Participants currently in pay:
A closer look at your transition to Fidelity
As a pension participant who is in pay, you are currently receiving monthly payments from your American Airlines pension plan. After your transition date*, this will continue but now with Fidelity Investments as the new service provider for your pension.
If you have an American Airlines 401(k) account, this means that it will be even easier for you to manage your retirement income, since both your 401(k) and pension accounts will be at the same place.
One-stop service
With Fidelity NetBenefits®, you’ll be able to easily manage your pension plan benefit online:
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Ask a question about your benefit.
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Review your payment history.
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Change your federal or state tax withholding elections.
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Add and update direct deposit information.
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Request verification of income statements.
More details about the transition
You do not need to take any action for the administration of your pension payments to transfer to Fidelity. Participants who are currently receiving pension payments will continue to receive their pension payments without interruption. These payments are secure.
The chart below summarizes key details of the transition to Fidelity as the provider of administrative services.
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Before the transition |
After the transition |
|---|---|---|
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How you receive your pension payment |
You receive your pension payment via one of the following methods: an electronic fund transfer, direct deposit or paper check. |
In almost all cases, your American pension payment will be issued each month and sent to you at the same time and via the same method you receive it now. A small group of participants currently have unique situations and may see their payment method change; these individuals will be contacted with a letter via the U.S. Postal Service with details and required actions. |
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Who will send your pension payment |
State Street Bank |
Fidelity Investments |
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Your pension amount |
Your pension benefit amount will remain the same. |
Minor differences in your monthly pension benefit amount, due to tax calculation or rounding changes, are possible (typically less than $1). |
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Availability of payments deposited into multiple bank accounts |
Your pension benefit payment may be split into two payments — one into a primary account of your choice (or a check made payable to you), and another into a secondary account with American Airlines Credit Union. |
This split payment option will no longer be available. If this applies to you, if you have an electronic funds transfer (EFT) set up today, the total payment of your first pension check on/after your transition date will be deposited into what is currently designated as your primary account. If you do not have an EFT set up today, you will receive one check for your total payment mailed to your address on record. You may update your direct deposit after your transition date, through Fidelity. |
Do you have direct deposit set up today?
Approximately four weeks before your plan’s transition date, you will receive a test deposit, formally known as a pre-note, in your bank account for $0.00 from Fidelity Investments. This test will confirm that Fidelity has your correct account information and ensure you receive your pension payments from Fidelity in a secure and timely manner after the transition. The pre-note is part of the transition of your pension information to Fidelity. You are not required to take any action. This notice is for informational purposes only. If the pre-note is not successful, Fidelity will send you a letter via the U.S. Postal Service with details and required actions.
Interested in setting up a direct deposit?
Participants who receive a check via the U.S. Postal Service may wish to establish a direct deposit to have your payment deposited directly into your bank account each month. For information on how to set up this, please visit the Frequently Asked Questions.
*Nov. 1, 2022, for participants in the AMS, Flight Attendant and TWU plans; Jan. 1, 2023, for participants in the Pilot plan.