Oh, I see now. I'm supposed to take it as a joke when you say you want me to lose my retirement in exchange for you're getting a COLA. Sorry I didn't understand that your smiley face was showing you were only joking.
JJ
DLax,
I'll start by saying that I hope no one has to go through a situation that causes them to have to go out on long term disability, regardless of their age. That said, when I suffered my heart attack and subsequent open heart surgery, I decided that there were more important things in life than flying rubber dog poop
out of Hong Kong. My decision to stay on LTD, instead of returning to work, was in large part, influenced by the FAA and their antiquated rules, one of which was a requirement to undergo an angiogram, before they'd reinstate my medical. The problem I had was that folks die from the angiogram itself, in fact, over 1% of patients die from the procedure. So with that in mind, I decided to sit on the sidelines and root for the home team. As a side note, I talked with the FAA medical folks at length and explained I'd be more than happy to undergo newer tests that were non-invasive, and were more definitive than an angiogram, for what they wanted to see, but they refused.
Now for the advantages of remaining on long term disability instead of retiring: 1) your longevity continues; 2) your seniority continues; 3) your health insurance premiums remain as if you were still employed; 4) any benefits, except travel, that you have with the company are retained, however, you do not continue to accrue sick days, vacation time, etc, etc. Nor does the company continue to fund your 401K.
In my situation, when I went out I had almost 18 years with the company and I was 61 years old, so my retirement would have been calculated at 36% of the average of my high five. By remaining on LTD, I will retire 5 years from when I actually went on LTD, which will be at the end of July, 2012. This 5 years (on LTD) phenomenon, in my opinion, is an anomaly, that is a big advantage to the individual pilot that finds himself going out past his 60th birthday.
The biggest advantage of course is that having been allowed to remain "on the property", I will retire with not 18 years, but 23 years, which is an additional 10% retirement pay.
Hope this answers your question, if not PM me and we can discuss it over the phone.
JJ