|
Post by Guest on Aug 22, 2013 13:06:34 GMT -5
The financial firm that manages the 401k should be pulling out all the stops to help the employees. Apparently that is not happening. Who is the firm? CPI Qualified Plan Consultants www.myretirementfuture.com/They wont do anything without a signature from Avantair. I quit way before the last shutdown and had to get RK to sign the my paperwork to do anything with my account. If you ask me, these buys are crooks like the rest of them. Charged high dollar admin fees as well, shameful.
|
|
|
Post by Volunteer on Aug 22, 2013 14:24:42 GMT -5
Go to www.dol.gov/ebsa or call the dept of labor hotline at 1 866 444 3272 and get them involved. I have never heard of these people Avantair was using. I worked for an aviation company always one step away from bankruptcy but the 401k was with Mass Mutual. Another firmI was with used Morgan Stanley for a 401k.
|
|
|
Post by A on Aug 22, 2013 20:38:29 GMT -5
I want to know when the board gets questioned under oath...they better be right behind Santo, Mckamey, Haslett and Wagman.
The feds should also have some interest in bringing in Paul Woodard and Phil Torsello.
Everyone one of the board members and the names above should rot in hell!!
|
|
pintom
Junior Member
Posts: 71
|
Post by pintom on Aug 23, 2013 0:01:28 GMT -5
I don't know Paul Woodward, but my experiences with Phil Torsello were always good. He was responsive and tried to help resolve problems, although he typically wasn't able to because (I assume) there just weren't enough airworthy aircraft. That was actually my experience with pretty much all of Owner Services--great, seemingly well-intentioned folks who seemed like they were on the front lines of a problem they didn't cause. The pilots too. I wish them all the best.
|
|
|
Post by Guest on Aug 23, 2013 9:20:39 GMT -5
The financial firm that manages the 401k should be pulling out all the stops to help the employees. Apparently that is not happening. Who is the firm? CPI Qualified Plan Consultants www.myretirementfuture.com/They wont do anything without a signature from Avantair. I quit way before the last shutdown and had to get RK to sign the my paperwork to do anything with my account. If you ask me, these buys are crooks like the rest of them. Charged high dollar admin fees as well, shameful. When I left Avantair this 401(k) provider took weeks to transfer the money to my new IRA account. I had to get involved and call Avantair's HR as they were required to sign some paperwork in order for the 401(k) provider to release my retirement funds. After the funds were finally transferred I noticed that I was charged a $50 administrative fee. When I called the 401(k) provider back to complain they said it was the arrangement they had with Avantair and there was nothing they could do about the charge
|
|
|
Post by Volunteer on Aug 23, 2013 17:19:22 GMT -5
I would think someone in the bankruptcy trustee's office should be able to sign the form to enable you to transfer your money to an IRA. it is probably safe where it is but I would get it out as soon as possible. In an IRA you have more investment choices as well as not having taxes deducted when you make withdrawals.
|
|
|
Post by Broke and broken on Aug 23, 2013 21:21:04 GMT -5
It would be really nice if all we needed the money for was to roll it into an IRA, but you forget that we were stiffed out of three weeks of pay and furloughed on the spot. Most of us need this money just to make ends meet till we find some way to make a living.
|
|
|
Post by Volunteer on Aug 24, 2013 8:45:45 GMT -5
I agree with you but if you pull the money directly out of the 401k you will have 20 percent withheld in taxes as well as 10 percent penalty if you are under 59 1/2. You may get some or all of taxes refunded to you when you file your income tax depending on your return.
If you transfer the money into an IRA you can withdraw it and specify that no taxes be withheld. The only penalty will be the 10 percent if you are under 59 1/2. As the withdrawal will be reported to the IRS you still may have to pay taxes on it, but later when you file your return.
Bottom line is that even if you have to use all the money in your retirement account you would till be better off transferring it into an IRA first.
|
|
|
Post by Brian on Aug 25, 2013 13:45:02 GMT -5
I worked for United and was furloughed prior to bankruptcy (then again after...but that is another story). I was fortunate enough that before my first furlough I rolled my UAL retirement, both pension and 401k, into another account I had opened. The 401 may have continued to do well, but the pension was eventually dumped on the PBGC (US Govt) and guys who didn't pull their money got/will get pennies on the dollar for their pensions.
Since you are no longer employed by Avantair (I assume)a 401k rollover is your prerogative and just requires a paperwork drill with no signature from Avantair (it is your money). You simply need to open up a new 401k somewhere (Schwab, etc.) to receive the money if you don't already have an account from a previous job. The new account manager will be able to "walk the dog" for you and help get your money moved over. If, however, you are happy with the current manager, there really isn't a reason to change it. However, I wouldn't put it past the crooks running Avantair to have given your money to an equally shady money manager...that was complete editorializing on my part. But seriously, you should find out if your 401k is being managed by a reputable financial company and if you aren't happy, move it.
|
|
|
Post by unionmember on Aug 25, 2013 18:35:27 GMT -5
Wednesday is deposition day for some of the miscreants. Remember, steve and kevin, they already know the answers to the questions they ask. Hmmm. Do ya think anybody that is "somewhat" less culpable will roll over? Golly. You better hope not.
