American Airlines and Labor Negotiations

[Kev3188]

I’m not being sarcastic. My frozen Pension will give me $1500 per month where if it had continued the payout was over $4000 per month. You do the Math how much I need in my 401K if I live another 25 years say after I retire?

Not to mention I was also contributing to my 401k so I would have had both. I could have been a Retirement Rock Star but now I’ll be lucky enough to be playing decent size Theaters instead.

Yep, same here, AND I was banking on retiree medical. Like everyone else, we have to adapt.

Tell me again how many well paid Baggage Handlers are porting their asses out of our Company’s?

Plenty. Look lower down the seniority list. How many of those names will be still be there in 2039? People don't stay in one spot anymore like we did.

 

[Tim Nelson]

https://www.pionline.com/article/20...oks-467-million-pension-contribution-for-2018

Can’t find each plan breakdown exactly, TWU portion is almost $2 billion underfunded.

As of Dec. 31, American Airlines had $11.4 billion in total defined benefit assets and $18.28 billion in benefit obligations for a funded status of 62.4%, up from 58.1% at the end of 2016. The 10-K did not provide a breakout of U.S. vs. international pension plans, but U.S. plan assets totaled $11.13 billion as of Sept. 30, according to Pensions & Investmentsdata.

Single employer plans have more flexibility and are guaranteed and secure from the PBGC's fully funded reserves. Multi Employer plans are under severe penalties if they get in the yellow, much less in the crapper. Whatever the case, while it's true that the IAM pension is just one of many Multi employer plans going downhill, the fact is that I'm only concerned with this one which is projected critical status by the experts even though you claim the IAM is going to dramatically boost membership and save the plan. Again, tell the experts that and if you convince them, maybe they will offer something other than a doomsday scenario.

Might wanna google PBGC multi employer funding. It's insolvent in 2023. A big fat $0. So, if the trustees won't be able to punt to the PBGC, they will have to go to Trump's US Treasury and get Trump to whack our funds.

 

[WeAAsles]

New TWU Local 568 Officers being sworn in yesterday by President John Samuelsen.

 

[Tim Nelson]

If it doesn't survive JCBA talks, I can't see them avoiding future benefit cuts. It'll be a repeat of when we (NW) lost representation and our stopped contributing to the plan.



I know this was a rhetorical question, but do you know what it actually is? I'm just curious. Our statement came out recently, but I haven't dug into it yet.

Something gotta give. American management wants no part of the additional risk, but United management and Sito pushed hard.

I think they will keep the benefit level the same but whack the early unreduced plan is what I heard. This won't sit well with casual airline employees who don't want to work till 65 but they will have to sacrifice for the younger ones.

 

[WeAAsles]

Something gotta give. American management wants no part of the additional risk,

There is no risk to American Management as they don’t have to make up for any future possible shortfalls like they do the LAA frozen Pension accounts.

American bean counters have costed out that paying in to the IAMPF is a greater expense than transitioning all the workers both bottom pay and TOS to their 401K proposal and that is the ONLY reason that it’s been proposed.

Your Negotiators will make the exchange I’m sure if as Bob Barker used to say “The Price is Right”

Currently the formula the Company has proposed is not the right price.

 

[PIEDMONT784]

Might wanna google PBGC multi employer funding. It's insolvent in 2023. A big fat $0. So, if the trustees won't be able to punt to the PBGC, they will have to go to Trump's US Treasury and get Trump to whack our funds.

No sweat... Trump will use some of the wall money, and get Mexico to make up the difference...

Something gotta give. American management wants no part of the additional risk, but United management and Sito pushed hard.

There is NO RISK to the Company, they could care less where the agreed upon retirement contributions go. I'm sure our 730,000 or so IAM counterparts at Boeing, Lockheed Martin, United, etc. all appreciate your efforts to undermine their retirement...

 

[WeAAsles]

Yep, same here, AND I was banking on retiree medical. Like everyone else, we have to adapt.

I think you meant to say capitulate, comply or cowtail.

