Retirement

[drifterreno]

I'm not completely sure that I ever read anything about this but here's what has happened to me. I have been receiving my retirement since Dec 1, 2001, at $141.79. It seems that because I turn 62 this year in November my entire retirement will now be reduced to $44.11 per month or $529.20 which they will only pay me once a year. Sorry folks, but that's not good. Does anyone else remember reading about this??

 

[InternationalShannon]

I'm not completely sure that I ever read anything about this but here's what has happened to me. I have been receiving my retirement since Dec 1, 2001, at $141.79. It seems that because I turn 62 this year in November my entire retirement will now be reduced to $44.11 per month or $529.20 which they will only pay me once a year. Sorry folks, but that's not good. Does anyone else remember reading about this??

holy crap. 44.11 per month? How long did you work there?? I am confused.

 

[john john]

I'm not completely sure that I ever read anything about this but here's what has happened to me. I have been receiving my retirement since Dec 1, 2001, at $141.79. It seems that because I turn 62 this year in November my entire retirement will now be reduced to $44.11 per month or $529.20 which they will only pay me once a year. Sorry folks, but that's not good. Does anyone else remember reading about this??

You must have the old Piedmont customer service retirement with social security offset original USAir customer service employees do not have. Good luck sorry for the years of service and no retirement it should be a crime
http://www.govtrack.us/congress/bill.xpd?bill=h110-3652
Protecting Employees and Retirees in Business Bankruptcies Act of 2007 - Amends federal bankruptcy law to increase the maximum amount per individual or corporationof unsecured claims ranked in the fourth (wages, salaries, or commissions) and fifth (employee benefit plan contributions) order of priority.

 

[dinosaur]

Yeah, that's what happens. CS for 37 years and retired 1/1/2005.

Retirement dropped from $1975.20 to $1167.80 the month I hit 62.

Best part is SS makes up for the drop plus another $600.00.

Fed tax taken went from $143.78 to $36.35.

 

[john john]

Yeah, that's what happens. CS for 37 years and retired 1/1/2005.

Retirement dropped from $1975.20 to $1167.80 the month I hit 62.

Best part is SS makes up for the drop plus another $600.00.

Fed tax taken went from $143.78 to $36.35.

Is your retirement old Piedmont or USAir?

 

[dinosaur]

Is your retirement old Piedmont or USAir?

US

 

[john john]

You guys made out better then PI

 

[dinosaur]

You guys made out better then PI

I have no idea what the difference between PI and US retirement plans.

Can someone enlighten me?

The OP may have been a PSA employee.

More info is needed.

 

[4merresrat]

holy crap. 44.11 per month? How long did you work there?? I am confused.

It was layed out pretty clearly when the change occured and went to the 401k plan.

The retiree is also receiving his money from 401k that USAIR funded, the base account and match. I don't know why it would be such a shock now. If someone just retired in 2005 then they would have accrued a pretty substantial fund if they put money away and benefited from match (plus base).

 

[john john]

It was layed out pretty clearly when the change occured and went to the 401k plan.

The retiree is also receiving his money from 401k that USAIR funded, the base account and match. I don't know why it would be such a shock now. If someone just retired in 2005 then they would have accrued a pretty substantial fund if they put money away and benefited from match (plus base).

USAirways agreed to establish a suitable company defined benefit plan to replace the contribution plan in 2003 CWA Passenger Service agents and USAirways had an agreement. USAirways contribute to the 401k account was 4% ages18-34---- 6% ages35-44---- 8% ages45-54,
10%age55-to retirement furthermore USAirways can add periodic distribution to 401k plan at any time.CWA passenger service employee stand now at 3% across the board regardless of age. Moreover, CWA Passenger Service agents had enhanced profit sharing returns (a lot better that now) to be pay in lumps sum and into the 401k. So you see the retirement that the seasoned agents plan on is GONE……….and before you start the if you do not like leave mantra IT IS TIME FOR CHANGE I hope that is clear enough for you

 

[4merresrat]

CWA passenger service employee stand now at 3% across the board regardless of age. Moreover, CWA Passenger Service agents had enhanced profit sharing returns (a lot better that now) to be pay in lumps sum and into the 401k. So you see the retirement that the seasoned agents plan on is GONE……….and before you start the if you do not like leave mantra IT IS TIME FOR CHANGE I hope that is clear enough for you

It's clear to me and others. My point was when the change did occur- early 90's perhaps? Don't remember exactly. . . but anyway it was spelled out in detail. And it was a long time ago. Long enough for people to have saved quite a bit of money for retirement if they put a bit away each paycheck. And also the change to 3% across the board happened when 2004ish?

So if a person is 62 now then they would have had a rather generous base of 8% plus match put in their acccount. Even 6% is good and they would have had that for a long while. People should be responsible for taking care of themselves for retirment not expect a company or the govt to take care of them. Of course by the way our country is trending that is exactly what most people want and if Obama is elected today then that is what they will get; cradle to grave. Be careful of what you ask for. h34r:

 

[Old PSA]

I would take small issue with the idea that anyone who was with US in '92 when the non-union retirement was frozen, would have enough money accumulated to retire now. At best, an employee $1000-$1200 a month from the retirement plan and $200,000-$300,000 in their 401K before the stock market meltdown. All together, that isn't enough income. Substract 1/3 to 1/2 of the 401K amount for the meltdown and it becomes even less. More realistically, the employee is getting $600-$900 a month from the retirement plan and had around $100,000 in the 401K which is now a lot less. Figure Social Security of $1500-$1800 a month plus the $600-$900 a month retirement plus $200-$400 a month from the 401K and you get $2200-$3100 a month. Medicare Gap insurance will cost $200-$600 a month. Taxes even at the lowest rate will be $100-$300 a month. That leaves $1900-$2200 a month to live on. Now, throw in a long term illness requiring special care (which will affect appoximately 50%-70% of older age people) and you are now broke. The person never had enough income to pay for long term care insurance. If the employees house is paid off and has no major medical expenses, they might just get by but hardly a "golden" retirement.

 

[4merresrat]

Who said anything about a "golden retirement." That should not have been their only savings obviously. People need to think and plan for taking care of themselves.

A ticket agent's salary doesn't necessarily point to a golden life, or a golden job with a golden paycheck. . .so why as you put it should they have a "golden retirement." Just wondering.

 

[john john]

People should be responsible for taking care of themselves for retirment not expect a company or the govt to take care of them.

Very true that is why you need a union to negotiate a contract for you just as management negotiate a contract. You cannot expect management to give you pay and benefits just because they want to take care of the workers not at this company not in this profession USAirways faces many challeages today in a volatile completive industry . everyone involed with the airline is concerned with meeting theses challeages HOWEVER Passenger Service agents need a collective voice. They are dedicated professionals. Proud of there roles on the front lines in dealing with the public. Agents are vital to the success of USAirways it is reputation for service and efficiency

 

[wench1]

p/t salary 18K for the YEAR!

A DISGRACE!