Fifty Plus Five?
- Thread starter Salty Dog
- Start date
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
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
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.
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.
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.Salty Dog said:
jimntx
Veteran
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.
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.
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.