Plenty. Look lower down the seniority list. How many of those names will be still be there in 2039? People don't stay in one spot anymore like we did.

Where do you come up with this information of yours?

Are all these names going to Law School or are Pre Med?

Less and less good opportunities out there for the High School graduate slackers. (Like you and I)

So they aren’t going anywhere.

They certainly aren’t here and I work in a Hub where there are more people to gauge my opinion on.

 

[WeAAsles]

One in three young adults go to work rather than school, but few have college degrees

However, larger numbers of the not-in-school group are working: 33 percent of all young adults, or about 10 million. Although these young people are connected to the labor market, not all connections are equal.

Career advancement prospects are limited for workers with low levels of education, and the data are not promising on this front: only one in five of the working/not-in-school group has an Associate’s or Bachelor’s degree. The largest share of the working/not-in-school group (nearly half, or 42 percent) has only a high school diploma; another ten percent has less than a high school education. That is, 5.3 million 18-24 year-olds—17 percent of all young adults—are done with school, at least for now, and are participating in the work world armed with no more than a high school diploma.

https://www.google.com/amp/s/www.br...-with-no-more-than-a-high-school-diploma/amp/

 

[ALUS78]

TWU International Executive Committee meeting this week. Doesn’t sound as if TWU President John Samuelsen has any desire to entertain any concessions to AA Management on our JCBA talks.

Forget about March then, unless its 2025

 

[ALUS78]

Something gotta give. American management wants no part of the additional risk, but United management and Sito pushed hard.

I think they will keep the benefit level the same but whack the early unreduced plan is what I heard. This won't sit well with casual airline employees who don't want to work till 65 but they will have to sacrifice for the younger ones.

Tough

 

[Kev3188]

I think you meant to say capitulate, comply or cowtail.

No, I meant what I said, though I might amend it to say “adapt and thrive.”

Where do you come up with this information of yours?

The real world.

Are all these names going to Law School or are Pre Med?

Maybe, or transferring to other departments, moving (or quitting) to finish school, or just changing jobs.

 

[PIEDMONT784]

I'm sure our 730,000 or so IAM counterparts at Boeing, Lockheed Martin, United, etc. all appreciate your efforts to undermine their retirement...

Maybe you can interest all 730,000 or so current IAM members to sign some cards for one of your anti-union unions... I would love to see you in the parking lots hawking your goods!
(I'm sure they would as well!)

 

[WeAAsles]

The real world.

Perhaps you need to get out in the real World a little bit?

“””One in three young adults go to work rather than school, but few have college degrees”””

However, larger numbers of the not-in-school group are working: 33 percent of all young adults, or about 10 million. Although these young people are connected to the labor market, not all connections are equal.

Career advancement prospects are limited for workers with low levels of education, and the data are not promising on this front: only one in five of the working/not-in-school group has an Associate’s or Bachelor’s degree. The largest share of the working/not-in-school group (nearly half, or 42 percent) has only a high school diploma; another ten percent has less than a high school education. That is, 5.3 million 18-24 year-olds—17 percent of all young adults—are done with school, at least for now, and are participating in the work world armed with no more than a high school diploma.

https://www.google.com/amp/s/www.br...-with-no-more-than-a-high-school-diploma/amp/

 

[Kev3188]

That’s nice, but it doesn’t change the fact that people switch jobs much more than we did.

Look, I get that you might feel insecure about your lack of education. I’m trying to tell you we have more power than you might think.

 

[WeAAsles]

Maybe, or transferring to other departments, moving (or quitting) to finish school, or just changing jobs.

Perhaps you don’t realize that your 401K is also not meant to be ported all over the Country or to be thought of as a personal Bank account to borrow from on a whim.

It’s meant to be an accumulation of “assets” to provide security in your old age. In Europe they actually have a different name for them than they do here in the States. In the States they’re called “Retirees” in Europe they call them “Pensioners”

Even Morrissey himself though sang it best when he was talking about the merits of a 401K against a Pension. There should be no arguments.