2015 AMT Discussion

[chilokie1]

Who insures your 401k?

And do you know the man who designed the 401k has stated it wasn't designed to be your retirement.

You and others have let corporate America brainwash you to find your own retirement.

Nothing, that is life. But guess what I control my own 401K not some union hacks.

 

[700UW]

Can you control the market?

You do realize your frozen pension is about $2 billion underfunded?

Can you control the market?

You do realize your frozen pension is about $2 billion underfunded?

And AA is lobbying to not fully fund it on time?

 

[chilokie1]

Can you control the market?

You do realize your frozen pension is about $2 billion underfunded?

And AA is lobbying to not fully fund it on time?

No but I can control the location of  "MY" funds. We do not
need  a union hack like you telling us we are not capable of
doing what is best for ourselves. 
 When has AA ever missed a retirement dispersement? Never
 Has the IAMPF ever lowered the amount of a members future payments
because not enough new members were added to the plan? Yes 

 

[700UW]

Has any mechanic and related at PMUS taken a cut in the IAMNPF?

 

[iluvaa]

Why the hell do you keep saying that. Like fleet doesn't matter, the point is they CAN DO IT

 

[Traymark]

Who insures your 401k?
And do you know the man who designed the 401k has stated it wasn't designed to be your retirement.
You and others have let corporate America brainwash you to find your own retirement.

And the also verify,
The IAMNPF is also Invested in the market, similar to a 401,
The big difference is, we have total control over what we invest in a 401.
The IAMNPF is run by life long IAM members that don't have a financial degree among them that I have been able to find, and I've been looking.

 

[700UW]

The IAMNPF isnt run by the IAM it is independent, and has a Director who is selected by the IAM and Company board members.
 


Fund Director



 

Ryk Tierney
Mr. Tierney was appointed by the Board of Trustees as Fund Director of the IAM National Pension Fund (IAMNPF) effective May 4, 2015. The IAMNPF is the 5th largest multiemployer defined benefit pension fund in the country with over 100,000 actively working men and women, 92,000 retirees and beneficiaries, and approximately $11 billion in assets.  He is also Fund Director of the IAM National 401(k) Fund.
 
Before coming to IAMNPF, Mr. Tierney served as Executive Director of the New York City District Council of Carpenters (NYCDCC) Benefit Funds from April 2013 through April 2015. From 2001 to 2013, he was the Vice-President/Director of Accounts for a third-party administrator based in Baltimore, Maryland. Additionally, he has considerable work experience in labor management relations.
 
Mr. Tierney holds the Certified Employee Benefit Specialist (CEBS) designation through the Wharton School of the University of Pennsylvania and the International Foundation of Employee Benefits.
 
As an active member with the International Foundation, he has spoken at numerous national conferences on the subjects of compliance, the Affordable Care Act, and Strategic Planning and has been published in the International Foundation’s Benefits Magazine.

 
 

 

[700UW]

Guess you didnt look hard enough, even though it took me literally 10 seconds to find this:
 


 

Deputy Director of Operations



Lori Lin-Murray
Lori Lin-Murray returned to the IAM National Pension Fund as the Chief Operating Officer on September 1, 2011 after six years of service with the National IAM Benefit Trust Fund. Her career in benefits administration started in 1993 at the IAM National Pension Fund where she worked for twelve years in both union and management positions. In 2005, she became the Assistant Fund Director of the National IAM Benefit Trust Fund managing all aspects of the operation. She has a strong professional background in financial and operational management, and extensive experience working with the IAM and affiliated employers to provide quality benefits and services to the IAM membership. Lori holds a bachelor’s degree in Accounting from the University of Maryland, College Park. She is also a Certified Public Accountant licensed in the state of Maryland since 1994.

 
 

 

[Traymark]

I'll take the control and portability of my 401 over the IAM pension, every day of the week and twice on Sunday.

 

[700UW]

The board, who is half IAM selected and half selected by the companies in the plan:
 
http://mypension.iamnpf.org/about-us/trustees.aspx

 

[chilokie1]

Has any mechanic and related at PMUS taken a cut in the IAMNPF?

what does it matter if its a mechanic or a gate agent or a baggage handler?
All that matters is it happened, so are you telling me the IAM has favorite labor 
groups? Sorry pal been there done that, its called the TWU.

 

[Traymark]

The board, who is half IAM selected and half selected by the companies in the plan:
 
http://mypension.iamnpf.org/about-us/trustees.aspx

Thanks for posting
Verified
None of the Union Trustees have a degree in finance, or anything else, except Sito with a labor management degree.

 

[chilokie1]

 
Guess you didnt look hard enough, even though it took me literally 10 seconds to find this:
 
 
 

I'am sure she is capable that is not the issue , the plan only works when the plan grows.
The union membership numbers continue to drop (I'am talking all unions), when we will
be counting on our plans for the next 30 years or so there is no way I will join a plan that is based
on keeping an influx of new members

 

[chilokie1]

I hope for the sake of the IAM members that the plan works 
for them, but if the IAM lead joint contract offer includes a 
mandatory membership in the IAMPF and it passes with less
then 50% TWU members voting for it you can plan on it being 
tied up in the courts for years. The reason, we were told we would
get to vote on the Association, as you know that did not happen.
 So my fear is you will get 100% IAM voting for it and just enough
targeted TWU members to get it passed. That is why I will argue till
I'am blue in the face to get the truth out to TWU members. Once again
all the Association has to do is tell us no mandatory membership in the
IAMPF will ever happen, we are still waiting.

 

[Overspeed]

As far as IAMNPF funding status. Credit Suisse is stating the IAMNPF, as well as other mulitemployer pensions funds, is actually underfunded. They did an analysis of the fund based on the Form 5500 filings and determined based on Fair Market Value (FMV) that is funded at 57.5% based on 2010 data. The actuary reports the fund is at 108% however.
 
https://doc.research-and-analytics.csfb.com/docView?language=ENG&source=ulg&format=PDF&document_id=957405261&serialid=e7HNjCiguHeLKc%2FL2JnKohP%2FMTt9zyVVnhUWwxM%2FGlk%3D