April/May 2013 IAM Fleet Discussions

[freedom]

well that's good then , if they've got more people joining then the IAMPNF doesn't need any more extra money then I already pay for the pension .... ( and yes it's my money because the more that the IAM negotiates from the company for the pension , the less money goes into my pocket )

 

[mike33]

I don't know what moon you are from but the less money the Iam were to negotiate ....the more money that comes out of your pocket ...,.not goes into.

 

[robbedagain]

last time i checked freedom... the company puts .80 cents for each hr a F/T works and i think its around 40 or 50 cents per P/T of every hr worked... and the pension is pretty solid

 

[necigrad]

well then i'm not sure that's so good ..at least with the PGBC there is some government backing ... if our pension were to start collapsing and the government didn't come to the rescue that would suck .

Freedom, find something you actually know about to talk about. The PBGC doens't have backing, it IS the backing! You're so talking out of your ass you're arguing with yourself! IF IAMNPF collapsed it is backed by PBGC, which is a government agency BTW, and not 'backed' by the government.

 

[ChockJockey]

well that's good then , if they've got more people joining then the IAMPNF doesn't need any more extra money then I already pay for the pension .... ( and yes it's my money because the more that the IAM negotiates from the company for the pension , the less money goes into my pocket )

"Me me me! Mine mine mine!"

Point being I don't mind contributing to a pension that might one day mean to some of my finest friends and coworkers the difference between being on the street or being able to pay for their medications month to month. You might bristle at the term, but it is a social safety net of sorts.

 

[freedom]

"Me me me! Mine mine mine!"

well its important that I mention that it's MY compensation that is going towards the IAMPNF , because when I start talking about how I don't want to see rates raised on it , people start chiming in that it's the company paying for it so what do I care ..

 

[ChockJockey]

well its important that I mention that it's MY compensation that is going towards the IAMPNF , because when I start talking about how I don't want to see rates raised on it , people start chiming in that it's the company paying for it so what do I care ..

Why get all huffy and puffy when we don't know any of the details yet of pension contributions or wage?

 

[necigrad]

well its important that I mention that it's MY compensation that is going towards the IAMPNF , because when I start talking about how I don't want to see rates raised on it , people start chiming in that it's the company paying for it so what do I care ..

It's actually a bit of both. Individual employees cannot contribute to IAMNPF, only employers can. Since the company is paying for it and not you then it's not your compensation. With that out there, if we were to choose not to participate in the pension would the money got elsewhere into our contract? Yes. I'd GUESS it would be a 401(k) contribution, but that's just a guess.

The bottom line is that we are a union. We have members representing us as a group. They make the decisions for us. If the NC chooses to have the contribution rate increased, if it's that much of a problem for you, vote against it, and if the TA fails mention that in the survey.

Personally I'm a three way fan. I like the idea of a pension, 401(k) and SSI. In fact, if things go well, I'll be moving on into a government job within the next several years and have a government pension. If you feel uncomfortable with the IAMNPF, wait until you see what the legislators can do with a government pension! There is only one perfect retirement solution, and that's tremendous personal wealth. That's not an option for most at US (though believe it or not there are a few coworkers that are that rich), so we have other options. There are the pension fans. Some like the personal control of a 401(k). There are benefits and drawbacks to both. you can #### about the pension all you want, it doesn't change the fact that a large portion will stand with you, and an equally large group will be against you.

 

[freedom]

well you should remember necigrad that the Pension is NOT the union ... they are very fond of pointing that out ..

Basically their an investment group that has IAM in it's name ... an investment group that promised me XYZ amount of money when I retire someday , and went to great length to tell me how secure my pension would be and how I would receive that amount for life ...

then one day they send me a letter saying "whoops" we were wrong , gotta cut your projected benefits in half SORRY !

That shows me that the pension is run by piss poor advisors ... and any union official representing me who wants to give MORE of my money to a poorly run investment outfit that just happens to have IAM in it's name are people who need to be shown the door .

 

[JFK Fleet Service]

For what it's worth none of the TWA guys I work with have anything good to say about the IAMNPF.Men with 1975 seniority laughing about the $300.00 a month they'd be entitled to if they were to retire tomorrow.

Of course they can't actually draw that pension while still actively employed in the industry, so they've got that going for them as well.

 

[mike33]

For what it's worth none of the TWA guys I work with have anything good to say about the IAMNPF.Men with 1975 seniority laughing about the $300.00 a month they'd be entitled to if they were to retire tomorrow.

Of course they can't actually draw that pension while still actively employed in the industry, so they've got that going for them as well.

Well JFK , their are a lot of determining factors right?.....I personally find that 300$ is the amount for being in the plan for 37 yrs?.....or were they in for ?? yrs ... How much was the contribution rate at the time?....$.10... more info is needed here.

