AAOHNO
Member
- Sep 6, 2008
- 93
- 23
All this information conflicts with the information that the pbgc provided in their scenario.
Who's website did you get this information from...... h34r: h34r: h34r:
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All this information conflicts with the information that the pbgc provided in their scenario.
It depends on which PC group you fall into and how much money would be available to the PBGC if they took over the pension. Since all of US' DB plans were terminated in one or the other of the bankruptcies, I have no idea how the payout would work for a frozen plan.With that said, it would have been beneficial to me to retire at 60 and collect $1449 a month rather then wait till 65 and collect the same thing.
The Pension Calculator is there as of right now.
Frozen means, as of the date of the freeze, no additional benefit will accrue. All other aspects of the plan remain as they were prior to 11/29/11. No new entrants. Plain and simple.
It depends on which PC group you fall into and how much money would be available to the PBGC if they took over the pension. Since all of US' DB plans were terminated in one or the other of the bankruptcies, I have no idea how the payout would work for a frozen plan.
Jim
That's incorrect.If the PBGC takes over the pension plans, whether you retire at 60 or 65 has nothing to do with the amount of your pension because when your pension is calculated, PBGC will use 11/29/2011 (the date that AMR filed for bankruptcy and ostensibly quit putting money into the pension plans) as the last day you worked--regardless of when you actually retire or start drawing your pension.
Flight attendants would also lose benefits under a plan termination, the PBGC found. A flight attendant making a salary of $31,000 who has 15 years of service would receive $7,700 at 65 or 60 if the plan continued. If the plan is terminated, the flight attendant could expect $7,200 at 65 or $4,464 at 60.
I'd love to, but apparently it's not available to former employees affected by this, and HR has yet to respond to me on it.
I've been on Retirement site and PBGC Site and see no difference if its frozen or Terminated In A/C Maint our pay has declined to the point we don't even come close to max!Thank for finally ackowloging what I was trying to say. So what difference does it make to the flight attendants wheatear the pension is frozen or terminated. Now the company states that they have seek outside funding to maintain the pensions. Where is that money coming from? Incentive rates, medical, work rules etc. I say let the pbgc take our pensions and use the money that Aa needs to fund them to fund the return of the item we need now like pay rates, medical, vacation etc. in my view this is a politic cave in by Aa which will not benefit our day to day lives.
I don't see any support for the PBGC's assertions that the hypothetical APFA member would get less at 60 than at 65 if the pension were terminated. As I understand it, AA's plan allows most employees to retire at 60 with no reduction in benefits. As the APFA member's pension is well below the PBGC guarantee maximum, I don't believe that the pension would be reduced if the FA retired at 60.
For retirees with pensions in excess of the maximum guarantee, the age at which they begin drawing the retirement benefit could cause a reduction - the most common example would be pilots who were forced to retire at 60 (under prior law); the PBGC maximum for 60 is far less than the maximum at 65.
The PBGC didn't show their work for the example of $7,200 annually at age 65 but only $4,464 annually at age 60. I believe the PBGC example is not accurate. If the AA plan would give the FA $600/mo at age 65, it would pay the same $600/mo at 60. If the plan is terminated, the FA would get the same $600/mo at age 60 or 65.
Whatever your plan allows PBGC Pays. TWU represented can retire at 55 With reduced benefit.PBGC rules assume "full" retirement at age 65 (like normal people ). IIRC, in the earlier airline bankruptcies, there was much ado about the mandatory age 60 (at the time) retirement for pilots, and they not only got a pension reduction for the fact that their average monthly stipend was over the PBGC max at the time, but also they got dinged for "retiring early."
At Texaco, our retirement plan allowed you to retire as early as age 50 if you had the years, but you stipend was prorated 5% for every year prior to age 60 unless you were going out on a medical/disability retirement.
Im not getting the 3% v 6% reduction the TWU says is difference between freeze and termination.The plan says 3%What did I just say? Yes, you can retire at any age your current plan allows. There is a monthly penalty for retiring "early."