American Airlines and Labor Negotiations

[WeAAsles]

Rat—

Are you in the Plan? If so, we all received a letter a couple of months ago that mentioned critical status (it was the one that explained the latest unilateral changes to the Plan’s benefits).

IIRC, the other previous cuts to future payouts are all noted on IAMNPF.org.

I suppose this is what you are referring to where they state that they are returning to a previous method of distribution that had been relaxed in 2015 and I suppose the new board of trustees determined to be a mistake and recinded?

 

[PIEDMONT784]

Rat—

Are you in the Plan? If so, we all received a letter a couple of months ago that mentioned critical status (it was the one that explained the latest unilateral changes to the Plan’s benefits).

IIRC, the other previous cuts to future payouts are all noted on IAMNPF.org.

Nice try Tim, NO LETTER was sent a "couple of months ago"... try April 2018...

From the website you suggest, the latest IAMNPF update...

April 2018

The 2017 Annual Funding Notice and 2018 Green Zone Status with a special cover letter was mailed April 27, 2018.

The notice was sent to all Active and Inactive Vested Participants, Benefit Recipients, Employers and both Non-IAM Union and IAM Union Representatives.

Any questions from participants should be directed to the Customer Service Call Center at 1-800-424-9608, ext. 222. Questions from Employers or Union Representatives should be directed to the Employer Services Department.

 

[WeAAsles]

From what I see as a party who is not in the IAMPF and can be a nuetral voice since I personally have no vested interest in its success or failure and more and more don’t believe it will even be offered to me.

The funding levels year over year drop to where it sits currently would concern me. That’s not to say that some modest changes couldn’t shore up the fund long into the future but if I were a member of the fund I would continue to monitor it closely.

The fund currently is far from critical status looking at its last funding levels to liabilities report and certainly and ridiculously claimed not headed towards junk status.

 

[PIEDMONT784]

For a pension plan to be even close to 'critical status' -- the benchmark is 80% funding... the IAMNPF was at 92.2% last year. FAR from 'junk status' as Tim claims.

 

[WeAAsles]

Now back on topic as far as American Airlines Association Negotiations.

Negotiations commence again starting today through the rest of the week in DCA.

The TWU is also having its IEC meetings here in MIA which are scheduled to conclude today. And the new officers of TWU Local 568 will be sworn in officially today from what I heard.

Don’t know who is where currently but I’m sure the basses are all covered.

 

[WeAAsles]

For a pension plan to be even close to 'critical status' -- the benchmark is 80% funding... the IAMNPF was at 92.2% last year. FAR from 'junk status' as Tim claims.

I believe first it has to go to Endangered Status and then the funds Trustees have to come up with a plan how to bring it back up to Green Zone Status within a certain time frame.

And holding assets valued at 12 Billion and liabilities of 13 Billion certainly doesn’t mean it’s currently anywhere near critical.

Personally I wish my AA Defined Benefit Pension were funded at 92% but at this moment it’s not even close.

 

[WeAAsles]

it became toast when the iam scrapped my 10% 401k for its crap pension. Then it cut half my pension to stay afloat, and now its gonna b critical status and be cut again to junk status.

Actually your retirement would have became toast due to a mixture of things both in your control and out of your control.

Family choices, marriages and divorces, child support and the like will decimate personal finances making it nearly impossible to save for your future. Moving by choice or out of your control to a location that is extremely expensive and has both city and state taxes is not exactly a wise investment towards any goal to conclude working early either.

Beyond your control was your Company Pension which was frozen in 1992 and then thrown on the PBGC years later. The cuts to your IAMPF were beyond your control as well.

While I can understand your advocacy to get out of the IAMPF I’m fearful that due to things you’ve said here you may not personally have the ability to save for yourself and it may be at least for you best left for others to assist you in that area?

 

[Kev3188]

I suppose this is what you are referring to where they state that they are returning to a previous method of distribution...

That’s the one. It’s a pre-emptive strike to protect the plan from having to make further draconian changes.

I’m curious why you didn’t post the entire letter, though.

Nice try Tim, NO LETTER was sent a "couple of months ago"... try April 2018...L.

And look who’s trying to gaslight people now! You either aren’t in the plan, missed this in your mail, or are deliberately attempting to deceive.

