Originally Posted by captjns
An employee will recieve his/her be it from the company or the PBGC. An accured benefit is usually defined as the normal retirement benefit which commences at age 60 (for airline pilots) multiplied by a fraction whereby the numerator is years of service from date of hire to termination and the denominator is the total years of service from date of hire to the individual's normal retirement age, again age 60 for pilots.
Actually, because a part 121 pilot's normal retirement is age 60, you get a five year penalty as the "normal" figure is based on age 65 retirement.
Force you to retire at 60, then penalize you under the PBGC rules. Ain't the government wonderful?
