IAM -- Mechanic and Related Thread for 2/29 to 3/7

[PayParity]

No your info is wrong.

There is a minimum amount of line stations that have to be maintained in the IAM/US CBA.

No your info is wrong.

The company would be able to close all West line stations where there are no East line personnel maintained now. As the previous poster implied.

 

[Mr Eagle]

I am not an AMFA booster, IBT card signer, nor TWU cheerleader. I have no problem with the IAM except that I do not want them managing my retirement. An individual's pension money is the biggest investment of your life. Despite what those talking heads on the financial news show say if your house is your biggest investment your not going to retire. Where do you think the IAM is going to get the funds to support their pension plan? They will get the company to divert some of your 401k allotment and I would guess some future monies into their fund. Thanks but NO THANKS I'll take my 401k and take my own chances. Like I said earlier I wouldn't trust the IAM with their hand in my pocket. Yes I know there not out to rob us blind but the details about this fund are just like everything else the IAM does , secret. Is this one issue worthy of a NO vote? You bet it is, it's a multi-million dollar deal. It will far surpass the total value of any and all benifits likely to be offered by the company. If there is interest in an IAM pension fund why not make it a voluntary option? Do you think you will be around to meet the five year vesting period? On a side note the IAM/CBA east says line stations will include at a minimum PIT, CLT, PHL, LGA, BOS, DCA, and at least four other stations as determined by the company. Have a USAIR day!

All West will be VESTED,thats part of the transition agreement, & The IAM Does not Control the PENSION FUND , its Run By a Board of Director's, There are a Few Board members from the IAM on the BD, over 1200 companies Are Invovled in the PENSION Fund. There are Supposed to Be NO TIES to the US AIRWAYS Mgt or IAM for Controlling the Pension Fund. IT IS ALSO PBGC FUNDED. For What ever thats Wortht. Mr E.

 

[diogenes]

Here's the down-low in the IAM pension plan.

Even if you have 20 year seniority as a mech with US, you will start accruing seniority for pension mulitplier purposes based on your date of entry into the plan. If you enter the plan on 1/1/09, your years of service for muliplier purposes start at 0.

Additionally, the plan is funded by contributions from IAM employees worldwide. Given the major drop-off in IAM membership, the pension fund may face difficulties down the road.

This plan may work if you are relatively young, and can pile up years of service. If you are middle-aged, you are not going to accrue enough years of service to be meaningful.

Last point. When the IAM and company agreed to cancel the 401k plan and start with the IAM pension, the savings the company realized was a major IAM concession.

 

[PayParity]

Here's the down-low in the IAM pension plan.

Last point. When the IAM and company agreed to cancel the 401k plan and start with the IAM pension, the savings the company realized was a major IAM concession.

And when exactly did the IAM and company cancel or agree to cancel the whole 401k plan as you have implied.

 

[Theo Corner]

And when exactly did the IAM and company cancel or agree to cancel the whole 401k plan as you have implied.

i think he is talking about the fleet service plan. the company put its own contributions up to 10% into the rampers 401k [not a bad deal] no matter how much ot, etc. the iam pushed for its iam pension plan and to get it through it had to redirect the company's contributions from the 401k to its plan. last i heard this was a $50million concession but the iam didn't care.

two things for anyone to consider with the iam pension plan
1. because it is one of only a few multi employer plans that is underfunded [www.knowyourpension.com or .net, can't remember] and has a small amount of contributors but many participants, it just updated the benefit level with lesser amounts. it's in the red by $300 million and desperately needs to attract more members in it. this is why the iam will agree to more concessons just to get the pension plan. it is desperate. any mechanics who vote in a contract that includes the iam penson will have themselves to blame.

2. even if you get 20 years and retire, you will NOT be able to collect your own iam pension if you work in a similar job after retirement because the IAM pension plan will restrict or suspend your benefits earned. that's a fact and it is so wrong.

its a real scam but it helps them in organizing attempts because once you get the IAM plan, people are scared to change unions since the iam has alleged it would suspend the plan if any workgroup voted them out.

 

[diogenes]

Theo is correct.

 

[700UW]

No your info is wrong.

The company would be able to close all West line stations where there are no East line personnel maintained now. As the previous poster implied.

Um no your wrong, I am talking about the East CBA which the west does not work under.

The East CBA contains a minimum amount of line stations that have to be open.

 

[AluminumEnemaTime]

two things for anyone to consider with the iam pension plan
1. because it is one of only a few multi employer plans that is underfunded [www.knowyourpension.com or .net, can't remember] and has a small amount of contributors but many participants, it just updated the benefit level with lesser amounts. it's in the red by $300 million and desperately needs to attract more members in it. this is why the iam will agree to more concessons just to get the pension plan. it is desperate. any mechanics who vote in a contract that includes the iam penson will have themselves to blame.

