The "Good" News just keeps pouring in.

  • Thread Starter
  • Thread starter
  • #61
Duke787 said:
I say get rid of all uniforms (FAs wearing that $10 grey dress from Amazon looks horrendous) let the FAs have their own style and be able to accept tips. This airline would flourish.
Click to expand...

The gray uniforms look horrendous because they are winter-weight wool. Winter as in winter in Chicago or New York, or Boston. The FA is sweating under all of that. However, they are required (by the FAA) to wear a uniform that makes them readily identifiable in an emergency. That way if there is an evacuation, the customers know who to listen to for instructions. ( I know you are surprised that civilians might try to take over the evacuation. It's the same passengers who then take their suitcases and computer bag down the slide despite being instructed to "leave everything.")
 
jimntx said:
There's not much point in going around and around debating how much each employee will/won't/might/might not get from the frozen pension plan and/or the PBGC You will get whatever the given plan says you will get which (more than likely) won't be determined until you retire and file for the benefit. It's almost guaranteed to be less/more than you thought it would be--changes in the law, etc.. It's why no one should ever fail to save money in addition to "the plans" No Social Security or pension plan was ever designed to be your sole source of retirement income. If you don't have retirement savings as well as "the plans" and your home is not fully paid for, then you need to plan to work at least part-time in retirement. Part of your Social Security benefit is taxable and if you don't have something taken out of your monthly check to pay that tax, you might get surprised by a much larger tax bill at the end of the year.

There's also a thing called the Income Related Monthly Adjustment Amount (IRMAA) that is a surprise that I didn't know about in advance. The Social Security Administration looks back 2 years from the current year to test your income during that year according to IRS records.
The income that counts is the adjusted gross income you reported plus other forms of tax-exempt income. If your adjusted gross income is more than $85,000 (single) or $170,000 (couple) your Part B premium goes up. The income "tiers" go up to $500,000 or more and the Part B premium for each tier goes up accordingly. I sold a condo I owned in Dallas for a nice profit during what became my test year. It pushed my adjusted gross income up substantially and my IRMAA went up to over $350/month. Fortunately, my Part B premium should drop back to around $135/month for next year because my test year income is all retirement income. Google IRMAA for info.
Click to expand...

Great info, Jim! Thanks for posting that.
 
Phoenix757767 said:
Your pension is never $100,000.

You will receive the dollar amount for years accrued in the plan. Which won’t be near the $67,295.
Click to expand...

I never suggested I would receive a $100,000 pension. The existing pension payment out of bankruptcy is about half of the $67,295.
 
jimntx said:
There's not much point in going around and around debating how much each employee will/won't/might/might not get from the frozen pension plan and/or the PBGC You will get whatever the given plan says you will get which (more than likely) won't be determined until you retire and file for the benefit. It's almost guaranteed to be less/more than you thought it would be--changes in the law, etc.. It's why no one should ever fail to save money in addition to "the plans" No Social Security or pension plan was ever designed to be your sole source of retirement income. If you don't have retirement savings as well as "the plans" and your home is not fully paid for, then you need to plan to work at least part-time in retirement. Part of your Social Security benefit is taxable and if you don't have something taken out of your monthly check to pay that tax, you might get surprised by a much larger tax bill at the end of the year.

There's also a thing called the Income Related Monthly Adjustment Amount (IRMAA) that is a surprise that I didn't know about in advance. The Social Security Administration looks back 2 years from the current year to test your income during that year according to IRS records.
The income that counts is the adjusted gross income you reported plus other forms of tax-exempt income. If your adjusted gross income is more than $85,000 (single) or $170,000 (couple) your Part B premium goes up. The income "tiers" go up to $500,000 or more and the Part B premium for each tier goes up accordingly. I sold a condo I owned in Dallas for a nice profit during what became my test year. It pushed my adjusted gross income up substantially and my IRMAA went up to over $350/month. Fortunately, my Part B premium should drop back to around $135/month for next year because my test year income is all retirement income. Google IRMAA for info.
Click to expand...

Great info. Thx for sharing and bringing up that hidden little example.
Jim, you are correct, and I am done with him. He can believe whatever the unions tell him and deal with such consequences in the end.
Excellent advice as far as the savings other than SS and pensions and/or 401K's. 3 legged stool at a minimum, 4 is much better and 5 is the best overall and very few have.
 
