What's Your PBGC Pension Benefit

[FLYUSAIRWAYS]

I started with Allegheny in 1977. Just received my PBGC Pension statement , informing me of my benefits. My benefit for my years of service is $550.00 per month. That is $6,600 a year. There was just a Huge story in the local paper about a local Firefighter retiring this year with a pension over $120,000 a year due to all the overtime he worked in his last year of employment. Now the big NY government is looking into the scandal. If I get $550 a month for 33 years, just wondered how much everyone else is getting. I made $40,000 a year back in 1989 for qualification. Post your monthly benefit if you dare.

 

[usa1]

That's your frozen pension ... based on your service from 1977 until I think 1991. After that it's up to you and your 401k and US Airways "almost" completely quit contributing to your 401k after the second BK. Along with dumping your retirement health care on the IRS (tax payers). If this company can't make while short changing the employees the way they are today ..... they don't deserve to make it.

 

[john john]

Agents should be able to start collecting their PBGC at the eligible age of 55 regardless of employment status.The company that terminated the pension no longer exists therefore employment with said company no longer exist

 

[Barrister]

I started with Allegheny in 1977. Just received my PBGC Pension statement , informing me of my benefits. My benefit for my years of service is $550.00 per month. That is $6,600 a year. There was just a Huge story in the local paper about a local Firefighter retiring this year with a pension over $120,000 a year due to all the overtime he worked in his last year of employment. Now the big NY government is looking into the scandal. If I get $550 a month for 33 years, just wondered how much everyone else is getting. I made $40,000 a year back in 1989 for qualification. Post your monthly benefit if you dare.

You want to get pissed...Google the New York Long Island Railroad and do some snooping.
About 80-90% of the retirees take home BOTH retirement payments AND disability payments.
If you dig you won't believe what you read.

VNIIMN
NPJB

 

[hula-flyguy]

I started with Allegheny in 1977. Just received my PBGC Pension statement , informing me of my benefits. My benefit for my years of service is $550.00 per month. That is $6,600 a year. There was just a Huge story in the local paper about a local Firefighter retiring this year with a pension over $120,000 a year due to all the overtime he worked in his last year of employment. Now the big NY government is looking into the scandal. If I get $550 a month for 33 years, just wondered how much everyone else is getting. I made $40,000 a year back in 1989 for qualification. Post your monthly benefit if you dare.

$950.00, but since I have to split it with an ex.....$475.00
I was hired in 80

 

[FLYUSAIRWAYS]

Agents should be able to start collecting their PBGC at the eligible age of 55 regardless of employment status.The company that terminated the pension no longer exists therefore employment with said company no longer exist

Thanks for the info John. So if I still work at Airways, and want to start collecting my PBGC because I'm over 55, I can? Has anyone that you know of, been successful doing this, and kept on working?
Thanks

 

[john john]

Thanks for the info John. So if I still work at Airways, and want to start collecting my PBGC because I'm over 55, I can? Has anyone that you know of, been successful doing this, and kept on working?
Thanks

This should be the case BUT the PBGC does NOT agree
The agents have the biggest social security offset among all employee groups and the original USAir employees get more than original Piedmont
All and all the agents have the worst retirement of all employee groups.

 

[usa1]

Face it .... if you're an agent for this company you have no retirement. It's hard to believe we are union members and have No retirement....

 

[Real tired]

Thanks for the info John. So if I still work at Airways, and want to start collecting my PBGC because I'm over 55, I can? Has anyone that you know of, been successful doing this, and kept on working?
Thanks

To continue to work here, and collect your pension would imply a "Change of Control".

We were hoping for it. We tried it. And we lost it.

The only group to benefit from a Change of Control was management.

Good luck to you in trying to get that to happen at this company.

And by the way, you can start to collect your PGBC pension, at a reduced rate, at age 50 after you seperate from the company.

Oh, and $1400 for me.

 

[wench1]

still working p/t..coming up on 26yrs..
are you ready for this..? 160.00 per month!!! Thats it!!!!

I have my 401K..I CANNOT COLLECT till I leave...look @ the unemployment rate @ 11%,.

 

[usa1]

Well, I guess you will always have to your Social Security to fall back on ... WALL STREET COMING FOR YOUR SS

 

[jetpi1978]

My PBGC benefits are in line with what you have posted. I was hired in 78 and my benefit for the 11-12 years I worked unitl the company froze the account is in the range of $550.00 to $620.00 depending on the option I were to chose, this is if I were to begin collecting at age 60. For those in the IAM, you need to check with the IAMNPF.com and set up your account. It will calculate your estimated monthly pension based on the year you plan to retire. My IAM pension for the same age estimates at about $1200.00 per month. Not the best, but if your plan accordingly and be fairly debt free, you should be able to live somewhat comfortable when you add SS (if it is still around) and any 401K you have.

 

[Gibstr]

I started working for Lake Central in 67 and worked up till may of 2000 of course the company stoped everything in 91

my take home is $971 and change

 

[tadjr]

Started with PI in Jan '86.
Earliest retirement date 11/1/2020 $190.11
Normal retirement date 11/01/2030 $211.84 YEA!!! Only 20 more years.

Question, Suze. I really need the money. Should I retire early or stick it out 10 more years for the extra $20 a month I'll get? Neither! You've been DENIED retirement and you'll now have to work until you die. And if you don't call out dead an hour before your shift we won't pay you for the day!!!! :blink:

 

[SS255]

Started with PI in Jan '86.
Earliest retirement date 11/1/2020 $190.11
Normal retirement date 11/01/2030 $211.84 YEA!!! Only 20 more years.

Question, Suze. I really need the money. Should I retire early or stick it out 10 more years for the extra $20 a month I'll get? Neither! You've been DENIED retirement and you'll now have to work until you die. And if you don't call out dead an hour before your shift we won't pay you for the day!!!! :blink:

I think you should retire early, and then get a job in a more lucrative field. Sock away the additional money you will earn in a special account, and after ten years it will generate more revenue for you in interest than the extra $20 a month you would have received had you stuck it out at US another 10 years. Or, as Suze would say, "Play 'Retirement.'"