April/May 2013 IAM Fleet Discussions

[freedom]

Without the pension fund, I'd most likely still be working. God willing one day it's your turn.

Harry

We may all get that turn , but like Tim has been saying , it's likely that they will cut our future benefits again and again and again ....

and the thing is , if MY benefits are being cut for the future , pretty soon i'm going to demand that ALL of the people in the pension plan get their benefits cut , and that includes the retirees ..

Raising that question , the last few times we've seen our future benefits cut , did the people drawing from the pension also get their benefits cut , or has this been one sided action from the IAMPNF .

 

[700UW]

And you are so big and bad they are going to listen to you?

Dude, really get a grip.

 

[freedom]

And you are so big and bad they are going to listen to you?

Dude, really get a grip.

no , but it's illustrative of the people running the fund .... if they truly wanted to do a good job , to keep this thing solid ... then they would enforce cuts against EVERYONE ....

If they only cut the benefits of the people who are paying into the system , pretty soon the people paying into the system are going to become fed up with the B/S ...

If everyone takes the pain together that is at least fair and honest ...

 

[700UW]

Cuts were probably based on contributions and do you know if anyone else was or wasnt cut?

Maybe you should find that out first.

And you arent paying into the fund, the company is, and its 103% funded and the fifth largest mutli-employer defined benefit plan in the US.

 

[freedom]

Cuts were probably based on contributions and do you know if anyone else was or wasnt cut?

Maybe you should find that out first.

And you arent paying into the fund, the company is, and its 103% funded and the fifth largest mutli-employer defined benefit plan in the US.

I don't get a 401K , in place of that , the company is paying the compensation that would normally go to my 401K into the union pension fund .....

do you think that the company gives the pension fund that money for free ? it's calculated based off of how many hours I work .... the pension fund is making money off of MY labor not out of thin air ...

 

[700UW]

You most certainly do have a 401k option at US, the only thing is US doesnt to a match contribution.

You do understand that a 401k is your own money when a DBP is not your personal money going into it?

And you werent the only group effected:

Notification of Changes to Plan Benefits

In December 2010, the Trustees announced the plan will phase in an adjustment to the benefit accrual rates applicable to credit earned with contributing employers who first contributed to the plan on the participant's behalf before April 1, 2003 under Schedule A (PDF)

. Schedule A will be replaced with Schedule B (PDF)

for all active participants on the first day of the month following the ratification of their collective bargaining agreement replacing the agreement that is in effect on January 1, 2011.
Schedule B will also apply to credit earned with contributing employers who first contributed to the plan on the participant's behalf after April 1, 2003. Schedule B will be in place for all active participants on the first day of the month following the ratification of the collective bargaining agreement that replaces the agreement in effect on January 1, 2011.
In addition, for a limited number of groups, benefits are based on a custom schedule derived from Schedule B.
The latest date that Schedule B will take effect in any instance is January 1, 2014.
These changes are prospective only. Benefit amounts previously earned under Schedule A will remain the same.
The Trustees took this important action in response to the economic downturn in 2008, and stricter funding requirements for pension plans imposed by the Pension Protection Act of 2006.
Here are links to the plan change announcement and related publications:

• Participant Notice of Schedule Change (PDF)
• 204(h) Notice (Information about the Benefit Schedule Change) (PDF)
• Frequently Asked Questions Regarding Schedule Change (issued February 2011) (PDF)

 

[freedom]

It's absurd to try and tell me that the pension money that the company pays ON MY BEHALF is not part of my compensation package ... I am NOT going to argue that point with you .

also my point was not about the "benefit accrual rates applicable to " ....

I was asking if the people CURRENTLY DRAWING their pensions have had to take cuts along with the rest of us .....

 

[700UW]

Why should they?

Their companies paid into the fund with their full amount, they shouldnt have their rates cut at all.

Oh wait, its all about you, my bad I forgot, you always vote for your own money and screw everyone else, I wish you would PM me who you are, I talked to the LL President in PHX this morning, she really needs to educate you.

 

[freedom]

Why should they?

Their companies paid into the fund with their full amount, they shouldnt have their rates cut at all.

Oh wait, its all about you, my bad I forgot, you always vote for your own money and screw everyone else, I wish you would PM me who you are, I talked to the LL President in PHX this morning, she really needs to educate you.

When it comes to MY retirement it actually is about me ...

please tell me your not one of those people who are like "BUT THEY MADE A PROMISE ! THEY PROMISED US !!!! PROMISED US !!!!!!!!!"

If your attitude is anything indicative of the people who run the IAMPNF then it's going to fail a lot sooner rather than latter ..

I mean who will want to join a pension fund where you pay into the system but your future pay out gets cut again and again and again , meanwhile the people currently in the fund are receiving their full amount like nothings wrong ...

After awhile we are going to become like slaves to the pension fund ...

 

[roabilly]

U r a liar roabily or you are just losing your mind. Go over the pages on here, starting with 2003 and see if you can find one post positive about the iam pension. What you will find is that i was very upset about the $47 million concession it was to our "up to 10% 401k. I told folks that the high multiplier was not guaranteed.
At any rate, even those who got hoodwinked by 700 and the iam, now realize its very risky putting our money into the iam pension hands. I just hope they dont whack future benefit schedules a third time. Yikes!

I said the 90's... your Big Picture days! There would be no reference to it here on this site since it was prior to 03!. I was at the local meeting at the 1725 when you and Pruitt drilled AGC Gerry Moore during his F/S address on how sorry it was for MTC to have a pension, and not fleet! Actually... those efforts lead to enough membership concern that we ended up with the pension plan we have now!

You are partially responsible for the pension we have now!

 

[700UW]

Roa,

Lets see how he spins this one, be interesting.

By the way Roa, It starts Monday.

 

[Tim Nelson]

700, i think what you forget to realize with pension funds is that the company is putting the money it owes us into the iam pension fund. It is our members money that was negotiated. Unfortunately, the iam pension fund is not guaranteed like you have said over the years.

 

[700UW]

PBGC.

 

[Tim Nelson]

Roa, i never went to any 1725 meetings in the 90s. And i never advocated for the iam pension.

 

[700UW]