I can only tell you what the Delta pension plan looked like...of course we are about to get hosed, but here`s what
we contracted for. Take the best concecutive 36 months out of your final 10 years, divide by 3.Then take 60% of that. That is the promised annual pension amount. Subtract 3 1/2% for every year you bail out early. It is possible to take 1/2 of your projected total retirement amount as a lump sum (everyone does) the projection is
based on a
life span of 14years after retirement at age 60. The other half is paid on the first of each month. There are a couple of other stipulations, but that pretty well sums it up. When we finally finished getting hosed, the monthly amount will go bye-bye and the PBGC will be taking over the plan. I`m planning to collect about 30% on the dollar when this happens. I`ve been retired for 8 years, have the house paid for, kids educated and gone, still have the same wife that I started with 43 years ago, so I`m in good shape. Others aren`t so lucky. Save your money boys,
no one knows what the hell is gonna happen in the future.