LOA Early Retirement
11-13-2012, 08:44 PM
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LOA Early Retirement
Just found this in the TA - They have allocated $20 million. Once it's used up, no more. I calculated 85 pilots would use up that sum, at DOS rates, assuming 777 or 400 Captain, if they had 60 months remaining before mandatory retirement. Some are only 12 months, some are 48 months. Maybe 150 pilots maximum, before $20 million is depleted. Basically a years pay, if you are have the full 60 months remaining.
I have not yet verified the definition of "Retirement eligible".
LOA 19 Early Retirement Program
The incentive payment to a Pilot who is awarded an early retirement bid shall be a single lump sum payment equal in the aggregate to twenty percent (20%) of the Pilot’s hourly rate
in effect on the date the bid closes under Paragraph 3 of this Letter of Agreement, multiplied
by eighty-three (83) hours, multiplied by the number of months (not greater than sixty (60))
between the date the bid is awarded and the first day of the month following the month in
which the Pilot’s sixty-fifth (65th) birthday would occur.
3. Early retirement opportunities shall be offered for bid by the Company as soon as
administratively practicable after the ISL has been established and implemented in
accordance with the TPA and the Protocol. Pilots shall have at least sixty (60) days in which to consider the early retirement offer and decide whether or not to accept it. If the ISL has not been established and implemented as of 180 days after the date of signing of the
Agreement, the Company and the Association shall meet and agree regarding such
modifications to the bidding process and/or schedule of this Letter of Agreement, if any, as
the parties deem necessary or appropriate under the circumstances.
4. Early retirement opportunities shall be offered for bid to all Active Pilots who are retirement eligible
6. The amount payable to the successful bidder under Paragraph 2 of this Letter of Agreement shall be paid in the following forms: a) sixteen percent (16%) of the amount calculated underParagraph 2 of this Letter of Agreement shall be contributed by the Company as an additional employer contribution on the Pilot’s behalf to the applicable defined contribution plan; b) ten percent (10%) of the amount calculated under Paragraph 2 of this Letter of Agreement shall be contributed as an additional employer contribution to the RHA VEBA on the Pilot’s behalf; and (c) the balance shall be paid to the Pilot in cash
I have not yet verified the definition of "Retirement eligible".
LOA 19 Early Retirement Program
The incentive payment to a Pilot who is awarded an early retirement bid shall be a single lump sum payment equal in the aggregate to twenty percent (20%) of the Pilot’s hourly rate
in effect on the date the bid closes under Paragraph 3 of this Letter of Agreement, multiplied
by eighty-three (83) hours, multiplied by the number of months (not greater than sixty (60))
between the date the bid is awarded and the first day of the month following the month in
which the Pilot’s sixty-fifth (65th) birthday would occur.
3. Early retirement opportunities shall be offered for bid by the Company as soon as
administratively practicable after the ISL has been established and implemented in
accordance with the TPA and the Protocol. Pilots shall have at least sixty (60) days in which to consider the early retirement offer and decide whether or not to accept it. If the ISL has not been established and implemented as of 180 days after the date of signing of the
Agreement, the Company and the Association shall meet and agree regarding such
modifications to the bidding process and/or schedule of this Letter of Agreement, if any, as
the parties deem necessary or appropriate under the circumstances.
4. Early retirement opportunities shall be offered for bid to all Active Pilots who are retirement eligible
6. The amount payable to the successful bidder under Paragraph 2 of this Letter of Agreement shall be paid in the following forms: a) sixteen percent (16%) of the amount calculated underParagraph 2 of this Letter of Agreement shall be contributed by the Company as an additional employer contribution on the Pilot’s behalf to the applicable defined contribution plan; b) ten percent (10%) of the amount calculated under Paragraph 2 of this Letter of Agreement shall be contributed as an additional employer contribution to the RHA VEBA on the Pilot’s behalf; and (c) the balance shall be paid to the Pilot in cash
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