2015 AMT Discussion
- Thread starter Eagle
- Start date
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Deleted member 14439
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I will vote NO on anything forcing me into the iamnpf.Buck said:
One thing to think about when it comes to the 401K vs the IAMPF. With retirement age being raised for SS benefits many do not want to work until 65 or 67. We can draw our pension from AA early if we chose. Add in the 401K at any age after 59 1/2 to fill in the gap until you decide when it's time to draw SS. We can boost our 401K by working OT and picking up shifts. We can use the 401K pick up the short fall between the years by paying for medical until we are eligible for Medicare. This an option that everyone has if they decide to use it and is financially feasible. With the iam pension you don't have that option because you take a big hit and a overwhelming majority won't be in the plan long enough for the financial gains similar to the 401K. So we lose the opportunity to retire early and we lose the match which is compounded into overtime and all hours worked. So who wins here? The IAMPF for getting our money and the company for contributing less money than the 401K match. We need to let our fellow workers that for us here at American Airlines the loss of the 401k match and the investment into the IAMPF is financial suicide. Our AA pension is set. Our 401K is in our control. The IAMPF is none of these because it relies on continued contributions to stay solvent. I don't want no part of a pyramid scam. That's what it is. My money in and some one else's money out.
One more thing to add. If the IAMPF is such a good thing then how come the average age at USAIR is higher than AA? Why are guys at USAIR still working past 65? They have a pension with the pbgc, SS and the IAMPF. So look over at them before you think it's such a better deal. If and when a proposal is out please read it carefully. If they force the iam pension on us think about what I just posted. You will be giving away your control of your retirement to a union funded pension to a union we never had here at AA.
AMFAinMIAMI
Veteran
There are alot of guy's here that are speculating that we will be forced into this IAMNPF, may or maynot happen but if we get a choice you all need to know that this fund has been around at USAirways for less than 10yrs.
There is a board that consists of mgmt and union members who oversee this plan.
Its a multi company fund which from what we have been told is fully funded at this point but at any time if a company may withdraw from it. That company may have to pay a penalty to do so but that will decrease the long term input of money into the total fund.
Our 401k is matched up to 5% this is just a $2.00 per hr deposit for your yrs reg work hrs.
The TWU agreed going into this Association to keep this plan but why would AA pay into this fund when they have shed the pilots and F/A pension plans as well as ours?
From my perspective this is just another way the TWU is setting us up for another screwing.
From what we have been told if I am not mistaken the US fleet/ramp guys took a cut in the amount they will rcv in the future. Has not happened to M&R yet but do you want to take that chance? This is similar to the way the Teamsters plan works and that was cut by the stroke of a Pen by Hoffa not to long ago.
Our Pension got saved by the PBGC not willing to take it, I hope we all DON'T let this happen
by signing a deal to allow the Unions to take what we all have worked our careers to have for the future when we retire.
There is a board that consists of mgmt and union members who oversee this plan.
Its a multi company fund which from what we have been told is fully funded at this point but at any time if a company may withdraw from it. That company may have to pay a penalty to do so but that will decrease the long term input of money into the total fund.
Our 401k is matched up to 5% this is just a $2.00 per hr deposit for your yrs reg work hrs.
The TWU agreed going into this Association to keep this plan but why would AA pay into this fund when they have shed the pilots and F/A pension plans as well as ours?
From my perspective this is just another way the TWU is setting us up for another screwing.
From what we have been told if I am not mistaken the US fleet/ramp guys took a cut in the amount they will rcv in the future. Has not happened to M&R yet but do you want to take that chance? This is similar to the way the Teamsters plan works and that was cut by the stroke of a Pen by Hoffa not to long ago.
Our Pension got saved by the PBGC not willing to take it, I hope we all DON'T let this happen
by signing a deal to allow the Unions to take what we all have worked our careers to have for the future when we retire.
chilokie1
Senior
- May 11, 2005
- 492
- 727
Exactly ! How many guys in Tulsa/TASEL are nearing or above 55? I'am guessing 75%.1AA said:
What good is $50 an hour if you are laid off? With the IAMPF I will be forced to use my
bumping rights (and thousands of guys like me) and a lot of junior guys who voted for
the big bucks will be out the door. With the AA plan it gives me the option to leave the
company without the restriction of not being able to work and draw my pension at the
same time.
1AA said:
All very good and valid points to consider. Another is the rules and restrictions of obtaining another job after retirement while being a part of the pension. Your ideas above are the better way to go, just hoping the entire group will see this as you and others do...1AA said:
The reason why the IAMPF will not be financially feasible for guys with less than ten years to retirement. Many have been in the 401K and are picking up hours and overtime to boost their retirement. Starting the IAMPF at this point will financially hinder us. No multiplier in the contributions with the IAMPF.700UW said:
MetalMover
Veteran
- Sep 16, 2013
- 3,543
- 2,410
So please tell us how it benefits those of us with less than 10 years to go until retirement?700UW said:
Word is they don't want to give us a choice. If so, many would opt out and the iam pension would lose contributions. That defeats the purpose of keeping the fund financially sound. Hence the forming of the association to keep the IAM in the mix to keep the contributions flowing on the IAM side.700UW said:
