|Voluntary Early Out Program (VEOP)|
VEOP Briefing Handout January 2013
REQUESTING YOUR PENSION PACKET FROM AA 11.10.12
Q. What if I hold an exit date that is at the end of the month of my grace month for EPT’s/RDT’s?
AA Flight Service has provided APFA with their list of those who opted for the VEOP. If you have any questions about the contents of the list, please contact your Flight Service Manager. 9.20.12
RETIREE CHECKLIST 10.16.12
1. Between now and 30 days prior to your exit you should:
a. Bid your exit date (Deadline passed)
b. Upon getting your bid award, contact your supervisor and let them know you will be leaving under the VEOP and give them your exit date.
c. In addition, if you are leaving under the 50-55 rule, write your supervisor a note or an email and ask for a written acknowledged reply that says you are also leaving under the 50-55 rule on your exit date.
d. If you are retiring immediately upon exiting, write your supervisor an email or written note asking for a written acknowledged reply that says that you are also retiring on your exit date.
e. Flight attendants wishing to commence their pension soon after exiting should request a Retirement Package at least six weeks, but no earlier than 180 days, prior to when you want to start your pension. Given the rush of retirees in some months, you may want to request your Retirement Package early. Request your package online in the JetNet Benefits Service Center, or by calling 800-447-2000.
f. Flight attendants wishing to commence their pension immediately after exiting must bid or adjust their schedule to have their last day worked (LDW) be the next to the last day of the CALENDAR month. Their departure (EO) day will be the day after the LDW and their Pension will begin the 1st day of the next CALENDAR month. Keep in mind that you are obligated to complete fly-thru trips. If you have a fly-thru trip, you must complete the trip and the EO will be the day following the fly-thru. Your Pension can only start on the 1st day of the next calendar month and you will have missed a pension check. (Consider the possibilities of reassignment and cancellation problems when bidding or keeping trips that are late in the month.)
g. If you plan to take COBRA benefits when you leave, the benefits you sign up for in November, 2012 will continue to be the benefits you will receive upon exit. Consider your choices carefully.
h. Consult with financial advisers concerning available pension, and 401k options.
i. If you are legally married to a spouse of the opposite gender, make sure you have an up-to-date QPSA form on file. You can find the form on the APFA website by clicking National Departments, then Retirement, then QPSA.
2. During the last month you are employed:
a. Copy any contact information, forms or information from Jetnet you might need in the future.
b. If you have coverage such as life insurance, Hyatt Legal, Long Term Care, etc. that you wish to continue after you leave the company, contact those companies and make those arrangements. This can be done during the last month you fly and up to 30 days after your exit date.
c. Pull up any paycheck information that you might need. It is a good idea to at least print out your December 31 pay check for all the years available.
d. Everyone should pull up a pension estimate using 10/31/2012 as your last date worked. If you are less than 55 years old on your exit date and have 15+ years of credited service in the plan, pull up two estimates. One should have you commencing your pension on the first of the month after your 55th birthday and one should have you commencing your pension on the first of the month after your 60th birthday. Print and keep with your retirement files. If you are not eligible to get a pension at 55 or at 60 due to too few years of credited service, use the first day of the month after you turn 65 as the date to commence collecting your pension.
e. Consider giving uniforms to the Old Navy Store that benefits Wings.
f. Call Wings and see if the pvd program is still in effect if you would like to donate some of your pvds to the program.
g. Take care of any medical, dental, or vision needs.
h. Your 401k funds cannot be moved or adjusted during the first 60 days after exit. Make any adjustments in investment choices prior to your exit date. Talk to JP Morgan about arrangements to repay any outstanding loans from your 401k Plan.
i. If you have collected Long Term Disability payments before January 1, 2004, you may be eligible for an additional check. If you collected Long Term Disability between January 1, 1998 and January 1, 2004, you will need to contact Met Life at 1 888 533 6287 to check about eligibility/possibly receiving a check. If you collected Long Term Disability prior to January 1, 1998, you will need to contact Prudential at 800 842 1718 to check on the possibility of receiving a benefit check. You will need to advise them of your pension commencement date and ask them about receiving the LTD supplemental benefit check to your defined pension benefit.
j. Pick out your retirement gift from your flight service manager if you are immediately retiring on your exit date.
