Originally Posted by
sailingfun
I am not sure how you had a 140,000 earned and accrued payout. Given your still working now and your age in 2004 that would have required a FAE of about 400,000. Possible but not easy to do back then unless you had a massive amount of green slips.
As far as the claim I did not mention it. The note was negotiated and directly tied to the pension. In fact the 650 million dollar note was only payable if the pension plan was terminated. Had the plan survived there was no note payment.
Your age 60 payout is about 13,000 a year more than mine. Your age 65 payout is exactly the same. Not sure why that is. Your 65 payment should be higher based on the FAE and your age 60 amount. I would ask the PBGC for a accounting. For perspective I have a friend who was hired one year earlier than me at NWA. His frozen benefit is 84,000 a year. He was a 757 CA at the time.
The trigger was there but im recalling a dance around stating it was a direct pension offset because it would 'complicate' the termination?
Yes....im corrected.
your math with the prorata is accurate. the fae was there for a 140k at maturity only.
With the fractional years service discount im in your ballpark with age 60 rough math of DB/pbgc ~$100k/~$65k.
I dont have the pbgc estimate in hand but i recall the age 60-65 spread is abt $1500 a month.
Still a poke in the eye given the ensuing economic performance, and this moralizing by a ceo who lost sleep over not inflicting enough damage to the pilot group.
The note and claim payed out at a substantial discount as W2 income. Along with the mpp $ i hope all of us have been fortunate in parlaying those resources into some improved financial circumstance.
But im still po'd. Lol.