Fifty Plus Five?

Salty Dog

Member
May 5, 2012
75
6
Wasn't there a policy of leaving the company at 50 years old and recieveing some benefits? Is that still in effect?
 
Yes it is. But you don't receive any benefits until 55.
 
Do you have access to Jetnet? 
If not, here's the basics:

50-55 Age Rule

If you are at least 50 years of age, but not yet 55 years of age and have at least 15 years of company seniority at the time you separate from the Company, you can be deemed a retiree at the age of 55 if you meet retiree eligibility.

The terms of your separation will govern the impact on your stock and other post-employment privileges and benefits (such as medical and travel).

If you leave the Company before meeting these age and service requirements, you will not be eligible for retiree status and/or privileges even though you may be eligible for pension benefits at a later date.

You must contact HR Services once you are age 55 in order to receive retiree status and/or privileges.

Employees covered by a Labor Agreement with the Transport Workers Union (TWU) and employees of the Agent, Rep, Planner who leave the Company under the "50-55 Rule" will also be eligible for payment of unused sick time, but will not receive this lump sum payment until they retire at age 55.

Support staff employees who left the company under the 50-55 rule prior to 1/1/15 will be eligible for payment of unused sick time at a rate of $25 per 8 hours of unused sick time, but will not receive this lump sum payment until they retire at age 55.

Management and Support Staff employees who leave under the 50-55 rule on or after 1/1/15 are not eligible to receive the Retirement Sick Election.

For more information, see:

Benefits and Privileges on Resignation and Discharge
Eligibility for Retirement Benefits
Leaving the Company
Travel Privileges on 50-55 Rule
 
Thanks Rogallo

A coworker told me about a 65 point system since I'm a couple of years under 50. Have you heard of that? What's the difference?
 
yes they came out with the point system not to long ago. if your age and service equals 65 you can leave with flight benefits. if you are under 50 years old you need to research i don't think you can start drawing your pension until 60 or 65 years old.
 
At airways if you were hired before 01/01/2003 you could keep the flying benefits by being at least 55 years of age and have at least 5 years of service. After that date it had to be at least 10 years service and at least 55 years of age which totaled 65. I.E. 20 years service and age 45, total 65.
 
Salty Dog said:
Thanks Rogallo

A coworker told me about a 65 point system since I'm a couple of years under 50. Have you heard of that? What's the difference?
 
I believe the 65 point system is to keep lifetime travel benefits.
 
You won't achieve retirement status if you leave the company before 50.
 
Rogallo said:
I believe the 65 point system is to keep lifetime travel benefits.
 
You won't achieve retirement status if you leave the company before 50.
As far a I can tell the only reason to wait until 50 is to be able to buy health insurance at full price.
 
If you can get the retiree travel, it's worth waiting. For all the pissing & moaning about not getting on airplanes as a D2R, there will still be those chances that you will.
 
I believe you can get lifetime travel with the 65 point plan which doesn't require you to be 50 years old.
 
The Fifty-Fifty five rule gave you retirement status.What does that mean? Well if we hadnt if voted our retirement mediacal away you would have gotten that, as far as flying if you left the company after Dec 9 of 2014 with age and years totaling 65 you would get your flying passes. As far as retirement since the pension is frozen go into your tetirement calculator your info for pension ? is buried in there.
 
Salty Dog said:
I believe you can get lifetime travel with the 65 point plan which doesn't require you to be 50 years old.
On the 65 point plan, one needs at least 10 years of service for the travel benefits. Age 55, 10 years of service, age 45, 20 years of service, etc. The combinations all have to add up to at least 65,age and service. That was the way it was at airways when I retired in 2010. I agree with eolesen, very few times denied boarding, may have to sit apart from spouse, but made it to FCO,LIS,BCN,MUC,AMS,BRU,MXP,MAD,HNL and back. Only ATH was a pain as the 767 did not have the legs for the trip.  
 
I beleive yes you get your pension but you cannot collect it early I.e. before the age of 60
 
Perhaps contacting Human Resources instead of asking questions on this forum would be the better course of action.  I would not plan my retirement on the basis of "I think"/"I heard"/"a co-worker told me" information.  If you leave the company and THEN find out that the information you got here was wrong, you have no recourse.
 
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This is straight from Pension info on Jetnet:
 
50-55 Age Rule

If you are at least 50 years of age, but not yet 55 years of age and have at least 15 years of company seniority at the time you separate from the Company, you can be deemed a retiree at the age of 55 if you meet retiree eligibility.