Last edited:
Buck said:
I never suggested I would receive a $100,000 pension. The existing pension payment out of bankruptcy is about half of the $67,295.
Click to expand...
Exactly. I caught that too. You never said you would or even asked if you would get 100K from your pension. You simply gave an example of an income while still working of 100K.
Now you understand why I had to continuously repeat myself as well, even after he posted the same things I said before. SMH in disbelief...
 
for fleet - even with the pensions frozen, guys who had 30+ years by 2011/2012..will still get most of their expected pensions..from $2,400-$2,550 a month.

i had over 20+ years at time. was planning to leave at age 62, was counting on $2,400 a month. my pension stopped accruing, will get $1,300+ a month, regardless of when i leave.
 
  • Thread Starter
  • Thread starter
  • #69
swamt said:
Great info. Thx for sharing and bringing up that hidden little example.
Jim, you are correct, and I am done with him. He can believe whatever the unions tell him and deal with such consequences in the end.
Excellent advice as far as the savings other than SS and pensions and/or 401K's. 3 legged stool at a minimum, 4 is much better and 5 is the best overall and very few have.
Click to expand...
3 or 4 or 5-legged stool indeed. There is no such thing as too much retirement savings--unless you decided to give the money to your favorite bank in return for practically no interest income. (I have a small savings account in my bank. Balance of $7000 earned almost 10 cents/month this year. At last Mother can have that operation!!!!:rolleyes::D ) My ruptured disc surgery made me realize that I had been very smart to load IRAs--regular and Roth--to the limit. If I had not had American's first-rate insurance at the time, I would have been bankrupt or near to it. Surgery plus 4-day stay in the hospital street price was almost $50,000. (If you want to know just how good AA's group insurance is...I paid not 1 penny out of my pocket for that surgery and subsequent treatment.) And, I'm proud to say that my take-home income in retirement is more than enough for me and 4 cats.

Slight correction: I should have said AA's group insurance for flight attendants. I forget that different work groups at AA have different insurance benefits.
 
My wife used to work in benefits at AA... There are different plans, but most of them are about the same in terms of coverage for major medical.
 
Phoenix757767 said:
First of all your frozen pension is insured by the PBGC so if it’s ever terminated , you will still get the full dollar amount you accrued.
Second, AA has already paid $921 million into the frozen pension plans this year, $14 million more than required.
Click to expand...
"Full dollar amount from the PBGC"??? That must be something new. In past BK's the PBGC wasn't anywhere near obligated to give 100% of what people are owed. Depending on their funding and God only knows what other Government circumstances that control it. I'd like to think you're correct though....
 
Bloodhound said:
"Full dollar amount from the PBGC"??? That must be something new. In past BK's the PBGC wasn't anywhere near obligated to give 100% of what people are owed. Depending on their funding and God only knows what other Government circumstances that control it. I'd like to think you're correct though....
Click to expand...
You will get the years accrued. The PBGC max payout per year is $67,000. No mechanic nor fleets accrued pension is more than that, if terminated and turned over to the PBGC. All former LUS who are receiving their terminated pension are getting their full dollar amount accrued.
 
Bloodhound said:
"Full dollar amount from the PBGC"??? That must be something new. In past BK's the PBGC wasn't anywhere near obligated to give 100% of what people are owed. Depending on their funding and God only knows what other Government circumstances that control it. I'd like to think you're correct though....
Click to expand...

guys i knew at united who had 25-30 years when ua terminated their pensions...told me they were looking at $750-$900 month from the pbgc, instead of $2,600 a month from ua.

nickels on the dollar. aa froze my pension, i'll get dimes on the dollar.
 
CremaDiLimone said:
guys i knew at united who had 25-30 years when ua terminated their pensions...told me they were looking at $750-$900 month from the pbgc, instead of $2,600 a month from ua.

nickels on the dollar. aa froze my pension, i'll get dimes on the dollar.
Click to expand...
You will still get the exact dollar amount you are entitled too for the years accrued. You won’t get anything for the years forward not accrued. No ramp person who’s pension was terminated saw a reduction for the dollar amount for years accrued.
 
You must log in or register to reply here.

Latest posts

Back
Top