Originally Posted by
Bucking Bar
Someone sent me their numbers:
Stock $141,760
PBGC $6,800 Monthly, $9,900 if deferred to age 65 (?)
MPPP contract value $1,700 per month, but there was a distribution of $96,000
He stated his were about 20% lower than most around his seniority.
FWIW the FedEx defined benefit plan caps at $130/yr which is about $10,833 a month. Not far off what this pilots PBGC is at age 65.
He wasn't in a place to explain all of this to me. I am ***NOT*** an expert on this stuff. Open to corrections.
I can tell you that those PBGC numbers are pure BS. I probably am in the top 5% if not top 1% for PBGC money for pilots still working. I would have received 4400 a month until SS offset and then it drops to 4200 if taken at Age 60. PBGC payments go up 11% per year delayed. At age 65 my number is 7000 to 7200. Given his claimed 6800 at 60 his 65 number would be around 11,450.00. That would have required a FAE in 2003 of around $500,000.00 and at least 18 years of service but probably more.
There is no MPP contract value. That’s completely fictional. All pilots were cashed out for the value of the account. Amounts ranged from 80,000 to about 115,000 at the top. I seriously screwed up and put mine in a annuity that I started drawing in Oct. Pays about 1000 a month.
The stock money you mention I assume is the stock claim the union sold. 141,000 is well below what he should have received. A more likely number is 350,000 if not higher so nothing posted makes sense. The claim was sold for 2.1 billion.