I'm currently in the IAM Pension and believe me what I know now vs when we were first offered the plan, if I had my choice I would have taken the 401K Match. Anymore the Pension Plan is nothing more than a negotiating ploy...tired of "vote out the IAM and you lose your pension", and as far as the multiplier...nothing is guaranteed....just ask someone from fleet who has been there awhile!! Give me the opportunity to opt out, and I'm gone!!!
2015 AMT Discussion
- Thread starter Eagle
- Start date
Kev3188
Veteran
This is just one of the reasons I continue to advocate for a larger 401k contribution and match both.AP Tech said:
When you do that, it takes away a ton of leverage companies are currently holding over labor's head.
Going the other way, it's often cheaper than maintaining a pension plan, and can free up more of then"ask" to be used elsewhere in negotiations.
Full disclosure: I have a frozen pension through NW, am a member of the IAMNPF, and have a 401k through DL...
toroshark
Senior
- Mar 12, 2003
- 266
- 294
OOOH we know what will be in it! It is all part of the plan. You just keep trying to sell the IAMPF SCAM to all of the AAers that want absolutely nothing to do with it. We all know why the IAM was put in charge of the Association for the first 2 years when the JCBA would be negotiated. It will be forced upon us by hook or crook. So save your breath and extreme audacity to try and tell all of us what is best for OUR retirement plans. You Jackhole.700UW said:
Flying low
Veteran
- Jul 19, 2011
- 629
- 232
Ok 700, what happens to a retiree pension payment if an employer decides to pull out? Isn't it true that that retiree's payment would be cut?700UW said:
If I ONLY make 80k a year for my next 18yrs years till retirement, and I ONLY contribute the 5.5% to my 401k that AA matches now, that would build 8800 a year in my 401k and that's if I were ONLY in the credit union fund. That's $733 a month if I just started now. Credit union fund is low yield BUT safe. If we could get an increase in our 401k match and it never had to invest in anything risky, I would still make lots more money in my 401k then I would in your pension fund. I'll take my chances with my essentially guaranteed AA pension and take my chances with my 401k before put my self at risk in a unguaranteed pension fund. That's like buying a house on a 30yr mortgage. The first 20 years I paid in would just be paying interest, ie. funding a pension I may never see.and I don't have 20yrs left. I am completely for you all keeping your pension fund but I don't want it forced on me. Add to the match from the company on my 401k and I will be very happy.
Real tired
Veteran
We've never taken an increase either. Same multiplier amount for about the last 7 years.700UW said:
After waiting so long for the present contract of 2014, all we heard from Hollowood and Freiberger was, "buckets of money coming", and "huge increase in the pension".
And after it was signed and voted for, all we got was a big fat .... ZERO.
Real tired
Veteran
Oh yeah, it's insured by the PBGC. At about 35 cents on the dollar.700UW said:
And due to the Multiemployer Pension Reform Act of 2014, plans like this one are required to cut benefit payouts before it ever goes to the PBGC.
The Reform Act was enacted to keep these failing plans from ever reaching the already overburdened PBGC. By cutting benefits first, it helps keep the PBGC solvent.
Cutting benefits to keep it solvent, sounds like the IAMPF future direction. Hey Its Still 100% funded. Only difference is the 32 oz. glass was full until the IAMPF drank out of it. So to keep it full they went to a smaller glass. It's still 100% full. Numbers don't lie?
