Pensions

[AAmech]

AAmech,there are many, many, of us who will have our pensions reduced by a significant amount if AA terminates its pension plan. Go to www.pbgc.gov and compare the maximum with your pension estimate on jetnet. And then, try, just try, to figure out just how one is assured of getting the maximum from the PBGC. Their maximum is a little over half of my Jetnet estimate.

Now its "Reduced". Before the insinuation was we end up with nothing and Management collects 100%. The PBGC guarantees our pensions depending on how well the pension is funded with a max of around 41K a year.

 

[Wretched Wrench]

"Before the insinuation was we end up with nothing and Management collects 100%"
......................................................................
............................................

Oh?

Who insinuated that?

Are you creating a straw man here?

I am glad to see that you found the PBGC site, and have read at least a little of it. But you've got to stop presenting only part of the story.

The only way to collect the maximum you cite is to be 65 when the plan is terminated. And, even then, you will be unlikely to qualify for that maximum. For those under 65, the PBGC pension is MUCH less.

 

[Wretched Wrench]

There is a disturbing article in the NY times about retiree medical cuts that seems pension-related.

It may be seen under "More Cuts Coming".

 

[LiveInAHotel]

"There are no guarentee's in life" ...........................
Except the NE Patriots,in recent Super Bowls !!!!!!!!!!!!!!!!!!!!!!!!!!!!

NH/BB's

Damn straight!!

Next up....Boston Bruins, Stanley Cup!

 

[LiveInAHotel]

I think we will be seeing a mass exodus of senior flight attendants very soon. If they don't go now their pension may not be what is is today when they do.

This will also bring some furloughs back to the line.

 

[jimntx]

I think we will be seeing a mass exodus of senior flight attendants very soon. If they don't go now their pension may not be what is is today when they do.

This will also bring some furloughs back to the line.

There are rumors abroad that as soon as the 777 arbitration award money is paid (October) a number of the recipients will be retiring. I don't think they fear reduction of benefits post-retirement. If they have any sense, they will get out before these reduced pay rates start being figured into their pension payments.
However, the f/a's that this might affect still have 6 years to work before the reduced payments must be used in the calculation.

Also, let's remember that this same rumor arose in late 2001. The Conventional Wisdom was "With the vastly improved retirement benefits and the recent events of 9/11, we will be having mass retirements of the senior flight attendants." I think we can safely say that it didn't happen.

At the time, I repeated the 2001 rumor to a friend of mine who flies for Delta (33 years). She told me not to count on that. She pointed out that for years all she had heard at Delta was "If we could just get paid medical in retirement, I'd be gone tomorrow." She then said, "Well, we got paid medical in retirement two years ago (1999) and not one of them has left. I've been at or just above #1500 on the seniority list for 3 years. The only time my number has dropped was when one died." And, she wasn't trying to be funny or sarcastic.

The Conventional Wisdom that the senior flight attendants won't put up with the wretched working conditions mandated in the RPA ignores the fact that those same senior flight attendants already know how to work under wretched conditions. "Can you say hand-carry trays in coach while wearing gloves, 3 in. heels, and a girdle?" I'm a guy, and my feet hurt just thinking about it.

 

[Bob Owens]

What amazes me is that this poll has been viewed 251 times and only 15 people voted. I guess people don't care about their pensions!

If I had one I might, but I work for Eagle.

You mean you have no pension?

Arent you TWU?

Didnt our very own Jim Little negotiate your contract?