Airline Pilot Central Forums - AA pilots Zero retirement on/after Nov 1 2012

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AA pilots Zero retirement on/after Nov 1 2012

Just thought many might not know. A fund frozen. B fund sold for scrap, proceeds available in April or may 2013 to be put into a 401K. NO MORE B FUND CONTRIBUTIONS after Nov 1, 2012.
Zero match by company into your (our) 401K after Nov 1, 2012.

TOTAL RETIREMENT COMPENSATION FOR AA PILOTS ZERO AFTER NOV 1 2012

I voted NO to their LBFO and knew the term sheet would be bad. I prepared for this.

SUCK IT AMR

Just wanted the professional airline pilots of America to know that if they see me "Just doing my job and only my job" that AMR picked this fight!

.....speechless.....
Keep you chin up. Your pride is about all you have left. Very Sincere best wishes to all you APA guys.

Thank you! I knew it would be bad. And i'm ready for the storm. I just wasn't sure if many people knew that our B fund is gone too. It will be sold on a down market.
And we have never had any match on our 401K.

Beginning Nov 1, 2012 AA (AMR) contributes NOTHING, ZERO, NADA NIL to our retirement.

The media has not mentioned this.

Quote:

Originally Posted by 7576FO (Post 1277339)

Silly question but if and when AA resumes hiring, are the new hires faced with the "revised retirement program" at AA, as described above

Quote:

Originally Posted by satpak77 (Post 1277340)

Silly question but if and when AA resumes hiring, are the new hires faced with the "revised retirement program" at AA, as described above

This is truly misleading information! While not weighing in on negotiations, the retirement is as follows:

1. The LFBO was 14 percent to the new DC plan (no pilot matching required). The A-Fund (DB Plan) is frozen with benefits earned through October 31, 2012

2. The term sheet has the DC plan at 13.5 percent and the A-fund frozen

3. The Company and the APA are in negotiations and the retirement will kick in effective November 1, 2012 once a consensual agreement is approved and ratified.

So what's the status of the A and B funds?

1. A Fund will be received as an annual annuity at retirement based on the accumulated benefit as of October 31, 2012

2. B Fund will be either rolled over into the pilot's 401k, another retirement account of the pilot's choosing or distributed personally to the pilot in May 2013 all based on the benefit accumulated through November 30, 2012. (Additionally, 5.5 perent will be added to the value of the Pilot's B fund prior to distribution).

While there a ways to go to get this thing done, posting misleading information serves no purpose except to be inflammatory.

I SAY AGAIN I AM A PILOT FOR AMERICAN AIRLINES EFFECTIVE THIS MINUTE AND FROM NOV 1 2012 THERE WILL BE ZERO MONEY FROM AMR TO ALL PILOTS RETIREMENT. ZERO
ZERO
ZERO
ZERO

NOVEMBER 1,2012

Tramahawk58 who claimed to be a pilot for American Airlines (yeah right)

Once more time, barring an immediate new contract or any contract for the pilots of AA. AMR will place Zero dollars in any account of the American Airlines aviators. APA and AA management have been in negotiations this week. Unlikely they will come to any contract proposal, vote on it and send it to the membership.

Quote:

Originally Posted by 7576FO (Post 1277430)

Here's a cut and paste of the official language. Make of it what you will:

Freeze the A Plan on November 1, 2012, no further accruals to the pilot Defined Benefit Plan. Pilots will retain all benefits accrued as of October 31, 2012 (assuming no Plan termination is needed and approval is obtained to eliminate the lump sum and installment payment options in the A Plan; if approval is not obtained, seek court approval to terminate the A Plan).
Freeze the B Plan on November 1, 2012. Final contributions for October pay will be made in November. The B Plan will terminate on November 30, 2012, and no further contributions will be made to the B Plan. Plan valuation will occur as of November 30, 2012 and assets will be distributed in May 2013. Pilots will have choice of rolling balance over to another tax deferred retirement account or taking an annuity or lump sum distribution.
The replacement plan details will be determined at a later date.

So as I mentioned in my earlier post, there IS a replacement plan with details to be worked out at the table. I'm in no way suggesting all is rosy, only that notion that AA pilots are without a retirement plan is blatantly false!

Quote:

Originally Posted by Tomahawk58 (Post 1277530)

TramaHawk,

http://imageshack.us/a/img826/2566/mancard.jpg

Tramahawk writes (The replacement plan details will be determined at a later date.)

In the meantime as of Nov 1 2012 AA pilots recieve 0 (Zero) dollars contribution to any retirement plan.

How is that blatently false? Especially when Tramahawk lied about being a AA pilot.

ATTENTION: AA PILOTS ARE WITHOUT ANY RETIREMENT CONTRIBUTIONS FROM AA AS OF NOV 1 2012

I just felt the public and my peers should know.

Tramahwk is a liar! A proven liar! And if he's writing on this forum he is Lying.

There you have it.

Well if you have zero money going into any type of retirement plan then you have no retirement plan right now. Anything to be negotiated later is meaningless. "I'll gladly pay you Tuesday for a hamburger today" doesn't cut it.

Quote:

Originally Posted by cactusmike (Post 1277549)

Now, I remember why reasonable folks stop posting here. Feel free to return to your regular programming!