AA Early Retirement Offer
05-25-2020 | 03:56 PM
#1
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From: 737 Right
AA Early Retirement Offer
Can an AA pilot please spell out the details of the early retirement package, specifically:
1) Age limit
2) Credit Hrs per month paid
3) 401K Contribution included?
4) Health Benefits?
5) Travel benefits
6) Sick leave balance paid out?
7) Monthly payout or is there a lump sum option
Thanks!
1) Age limit
2) Credit Hrs per month paid
3) 401K Contribution included?
4) Health Benefits?
5) Travel benefits
6) Sick leave balance paid out?
7) Monthly payout or is there a lump sum option
Thanks!
05-25-2020 | 04:11 PM
#2
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Can an AA pilot please spell out the details of the early retirement package, specifically:
1) Age limit
2) Credit Hrs per month paid
3) 401K Contribution included?
4) Health Benefits?
5) Travel benefits
6) Sick leave balance paid out?
7) Monthly payout or is there a lump sum option
Thanks!
1) Age limit
2) Credit Hrs per month paid
3) 401K Contribution included?
4) Health Benefits?
5) Travel benefits
6) Sick leave balance paid out?
7) Monthly payout or is there a lump sum option
Thanks!
2. 50
3. Yes, full 16%
4. Yes, full
5. Yes, including jumpseat on AA only tho
6. 40% upon reaching 65 into HSA
7. None
05-25-2020 | 05:15 PM
#3
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From: 737 Right
Thanks for the info. Not a fun question to ask but again this is corporate America so buyer beware: In the event AA declares bankruptcy can they just trash those obligations like airlines did with their defined pension plans and the early retirees get the shaft?
05-25-2020 | 05:25 PM
#4
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From: Engines Turn or People Swim
It's a win/win for AA. If everything works out, they save some cash now, and the payments won't hurt too much after the recovery.
If it doesn't work out, looks like unsecured creditors to me. Worst case for AA, judge makes them recall the old guys (to a gutted contract) and then furlough juniors.
That said, I'd take the deal and take the chance (I don't have any alimony though).
05-25-2020 | 05:40 PM
#5
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Absolutely! To my knowledge this is not any sort of formal retirement plan which would even be covered a little by PBGC.
It's a win/win for AA. If everything works out, they save some cash now, and the payments won't hurt too much after the recovery.
If it doesn't work out, looks like unsecured creditors to me. Worst case for AA, judge makes them recall the old guys (to a gutted contract) and then furlough juniors.
That said, I'd take the deal and take the chance (I don't have any alimony though).
It's a win/win for AA. If everything works out, they save some cash now, and the payments won't hurt too much after the recovery.
If it doesn't work out, looks like unsecured creditors to me. Worst case for AA, judge makes them recall the old guys (to a gutted contract) and then furlough juniors.
That said, I'd take the deal and take the chance (I don't have any alimony though).
It really is a nice deal, any idea why nobody else is offering one?
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05-25-2020 | 06:38 PM
#7
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From: 787
if they get cut lose with zero pay during a bankruptcy it is a terrible deal. Language in the event of a bankruptcy better be beyond solid.
05-25-2020 | 07:13 PM
#8
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as long as those pilots keep getting paid during and after bankruptcy it’s a killer deal. If they get put back to work in the event of bankruptcy it is also a killer deal.
if they get cut lose with zero pay during a bankruptcy it is a terrible deal. Language in the event of a bankruptcy better be beyond solid.
if they get cut lose with zero pay during a bankruptcy it is a terrible deal. Language in the event of a bankruptcy better be beyond solid.
I wonder how many furloughs UAL could potentially save if UALPA and UAL negotiated the same early retirement as APA and AA.
05-25-2020 | 07:21 PM
#9
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From: 787
All of Uniteds 60+ Aged pilots know better.
05-25-2020 | 08:17 PM
#10
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Greed!!! I saw a guy I’d flown international with several times who had about 9 months left and I asked him what the hell he was still doing here? He looked at me like I had three heads and said “not for that little money!!”
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