Notice Requirements for Retirement
In an effort to improve the administration of retirement benefits and the staffing of vacancies created by retirements, US Airways has created a new policy regarding the notice requirements for retirement. Note that we have also included general information about applying for pension benefits from the Pension Benefit Guaranty Corporation (PBGC), as all defined benefit pension plans of US Airways are now under PBGC control.
Retirements After July 1, 2005
For all retirements after July 1, 2005, the employee must provide the US Airways BenefitCenter, and his/her manager, with at least 30 days advance notice of his/her intent to retire. To rescind a request to retire, the employee must notify the US Airways BenefitCenter and his/her manager no less than 15 days prior to the effective date of his/her retirement.
Exceptions to Notification Periods:
Exceptions to the notification periods outlined above will only be considered in situations where other employment is involved and for no other reason as follows:
If an employee is offered other employment and the circumstances do not allow for a 30 day notification to US Airways of the employee's intent to retire, the employee must present to his/her manager, a letter on the hiring company's letterhead that includes all of the following items (an "Offer Letter"):
- An offer of employment
- Effective date of new employment
The Company will grant an exception to the notification requirement only where the date of the Offer Letter and the effective date of new employment are less than 30 days apart, preventing the employee from giving the required notice to US Airways.
Note: Exceptions to the notification requirement will not be considered with less than 10 days notice to the Company of the employee's intended retirement date unless approved by the employee's Departmental Vice President on a case-by-case basis where extenuating circumstances further delayed the notice from the employee's prospective employer. Additionally, providing less than a 30 day notice to retire may further delay the commencement of retiree benefits.
The only circumstance in which the Company will consider a request to rescind with less than the required 15-day rescind notice, will be if the employee's prospective employer formally withdraws an offer of employment within the 15-day period immediately preceding the employee's proposed retirement date. The employee must present to his/her manager with a dated letter from the prospective employer (on the prospective employer's letterhead) stating that the offer is rescinded and the reason(s) for such rescission. Employees rescinding their retirement less than 15 days prior to their intended retirement date are not guaranteed to remain in their current work assignment and may be assigned a new work assignment based on Company needs.
Requests to rescind retirement, which are received after the effective date of retirement, will not be granted.
Separately, you must notify the PBGC to initiate pension payments if you are a participant of a terminated defined benefit pension plan being trusteed by the PBGC. The PBGC's general policy is to treat the effective date of your retirement as the first of the month following the month in which they receive your completed retirement application. The PBGC generally requires that you provide them with a rescind notification no later than the day before the date of the first retirement check they send you. PBGC policies may change from time to time, so you should contact the PBGC directly to confirm their current policy regarding retirement applications.
Last Day of Work Before Retirement
Regardless of the time period in which an employee retirees, employees may elect their retirement date from the Company to be any day in a month, as long as they have complied with the applicable notice provision. However, employees will be required to work through the day prior to the actual retirement date selected, e.g., if the employee decides to retire from the Company effective July 19, his/her last work day will be July 18.