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The following CBS message was sent out as a reminder to all flight attendants.
Date: Thursday, 27 May 2004 06:24 ET
From: GUNSTEENS.T
Important Information to Consider as you Plan for your Retirement
Effective June 1, 2004, you must provide US Airways Benefits Administration with at least 90 days notice of your intent to retire if you are eligible for a benefit under the Retirement Plan for Certain Employees of US Airways, Inc.; the Retirement Plan for Flight Attendants in the Service of US Airways, Inc.; or the Pension Plan for Employees of US Airways, Inc. Represented by the IAM (collectively the "Defined Benefit Plans"). Newly issued IRS regulations, which took effect January 1, 2004, have prompted this requirement.
Under the newly issued IRS regulations relating to the provision of retroactive annuities (i.e., benefits provided after your requested retirement starting date), US Airways must provide you with a written explanation of your benefit options before your retirement starting date to avoid being subject to additional requirements imposed by these regulations. In order to provide you with the required explanation in a timely manner, US Airways will now require that employees eligible for a benefit under the Defined Benefit Plans notify US Airways Benefits Administration 90 days before the preferred retirement date.
The IRS has a number of guidelines regarding information an employer must provide to you, all aimed at helping you make certain decisions when you retire. Prior to your retirement date, you must make choices about your benefit options under the Defined Benefit Plans, particularly if you are married. To that end, the IRS requires that US Airways, as the plan sponsor, provide you with a written explanation of the benefit options available to you no more than 90 days before your requested date of retirement (also known as your annuity starting date) and no less than 30 days before your annuity starting date.
For example, if you want to retire on September 1, you must notify US Airways Benefits Administration in writing no later than June 1 in order for your annuity starting date to commence on September 1. US Airways will not make exceptions to this rule. If your written request for a retirement packet is received in Benefits Administration less than 90 days from your preferred retirement date, you will not be able to retire until the first of the month following the 90-day period. This means that you will not be able to commence your pension benefit on the date requested, and you will not receive retroactive payment of your retirement benefit.
You should note that the new regulations might affect more than your pension benefit. The US Airways benefit plan provides for health coverage in retirement only if coverage continues uninterrupted from active employment. If you notify US Airways of your intent to retire in less than 90 days from the date of retirement and actually terminate employment, you will not be eligible for medical benefits as a retiree. In addition, you would not be eligible for retiree travel benefits. For example, if you notify Benefits Administration on June 15, 2004, the soonest you will be eligible to commence your pension benefit is October 1, 2004. If for some reason you need to terminate your employment in August 2004, you would lose your eligibility for retiree medical and travel benefits.
What's the bottom line? We want you to have a smooth transition to retirement. You must plan ahead and notify US Airways at least 90 days prior to the date you plan to retire.
To obtain a Retirement Notification and Request form or if you have any questions regarding your retirement, please contact Benefits Administration at 1-800-872-4780, option 2. Your completed Retirement Notification and Request form can be mailed to US Airways Benefits Administration, 2345 Crystal Drive, Crystal Park Four, Arlington, Virginia 22227 or faxed to (703) 872-7498 or (703) 872-7099.
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