Year's worth of AA pilots retire in one day
09-11-2011, 09:58 AM
#83
Gets Weekends Off
Joined APC: Apr 2008
Posts: 1,462
That's not true. If their 50% lump sum exceeded their PBGC benefit, they received zero going forward, but the PBGC never attempted to recoup any of the original lump sum.
09-11-2011, 11:08 AM
#84
On Reserve
Joined APC: Oct 2010
Position: Free Agent in 2012 Pilot Draft
Posts: 19
This could get interesting. AA asks pilots to give up their vacation article. I bet guys are lining up to give up their vacation
.
American Asks Pilots to Defer Vacations on Staffing Concern - Bloomberg
.American Asks Pilots to Defer Vacations on Staffing Concern - Bloomberg
Stock slides = Captains retire
Captains retire = cancelled flights
Cancelled flights = stock slides
**repeat**
09-11-2011, 03:33 PM
#85
Gets Weekends Off
Joined APC: Aug 2006
Posts: 218
The B-fund reflects the stock market in general, but is not related to AMR stock performance. Article was way off on this.
09-11-2011, 04:06 PM
#86
Line Holder
Joined APC: Mar 2011
Position: FO
Posts: 80
Not true - I have a very good friend (retired Delta Capt) that attempted to run with his lump sum (lost about 1/3, by taking the lump sum). PBGC did come after him and took about another 1/3; so, all in all, he lost roughly half his retirement.
09-11-2011, 04:14 PM
#87
Senior by choice
Joined APC: Mar 2008
Posts: 425
No, pg is correct. He likely took the lump sum option which is 50%. The balance comes in an annuity which may then have been reduced by the pbgc.
09-11-2011, 04:21 PM
#88
On Reserve
Joined APC: Oct 2010
Position: Free Agent in 2012 Pilot Draft
Posts: 19
09-12-2011, 06:35 AM
#89
Line Holder
Joined APC: Jan 2007
Position: bus fo
Posts: 63
"That's not true. If their 50% lump sum exceeded their PBGC benefit, they received zero going forward, but the PBGC never attempted to recoup any of the original lump sum."
A family friend was an MD11 cpt. who left prior to the bk filing. My understanding is that because the lump sum was more than the entire lifetime payout the pbgc would have made to him they took part of the lump sum he left with. It's been a while but that is my understanding of his experience. I am not a Dl pilot but I will attempt to clarify with him or another guard bud.
A family friend was an MD11 cpt. who left prior to the bk filing. My understanding is that because the lump sum was more than the entire lifetime payout the pbgc would have made to him they took part of the lump sum he left with. It's been a while but that is my understanding of his experience. I am not a Dl pilot but I will attempt to clarify with him or another guard bud.
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