay raise.

I wonder if the company could allow CSA to start theirs at 55 and maintain pay and seniority?

 

[lindy]

Customer Service agents can start drawing retirement from the PBGC at age 55 and continue working for the company. The only catch is you have to retire and start over for pay and seniority.

Station managers and customer service managers are able to start theirs at 55 ... rehire the same day at the same pay grade and seniority is not an issue for them. Thats a great deal .... it's like getting a $1000.00 a month pay raise.

I wonder if the company could allow CSA to start theirs at 55 and maintain pay and seniority?

USA..where did you get this info? REason I ask is that I retired, went to work for another company, and came back. I was told by the PBGC that my retirement was "suspended" until I retire a second time. I did not get my seniority back when I returned

 

[usa1]

lindy that is not what they told me ... I called the PBGC 800 number and they carefully explained it to me ..... To start drawing it at 55, before your "regular company retirement age of 65" and continue employment with US you must separate/retire from the company and rehire. This does not benefit most CSA's, because of lost seniority and pay from starting over.

Managers however are different, they technically re-started under a new management contract when promoted. Seniority was no longer an issue and salary is not tied to it. They can take advantage of it. It's a great deal!

I wish the company would allow CSA's to take advantage of it without losing seniority and pay. After all of the retirement and benefit cuts senior CSA's have suffered through, the additional income would give them a chance to build up their 401k's and actually retire a little earlier. It wouldn't cost the company much of anything. I guess the company and unions would have to agree.

 

[usa1]

lindy your PBGC health care benefit is suspended if you can get it through your present job. In your case US Airways.

All of the information on starting your PBGC retirement and continuing to work for US Airways came to us in a mailing from the PBGC about two years ago.

 

[Dog Wonder]

Almost all Managers that seperate from the company and come back are paid at the bottom of the pay range.

The pay cut would wipe out any gain from pension benefits.

 

[usa1]

Almost all Managers that seperate from the company and come back are paid at the bottom of the pay range.

The pay cut would wipe out any gain from pension benefits.

We are not talking about managers that separate from the company and come back?? ..... we are talking about CSA's or CSS's that are promoted to management and therefore are no longer in the CWA customer service group. It's like starting over ..... they fall under a new contract with the company. Therefore they qualify for the PBGC retirement benefits when they reach the benefit retirement age "55".

They will have two seniority dates, original "now retired" and a new one, "the day they were promoted to management". I guess they can pass ride with either.

CSA's & CSS's can also start receiving PBGC payments at 55, if they are willing to retire and hire back into the CSA position and start over.

For CSA's to benefit the same way, they would need to keep their time and pay. The company, union and PBGC would have to be on the same page (Don't think it will happen).

 

[Dog Wonder]

Station managers and customer service managers are able to start theirs at 55 ... rehire the same day at the same pay grade and seniority is not an issue for them. Thats a great deal .... it's like getting a $1000.00 a month pay raise.

Emphasis is yours.

Station Managers and Customer Service Managers are not rehired at the same pay grade and seniority.

 

[usa1]

We are talking about employees that were agents before the PBGC took over the plan and later promoted to ""non-union"" management. Most received a raise over CSA/CSS levels when they made the move. They can now receive PBGC payments at "55" as long as the company goes along with it.