I get the “hurray! We’re in the green!” letters too. That’s not what I’m referring to. See a few posts up. Your boy Dave posted it for us.

BTW, I hope you’re smart enough to actually look at Plan documents as opposed to taking a boilerplate flyer as gospel. There’s a treasure trove of useful info on there once you sign in.

 

[PIEDMONT784]

I believe first it has to go to Endangered Status and then the funds Trustees have to come up with a plan how to bring it back up to Green Zone Status within a certain time frame.

And holding assets valued at 12 Billion and liabilities of 13 Billion certainly doesn’t mean it’s currently anywhere near critical.

Personally I wish my AA Defined Benefit Pension were funded at 92% but at this moment it’s not even close.

Weez -- in terms of average funding percentages nationwide within corporate america's vast pension plans, the AVERAGE funding of the entire aggregate is at 88%... which is considered to be a very healthy number. The IAMNPF, as I said was last reported to be at 92.2%, which is more than 4% ABOVE the average pension plan.

FAR FROM TIM/KEV'S CLAIMS!

https://www.pionline.com/article/20...urge-to-4-year-high-in-january-8211-3-reports

 

[WeAAsles]

That’s the one. It’s a pre-emptive strike to protect the plan from having to make further draconian changes.

I’m curious why you didn’t post the entire letter, though.

It very well could be an adjustment that becomes part of a larger adjustment if the funding levels continue to drop?

But I think using the terms “pre emptive strike” and “draconian changes” is just (lol) slightly over dramatic there Shakespeare.

And that’s how it loaded on my phone. It wouldn’t load the entire letter as you can tell by the snapshot. The site kept freezing up as a matter of fact.

 

[WeAAsles]

Weez -- in terms of average funding percentages nationwide within corporate america's vast pension plans, the AVERAGE funding of the aggregate is 88% which is considered to be a very healthy number. The IAMNPF, as I said was last reported to be at 92.2%, which is more than 4% ABOVE the average pension plan.

https://www.pionline.com/article/20...urge-to-4-year-high-in-january-8211-3-reports

Not bashing it at all Piedmont. Just personally wasn’t crazy about the last funding report when the prior year the market was on fire and I thought it wouldn’t have shown such a precipitous drop from the prior year?

And it irresponsible for anybody not to be cognizant and pay attention to all of their retirement investments as best they can IMO.

 

[Kev3188]

It very well could be an adjustment that becomes part of a larger adjustment if the funding levels continue to drop?

But I think using the terms “pre emptive strike” and “draconian changes” is just (lol) slightly over dramatic there Shakespeare.

And that’s how it loaded on my phone. It wouldn’t load the entire letter as you can tell by the snapshot. The site kept freezing up as a matter of fact.

If I seem over dramatic now, just wait until those cuts get made. Waterboys like Piedmont can whistle past the graveyard all day, but the Plan’s own documents tell a different story.

The letter is two pages, front/back.

 

[WeAAsles]

If I seem over dramatic now, just wait until those cuts get made. Waterboys like Piedmont can whistle past the graveyard all day, but the Plan’s own documents tell a different story.

The letter is two pages, front/back.

Fear mongering? I thought that was a TN specialty exclusively.

I don’t obviously get the letter in the mail that you get. I have a frozen AA DBP myself.

If you’re intent on discussing something I’m sure you can find that letter and post both sides of it here can’t you?

 

[737823]

Tim, now that the number of UA mainline stations has been decimated due to contracting out enabled by the 2013 agreement why are there still the same number of AGCs? Why are they getting paid more to cover less ground? People have justified their cushy gigs and salary by saying it’s a demanding job and they’re constantly on the road.

Some AGCs have only a few stations like P.Rez and the vast majority of his membership is at his home city of PHX

Josh

 

[Kev3188]

Fear mongering? I thought that was a TN specialty exclusively.

I don’t obviously get the letter in the mail that you get. I have a frozen AA DBP myself.

Yeah, me too...

If you’re intent on discussing something I’m sure you can find that letter and post both sides of it here can’t you?

I’m just weighing in to debunk a few claims on here and to reiterate others. I think I still have it. I’ll have to look when I get back home. Maybe 700 “Sito” can text you a copy of his in the meantime. Or maybe Piedmont will decide to be intellectually honest, and post his/hers. Either or.