I for instance have been in for 10 yrs at the end of 2013 as most east guys have. The West people only a few. The company has contributed avg 2000 hrs x 10 (yrs) x $1.05 = $20,000.00.? Not bad for none of it coming out of my pocket and i still contribute to a 401k and a Roth. The last estimate till 2014 was 76-81$ a month for every yr in the plan. The math is easy. If you consider our work group an avg american than this applies.......


1) The Average American Contributed $2,733 To Their 401(k) In 2012


2). [font=Lucida Grande']Among older workers, 401(k) contribution rates averaged 11.4% for workers aged 65 to 69, 10.6% for those aged 60 to 64, and 10% for those aged 55 to 59. If you add in their employer match, the average savings rate for each of those groups was: 14.9%, 14.2% and 13.6%, respectively, according to Fidelity.[/font]

[font=Lucida Grande']Workers aged 35 to 39 saved 7.2% on average (10.4% with the employer match). Those aged 40 to 44 saved 7.6% (10.9% with the match). Those aged 45 to 49 saved 8% on average (11.4% with the match). Those aged 50 to 54 saved 9.2% on average (12.7% with match).[/font]

[font=Lucida Grande']3). Contribution rates are substantially lower among younger savers. Workers aged 20 to 24 saved 5.4% of their salary on average, those aged 25 to 29 saved 5.9%, and those aged 30 to 34 saved 6.5%. With the employer match included, those figures jump to 8.1%, 9.1% and 9.7%.[/font]

Freedom, ill let you figure out whats the better return by AVG with no money coming out-of-pocket. Its up to you guys that are younger to keep the IAM going by getting more members and most of all.........Get contracts where the contribution rates go up ! It will effect you in the future. Dont forget the monthly payout from pre 2014 will not go down but yes from 2014 it's cut , so do some leg work and get more members not cut the leg that walks you.
Remember...not a penny came out of my pocket for that pension in ten yrs.

 

[necigrad]

well you should remember necigrad that the Pension is NOT the union ... they are very fond of pointing that out ..

Basically their an investment group that has IAM in it's name ... an investment group that promised me XYZ amount of money when I retire someday , and went to great length to tell me how secure my pension would be and how I would receive that amount for life ...

then one day they send me a letter saying "whoops" we were wrong , gotta cut your projected benefits in half SORRY !

That shows me that the pension is run by piss poor advisors ... and any union official representing me who wants to give MORE of my money to a poorly run investment outfit that just happens to have IAM in it's name are people who need to be shown the door .

Are you a selective reader or just retarted? YOUR BENEFITS HAVE NOT BEEN CUT! The IAMNPF is a defined benefit program. You pay in NOW at a certain rate annually. As long as you contribute the appropriate amount for that year that's what you get every month. That has not been cut. If you were paying in at the (I think it's) $78/month/year rate, that's what you get. Once you retire, for every year you paid in at that level (let's say 2009-2013) you get $78/month for each year, making your pension $390/month. YOUR BENEFITS WERE NOT CUT!

What happened, and this has been said (and ignored) many times is that FUTURE benefits will be at a lower rate. For whatever reason I didn't get the letter, so I'm going to make up numbers. Let's just say that the company has been paying $1.05/hour. That has been getting us $78/month (I think). Starting next year (or when we get a new contract) that $1.05/hour will get us $50/month/year or whatever it was reduced to. THAT DOESN'T CHANGE YOUR RATE FOR PAST YEARS. Your benefits have not been cut. The company paid in a certain amount that gives you a certain payment and that has not changed. FUTURE years will change (unless negotiations modify the contribution to adapt to this) but your benefits have not been cut.

 

[ograc]

Enjoy what you have today ...... but let me ask you , what will happen to the pension if the IAM loses the US Airways workers ? That's a large segment of income suddenly gone ....Do you think the remaining workers under the IAM will be likely to vote to increase the amount of money that comes out of their pay checks and goes into the "group" pension ? What's to say that the pension will be there for those people someday ? Especially with falling union membership ?

You should prepare yourself for a future of cut after cut to your pension .. i'm not sure if the PGBC would ever take over the IAM pension , but who knows ...one thing i'm certain won't get cut are the salaries of the people running the pension .

Here's a novel idea. How about we get the company to contribute more to the pension plan in negotiations? Their contribution... compared to other companies contributing to the IAM pension... is dismal at best.

 

[freedom]

Here's a novel idea. How about we get the company to contribute more to the pension plan in negotiations? Their contribution... compared to other companies contributing to the IAM pension... is dismal at best.

how about NO .............

how about we get the company to put more money in the employee's pocket and less in the pockets of those who run the IAMNPF ..........

 

[ograc]

that I am even an IAM member ? what the hell are you talking about ?

what is wrong with your mind ..........

Nothing wrong with roa's mind at all. May I remind you and others... awhile back roa challenged everyone on this forum to PM me with their IAM Book #s. Haven't heard from you freedom. If I do... I will confirm with a post. Still waiting.