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On 4/25/2003 6:42:43 AM iland wrote:
The Defined Benefit plan was terminated, and my 17.5 years is now PBGC minimums.
Iland,
When you say that you''ll get PBGC minimums, don''t you really mean that you''ll get the max that PBGC allows? I''m curious because I am in a similar position at AA and wonder what the dollar amount, paid to me at age 60, would be if the PBGC took over our A fund. Can you explain in a little more detail how the system works?
Thanks,
I think folks have been using the word 'minimum' but PBGC would say that some pilots won't be able to get all of their former pension, because that exceeds PBGC's 'maximum' allowed payment under their circumstances.
BTW, this 'maximum' is particularly irksome, because it is especially low if you retire (or enter the PBGC system) at age 60.
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On 4/25/2003 11:18:03 AM iland wrote:
Hi DD,
I am 46.5 yrs old and I am in the PC4 category at the PBGC. My pension was at 6000.00/mo. if I retired this year (if I waited till 60 to begin receiving $$$), and now I will get the PBGC max for category PC4 which is 28000/year or 2200/mo.
If your pension was worth less than 2200/mo at termination that is what you would get.
These numbers can go up if a guy was older than 53. All this is available on the PBGC website.
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That is terrible and should happen to no one. I am sorry it happened to you and your collegues.
