There is something called a Social Security offset that might drop your monthy check but im not really sure the amount or conditions
The "Good" News just keeps pouring in.
- Thread starter jimntx
- Start date
Can’t speak for ramp but maintenance at LUS doesn’t have the SS offset. You have to look at each plan. And LUS plans are terminated, LAA are frozen.
So LAA shouldnt worry about it unless AA files for bankruptcy again and that doesnt seem likely in the near future despite all sissy whining you hear
The pensions were frozen aa stills funds then. You/we should get tge full frozen value. If its turned over to the pbgc thats another story.
Historically at the funding level it has now at the next bankruptcy if yoy are under 50 your screwed, over 50 a little less screwed. If your collecting our pensions are so far below the max payout we should be okay. Pilots and management not so much.
i'm comparing the payouts of united's terminated pension to aa's frozen pension.
guys who had more years with united when ua terminated it's pension, will get way less than me, where i had less years with aa, when aa froze the pension and i stopped accruing time.
that's why i said ua is getting nickles on the dollar and many from aa will get dimes on the dollar. maybe united guys who had 35-40 years by 2003 will get more than $900 from the pbgc. the ua guys i knew and know, will get less than what i get from my aa frozen pension.
pbgc is paying ua nickles on the dollar, aa will pay me dimes on the dollar...relative to what i would have had if the pension kept going. $2,400 per month as opposed to $1,350 per month.
let's also remember that many ua workers also lost their 401ks when they bought a seat on ua's board with 401k money.
Wrong the PBGC pays the full value of years accrued unless it’s over $67,000. I’m collecting the exact same amount for the years accrued. No one way except pilots who’s pension was over $67,000 a year. I’ve worked with the PBGC getting LUS former employees their pensions from the PBGC. You get the same exact amount.
eolesen
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- Jul 23, 2003
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PBGC does not necessarily pay full value -- they wipe out any improvements made during the five years prior to assuming control of the plans.
In the UAL case, pensions took a hit because multipliers got reset and in some cases wiped out 20% of the expected monthly payout. Early retirees got hit harder -- upward of 30%.
UA employees didn't just buy a seat on the board... they bought control of the entire company via ESOP in 1992, and the 401K plans controlled that. All was good until 2003-2004 when the stock tanked, and 401K balances were subsequently trashed. After the bankruptcy, the unions kept a few board seats in exchange for contract concessions.
In the UAL case, pensions took a hit because multipliers got reset and in some cases wiped out 20% of the expected monthly payout. Early retirees got hit harder -- upward of 30%.
UA employees didn't just buy a seat on the board... they bought control of the entire company via ESOP in 1992, and the 401K plans controlled that. All was good until 2003-2004 when the stock tanked, and 401K balances were subsequently trashed. After the bankruptcy, the unions kept a few board seats in exchange for contract concessions.
When AA went bankrupt in 2012, AA had $4b in cash on hand, and at the time airlines of similar size didn’t go bankrupt until they had less then a billion. . Anything can happen, not sure if the debt at the time, and nobody thought USAir and AA would merge with USAir executives (America West) taking over.
1AA
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- Thread Starter
- #85
Doug baby, don't tell us how good AA is gonna be. Show us a better airline. An alternate approach would be "Doug why don't you retire and give somebody else a chance to run the world's largest airline." The average "life span" of a major corporate CEO is 8 years. Doug, you've overstayed your welcome.
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Agreed. Frozen, terminated, canceled, however you want to call it, when pensions are frozen, stopped, terminated, passed over to the gov., people are still NOT going to get what they were expecting if the pension was to stay in tact for the rest of their careers.
You said it yourself here; "You won't get anything for the years forward not accrued."
Well no kidding. That was we have been telling you all along that no one will get their full amount that they were expecting at retirement time due to being terminated, frozen or cut by % on payouts. It does not change the fact that no one will get what they were promised from their first day of employment, so yes it is a direct relation to the members benefits being cut, stopped, frozen or even passed on to the gov. it will never be what they were told and expecting when they first signed up for it. Stay away from pensions guys. You have no control over them at all...
Yes. And lets not forget about the rules and regs and restrictions within these pensions. Most all of them will not pay out benefits if you decide to or "have" to get back into the working world, if you get a job within the same industry or related.
Once again you get the FULL dollar accrued. That’s what I’ve stated numerous times. You can’t count on getting something you didn’t accrue.
- Thread Starter
- #90
However, this article is dated June, 2018. It doesn't naturally follow the "stock-slide" article.