k. Make arrangements with your flight service manager to return your keys, manual, and ID badge. Ask about returning any airport access ID as well.
l. Contact the AA credit union about new repayment arrangements for loans as they will no longer be payroll deducted.
m. Research medical insurance coverage choices available for purchase after you exit the company i.e. COBRA, AA retiree medical (Retiree standard plan and Value Plus), coverage under spouse if they are an AMR employee, other insurance available from your spouse’s medical coverage, Medicare, state insurance programs, or Health Choice (www.infohealthchoice.info or 877 803 2473). You will be solicited for coverage by both Benefits Concepts for COBRA and by Health Choice.
3. Within the first 30 days after I leave-Medical Insurance in retirement:
a. If you are retiring and immediately deferring retiree medical for any other medical coverage, send in the form “Authorization to Defer Entry into the AA Retiree Medical Coverage”. This must be accomplished in the first 30 days after your exit date. The form can be found on the APFA website under the link National Departments then Retirement, then “Authorization to Defer Entry into AA Retiree Medical Coverage”. If you are leaving under the 50-55 rule, once you retire, and are choosing some other medical option upon retirement, you should also fill out “Authorization to Defer Entry into the AA Retiree Medical Coverage” within 30 days after you retire at age 55.
b. If your spouse works for AMR and you wish to be covered under his or her plan, your spouse will need to add you by processing a “life event” on the benefits center in Jetnet.
c. If you are planning on keeping any of your active coverage available under COBRA, you must sign up within 60 days of your exit date. Contact Benefits Concepts (1 866 629 0274) if you have not been solicited for COBRA coverage in the first 15 days after your exit.
d. If you decide to take your retiree medical (either Retiree Standard or Retiree Value Plus) immediately upon exit, you will also be eligible to purchase a “back up plan” called the “SUPPLEMENTAL MEDICAL PLAN”.
The company anticipates terminating the Supplemental Medical Plan by Dec. 31, 2013, for all retirees, spouses and domestic partners when federal mandated state health insurance exchanges begin operating.
The Supplemental Medical Plan pays a benefit if you or your covered spouse or domestic partner exhausts the medical maximum benefit under an AA-sponsored medical benefit option.
Upon retirement, you (and your spouse or domestic partner, if applicable) may enroll in Supplemental Medical Plan for eligible retirees when you start retiree medical benefits. You will receive a solicitation from HealthFirst, the Plan administrator, to enroll in Supplemental Medical upon your enrollment into thRetiree Medical Plan. HealthFirst's phone number is 1-800-711-7083.
e. Over 65-AA sponsored retiree medical coverage ends at age 65. You may continue to purchase AA retiree medical (under the current coverage plan) for a younger spouse until they reach 65 and (under the current plan) a dependent child until they are 23 as long as AA continues to offer retiree medical coverage for sale. Retirees age 65+ and eligible spouses/domestic partners age 65+ will be solicited to purchase Medicare “Medigap” Insurance directly from UnitedHealthcare Medicare Solutions. You may purchase coverage with UHC or a provider of your choice.
4. Within the first 30 days after I leave-misc.
a. Complete and submit a retiree ID form. You can find this form on the APFA website by clicking National Departments, then Retirement, then Retiree ID Form.
b. Make sure both AMR and the APFA have your correct address, phone number and email. Keep this updated at all times. Keep in mind that if the union cannot contact you, they may be unable to send you your equity claim.
c. Make sure you have contacted any ancillary insurance coverage you wish to keep after exit, i.e. Long Term Care, Hyatt Legal, Met Life for life insurance, Group Homeowners and Auto Insurance.
d. Make sure to file any outstanding active medical, dental, or vision claims as well as receipts to flex spending before deadlines expire for reimbursement.
5. 60 days and later after you leave:
a. Your 401k is now available for changes or transfers.
b. Keep your contact information updated.
c. Don’t forget to pay your travel service charges on time to avoid disruption of travel privileges and late fees.
d. Don’t forget to pay your medical insurance premiums (Retiree Medical or COBRA).
e. If you are purchasing retiree medical, keep in mind coverage may change each year, so don’t forget to check in each October during benefits enrollment.
Enjoy your $40,000 and best wishes on your new adventure. You will be missed!