I am under the same assumptions that you will retain what you have in the IAM pension and accrual will be frozen, you will then switch over to the new contract 401k if that is what American Airlines is offering to AMFA or whom ever. My understanding is that if you retire under the IAM pension fund you cannot collect it if you are still working in the airline industry. Is there any stipulation that if you are collecting pension/ 401K from another fund that the IAM pension will not pay off.? Just asking, that would be a concern if I was LUS and thinking about signing a AMFA card
Yes. But I would add that the TWU/IAM/Asso. and quite possibly even the co. will lead you to think you will lose all your pension if you vote in AMFA and the asso out. They have done every single time in the past drives. It's a scare tactic to keep people from signing cards.
As the guys have said, you will keep what you have already accrued into the pension. Future contributions would stop, but you DO NOT lose what you already have accrued in your pension. Now P.Rez is correct also. As long as you are 100% vested you lose nothing. Depending how long and prorated if your 20% vested you would get 20%, if your 50% vested you would retain 50% and so on. Not sure about your pension but most retirement savings are 100% after 5 years. Even if you were to lose some with less than 5 years in you hardly have anything to start with anyways. You would more than likely be much better off in the 401K (as others have said they have).
On another note, since the pension would no longer be available AMFA would be successful in raising the 401K contributions and match, as they were here at SWA, because of not having the pension option no longer to help make up for it. AMFA was successful here at raising ours 2% after they took over from the teamsters. We are now at a 9.3% match-dollar for dollar from the co.
On the "still collect" issue. Yes there are restrictions on what industries you can work in in order to still draw pension. The list of them are listed in the pensions rules and regs. I do know the teamsters had it as well and you could not work in the "same" industry you retired from. The most ridiculous restriction I have ever heard of.
The best thing about a 401K over a pension is that you are in control of all investments and monies in your account not some self appointed jac as that does not have a clue what he is doing.
On a final note: So why is all the union leaders and officers all on a different pension plan than all the members are??? Why aren't they in the very same pension plan as the members that they represent? Hmmmmm...