united airlines update, November 7th.
"Update on Early Retirement Program
To date, approximately 50 United Pilots have bid for the early out program. As it currently stands, we are a long ways from using up the $20 million the company has allotted for total early retirement incentives under this program.
It is very important to realize, if you bid for the early retirement program, you are very likely to be awarded this opportunity. Bear in mind that, once awarded, there is no backing out. From our discussion with the Company, the actual retirement date of participating pilots will be more towards the later part of the 12 month window and particularly so if you are a wide body pilot. However, it is important to remember that you remain subject to retirement any time during the 12 month window (ending November 30, 2014), under the provisions of LOA 19.
The calculation for your incentive payment will be based on your December 2013 pay rate. The total lump sum payment is equal to 20% of that rate, multiplied by 83 hours, multiplied by the number of months (not greater than 60) between the bid award date and the first day of the month following the month in which your 65th birthday will occur. 16% from the total incentive amount will be contributed to your defined contribution plan with another 10% contributed to your RHA plan.
If you are contemplating the Early Retirement Program, please read and become familiar with LOA 19 as it is the governing document."