The Pension Benefit Guarantee Corp. (PBGC) website is the best source for answers on retirement. You may want to look at that sites Q and A section. As of right now American has made no changes to the retirement plan in the TWU/AA agreement. It is expected that while in bankruptcy they will seek relief from the…
Tag: Pension
How The Bankruptcy Date Rule Can Affect Your Benefits
There are many ways the bankruptcy date rule can affect your benefits. As an example, assume an employee of Company X has 20 years of service as of July 1, 2009, when Company X files for bankruptcy. July 1, 2009, is the bankruptcy filing date. Let’s also say the plan ends July 1, 2011, at…
Statement from PBGC Director Josh Gotbaum on AMR Corp. Bankruptcy
WASHINGTON—Pension Benefit Guaranty Corporation Director Josh Gotbaum released the following statement today on the Bankruptcy Filing of AMR Corp.: “Today American Airlines’ parent company filed for bankruptcy. When this happens employees and retirees worry — and they should. In past bankruptcies, workers and retirees have lost their healthcare and seen their pensions cut. Based on…
Employer Bankruptcy effects
A video that every employee (and many retirees) should see. Watch all the segments. Here is a link to a PBS Frontline video on corporate Chapter 11 bankruptcy and it’s effects on pay, retirement, pensions and other benefits. It features United Airlines employees. It’s worth watching. It’s also a huge reminder of the signifcant losses…
Understanding Your AmericanAirlines Pension Estimate
This is a presentation that was given to us by t he ATD to help understand our Pension Estimate.. by, Chuck Laterza TWU Retirement Specialist Here it is…
My Pension: New Tool, New Services for Retirement Planning
Employees and retirees will begin using the new retirement tools and services in phases based on workgroup: Phase 1 – March 2011 Agents Flight Attendants Representatives TWU-represented employees Planners Management employees Support Staff AA Retirees Phase 2 – Planned for the latter half of 2011 Pilots “MY PENSION” IN BENEFITS SERVICE CENTER The new…
PBGC Protects Pension Plan at LandAmerica Financial Group
(May 11, 2009) WASHINGTON—The Pension Benefit Guaranty Corporation (PBGC) today announced it is taking responsibility for the underfunded pension plan covering some 9,600 employees and retirees of LandAmerica Financial Group Inc. of Glen Allen, Va., a bankrupt real estate services firm.