Personally, i think they should ALL be fingerprinted and photoed on wednesday morning. DNA swab , too. Let's get that outa the way.
|
|
|
Post by firedog75 on Aug 25, 2013 23:15:59 GMT -5
Hi, Can anyone post an update on the Bankruptcy hearing today? I do know that the Honorable Judge McEwen has been informed that the "tenant" seeking access to the VNR facility under the name AvAero is actually a Kevin McKamey front company, much like Kevco. I sure wouldn't trust another company run by that snake kevin, he will do same thing again...now im not bitter, just hate to see another group of employees get hosed, and owners fleeced again....the courts should ask him about the room full of leather bags, golf carts, rays stadium, and kevin getting access through sheltair gates, and coming to avantair then pulling out boxes of stuff from hanger.....hmmm makes you wonder, whats in the boxes?? and so on.....the shit would really hit the fan if the courts called the employees
|
|
|
Post by Guest on Aug 29, 2013 10:09:33 GMT -5
Does anyone have an update from court yesterday?
|
|
|
Post by Ubiquitous "they" on Sept 4, 2013 8:45:44 GMT -5
Today is the beginning of the depositions of the senior mgt in the office of the BK trustee at 1000. Oh, to be a fly on the wall. . .
|
|
|
Post by Whats going on? on Sept 11, 2013 8:53:47 GMT -5
Does anyone have any updates on the hearing with the Exec's?
|
|
|
Post by avwriter on Sept 11, 2013 16:45:45 GMT -5
Does anyone have any updates on the hearing with the Exec's? The execs weren't there at the hearing today. Most of the Avantair exec depositions have been moved to next week or the week after. Trustee's lawyer said there might not be any evidentiary hearings in this case, so the execs might never have to take the stand. Won't know for sure until judge schedules more hearings in late September or early October, after the depositions have taken place. Much of today's hearing was focused on the aircraft owners. One thing that came out of it was a specified process that provides an automatic partial stay for relief for share owners who file a motion so they can get access to inspect their aircraft, move it to a less expensive hangar, perform maintenance "on their own dime" and settle any liens. It also has harsher language to require lienholders to allow a representative of the aircraft owners to perform the inspection--some lienholders were apparently denying such access to those who were granted a partial stay, which the judge said was in violation of one of her previous orders. The judge and trustee's lawyer also verbally hashed out a separate procedure for a final stay, which would allow owners to retake possession of their aircraft after settling liens and a 21-day waiting period to allow any other claims on the aircraft to come forward before releasing it to the registered share owners. Piaggio also submitted a mandatory SB for ex-Avantair aircraft to the court. The document is basically a 22-page checklist of inspection items for aircraft to regain airworthiness certification. It would take 170 man hours to complete and doesn't include maintenance costs to bring aircraft to airworthy status or costs to comply with referenced SBs/ADs in the inspection checklist. Hope the aircraft owners have big bank accounts, because they'll likely be writing checks with lots of zeros at the ends of the amounts. The 401k plan was briefly discussed. Trustee proposed to move employees' 401k accounts to another (and better) management company. This will cost $6,000, which the roughly 300 employees in the plan will have to bear the cost of. So employees should expect their 401k balanced to go down by $44 each to pay for this transfer, but at least you'll have an account managing company that will actually provide service. Avantair doesn't even have enough cash on hand to pay AvAero $30,000 for rent in July and August. AvAero wants Avantair's property off the Clearwater premises by September 30, but trustee said that October 15 is likely the earliest that they could realistically vacate. Most of what is there is furniture, and a there was a short discussion in court about bringing in an auction company to turn that property into some cash. Dell will be coming later this month to image the hard drives on the leased computers so backups can be preserved for trustee. Trustee's lawyer also said the DOT wants copies of the hard drives for a "pending regulatory investigation." There's also $1 million in parts (one of the few assets Avantair has that's really worth anything) in the hangar that need to be relocated, and the trustee is having a hard time finding a company that is able to properly handle and move parts. Also, the lack of money is impeding such a move. There are a couple "donor" airplanes on blocks at the Clearwater hangar that are difficult to move, too. Friday's hearing is still on, but the only things on the schedule at present is finalizing the partial and final stay processes for the owners. There were about 22 lawyers present in the courtroom and another nine on the court conference call. And after the two-hour hearing, they could be heard laughing all the way to the bank.
|
|