2015 AMT Discussion

700UW said:
The IAMNPF is insured under the PBGC, unlike your 401k which isn't.

Don't let the facts get in your way.
For one thing you need to remember most of us have 20 plus years vested
in the AA pension , tell us the rules difference between a multi co. pension
and a single co pension as it applies to PBGC. 
 
PBGC multiemployer
 
http://www.pbgc.gov/prac/multiemployer/multiemployer-benefit-guarantees.html
 
PBGC single employer
 
http://www.pbgc.gov/about/factsheets/page/guar-facts.html
 
Keep in mind, Credit Suisse analysis states that the IAMNPF is underfunded and actuary analysis overstates it's value. The fact is that the plan needs more people paying in to it to sustain the fund. The IAM needs more contributions to continue to pay benefits at the current level. The plan can be changed to pay lower benefits in order to extend it's life and viability over the long term. The IBT has many times lowered benefits in order to keep the plan solvent. Nothing I have read states a multiemployer benefit plan is prohibited from lowering benefits once you are in it.
 
Overspeed said:
PBGC multiemployer
 
http://www.pbgc.gov/prac/multiemployer/multiemployer-benefit-guarantees.html
 
PBGC single employer
 
http://www.pbgc.gov/about/factsheets/page/guar-facts.html
 
Keep in mind, Credit Suisse analysis states that the IAMNPF is underfunded and actuary analysis overstates it's value. The fact is that the plan needs more people paying in to it to sustain the fund. The IAM needs more contributions to continue to pay benefits at the current level. The plan can be changed to pay lower benefits in order to extend it's life and viability over the long term. The IBT has many times lowered benefits in order to keep the plan solvent. Nothing I have read states a multiemployer benefit plan is prohibited from lowering benefits once you are in it.
Thank you this is very eye opening , I knew there was a difference but I never thought the multi-co plan max was that
low. Every member in the TWU needs to get this info.
 
Overspeed said:
PBGC multiemployer
 
http://www.pbgc.gov/prac/multiemployer/multiemployer-benefit-guarantees.html
 
PBGC single employer
 
http://www.pbgc.gov/about/factsheets/page/guar-facts.html
 
Keep in mind, Credit Suisse analysis states that the IAMNPF is underfunded and actuary analysis overstates it's value. The fact is that the plan needs more people paying in to it to sustain the fund. The IAM needs more contributions to continue to pay benefits at the current level. The plan can be changed to pay lower benefits in order to extend it's life and viability over the long term. The IBT has many times lowered benefits in order to keep the plan solvent. Nothing I have read states a multiemployer benefit plan is prohibited from lowering benefits once you are in it.
Thanks Overspeed for providing those links.  I think it's always good to be reminded of the major differences between to the 2 plans and how lucky we were/are at LAA  to have a single employer plan.  
 
Real tired said:
Oh yeah, it's insured by the PBGC.  At about 35 cents on the dollar.
 
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.
UPS retirees take pension cuts

http://money.cnn.com/2015/10/27/retirement/ups-pension-cuts-central-states/index.html?linkId=18302813
 
IAMPF is in Central States, no?  Irregardless, it seems they can cut benefits at will, well, if there is a foreseeable funding problem. I can see no reason why we at AA would want to get near that thing with a 10 foot pole or let our pensions get within a 100 miles of it. I know I'm preaching to the choir here, just sayin.
 
Just think the unions can cut pension because they don't have the funding, just like they can keep 14% of our equity just because.
 
dfw gen said:
I think it's getting to the point that gary is over playing his hand.
Obviously you haven't been at the meeting lately, or read the ASS. update.  How do you over play a hand when the hands are hog tied by the ASS. leadership?  This ASS. leadership who say in their letter that it is their show, and they will put out their plan when they are ready.  I give him credit for at least trying to let the guys know what an ass the ASS. is.  Does anyone know what Danker and Pike are saying, or are they okay with the ASS. running the show and taking their sweet ass time.  
 
ASSociation Clown said:
Obviously you haven't been at the meeting lately, or read the ASS. update.  How do you over play a hand when the hands are hog tied by the ASS. leadership?  This ASS. leadership who say in their letter that it is their show, and they will put out their plan when they are ready.  I give him credit for at least trying to let the guys know what an ass the ASS. is.  Does anyone know what Danker and Pike are saying, or are they okay with the ASS. running the show and taking their sweet ass time.  
Dude, you are ate up, you should question all authority, not just blindly follow. Even your glorious GP.
 
These guys have a never ending stream of people and entities holding them back. I grow weary of excuses.
 
Just spoke to my buddy at TAESL he's in the top five in seniority at TAESL and from what he says he and many others are going to take the money and run there being offered 42K to leave the company. He says anybody who takes a transfer to any of the line stations with openings will not have recall rights to the DFW area they would have to find an opening to get back. He says most guys will not take the jobs in the high cost stations. His feeling is as is mine the company is going to do the same thing to Tulsa before they settle a contract. And that's because this company is too cheap to offer money like the United mechanics are getting offered to leave the company and the TWU and IAM are too weak to get anything done because they're just scrambling to save their dues payers and fighting over BS like probably bulletin boards. We won't see a contract till late 2017 or 2018 here we go again I'm used to being screwed by the TWU I just don't think these IAM boys understand how bad it's going to get.
Steve Goeyvaerts
SFO A/C Maintenance
 
Just heard from someone who spoke with someone else who attended the 514 local membership meeting that the proposal from the negotiation committees has been handed to the Chairman and Vice Chairman of the Ass for approval. Again this is third hand info and am assuming it was said by Danker at the meeting. Has anyone heard this?
 
2ndGENAMT said:
Just heard from someone who spoke with someone else who attended the 514 local membership meeting that the proposal from the negotiation committees has been handed to the Chairman and Vice Chairman of the Ass for approval. Again this is third hand info and am assuming it was said by Danker at the meeting. Has anyone heard this?
No why would we HEAR anything regarding the ASSociation. After all we didn't even get to vote on it.
 
2ndGENAMT said:
Just heard from someone who spoke with someone else who attended the 514 local membership meeting that the proposal from the negotiation committees has been handed to the Chairman and Vice Chairman of the Ass for approval. Again this is third hand info and am assuming it was said by Danker at the meeting. Has anyone heard this?
My brother's uncle's cousin's friend is calling bs on that too. 
 

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