2. even if you get 20 years and retire, you will NOT be able to collect your own iam pension if you work in a similar job after retirement because the IAM pension plan will restrict or suspend your benefits earned. that's a fact and it is so wrong.

its a real scam but it helps them in organizing attempts because once you get the IAM plan, people are scared to change unions since the iam has alleged it would suspend the plan if any workgroup voted them out.

Theo, can you prove what your telling everyone here? I doubt it? Are you in the M&R group or fleet?

 

[AluminumEnemaTime]

:down:

Here's the down-low in the IAM pension plan.

Even if you have 20 year seniority as a mech with US, you will start accruing seniority for pension mulitplier purposes based on your date of entry into the plan. If you enter the plan on 1/1/09, your years of service for muliplier purposes start at 0.

Additionally, the plan is funded by contributions from IAM employees worldwide. Given the major drop-off in IAM membership, the pension fund may face difficulties down the road.

This plan may work if you are relatively young, and can pile up years of service. If you are middle-aged, you are not going to accrue enough years of service to be meaningful.

Last point. When the IAM and company agreed to cancel the 401k plan and start with the IAM pension, the savings the company realized was a major IAM concession.

Any new pension plan that is started, will start all new participants at zero years. Come on, nobody can be that ignorant to think a "new" pension plan is going to pay you for your last 20 years of service with no contributions. It was said that no one will have to wait the 5 year vesting time. So if the multiplier starts at say, $75 bucks per year of service, even a guy who works 4 more years will get $300 bucks a month for life when he retires.

And if your are around 40 (middle aged?) and you work 25 more years, by that time the multiplier over $100 bucks, then your monthly check would be approx. $2500 bucks. I would say that is pretty damn meaningful. Considering the PBGC is giving around $1100 bucks at 17 years at full retirement age. At that return, you need another job.

Oh, but wait, when I retire I went to go work on airplanes again after 40 some odd years of crawling around. Give me a flippin break!!

When and if any reasonable offer is made by this worthless company transition team, then I will decide what I can or can't live with. I am surely not going to base my desicion from a bunch of con artists #### house lawyers on this forum that just splew there opinion as fact on a daily basis.

 

[PayParity]

i think he is talking about the fleet service plan. the company put its own contributions up to 10% into the rampers 401k [not a bad deal] no matter how much ot, etc. the iam pushed for its iam pension plan and to get it through it had to redirect the company's contributions from the 401k to its plan. last i heard this was a $50million concession but the iam didn't care.

two things for anyone to consider with the iam pension plan
1. because it is one of only a few multi employer plans that is underfunded [www.knowyourpension.com or .net, can't remember] and has a small amount of contributors but many participants, it just updated the benefit level with lesser amounts. it's in the red by $300 million and desperately needs to attract more members in it. this is why the iam will agree to more concessons just to get the pension plan. it is desperate. any mechanics who vote in a contract that includes the iam penson will have themselves to blame.

2. even if you get 20 years and retire, you will NOT be able to collect your own iam pension if you work in a similar job after retirement because the IAM pension plan will restrict or suspend your benefits earned. that's a fact and it is so wrong.

its a real scam but it helps them in organizing attempts because once you get the IAM plan, people are scared to change unions since the iam has alleged it would suspend the plan if any workgroup voted them out.

Well as this is a IAM M&R topic don't you think diogenes should have clear on what he was saying? And I am still not clear on what he was saying is he saying that the fleet service does not now have any 401k plan? Because when he says it was cancelled that is the way that I read it. If it wasn't completely cancelled then what exactly was cancelled and what was it replaced with? Can you or him explain how and what numbers were used to calculate how it was a major IAM concession?

 

[PayParity]

Um no your wrong, I am talking about the East CBA which the west does not work under.

The East CBA contains a minimum amount of line stations that have to be open.

Um no you're wrong, Planemx (who you first responded to) was talking about the possible effects on the West line stations if and when they are transitioned into the East IAM CBA. And Planemx's info is correct. You rather say someone is wrong rather to focus on exactly what his point is. Planemx never said the IAM CBA didn't have EAST protected line stations. He was talking about the West soon (or later) to be unprotected line stations if and when a transition agreement is reached. You are always trying to change the focus of the real issue and tell posters they are wrong.

 

[AluminumEnemaTime]

Um no you're wrong, Planemx (who you first responded to) was talking about the possible effects on the West line stations if and when they are transitioned into the East IAM CBA. And Planemx's info is correct. You rather say someone is wrong rather to focus on exactly what his point is. Planemx never said the IAM CBA didn't have EAST protected line stations. He was talking about the West soon (or later) to be unprotected line stations if and when a transition agreement is reached. You are always trying to change the focus of the real issue and tell posters they are wrong.

Hey Parity,

Do you know what line stations are protected under the current Teamsters contract that is still in place for the West guys?? Just curious.

 

[PayParity]

Hey Parity,

Do you know what line stations are protected under the current Teamsters contract that is still in place for the West guys?? Just curious.

I can't find any.

IBT

 

[diogenes]

Prior to the IAM pension plan, fleet was on a 401k where the company had to pay in major $$. After the IAM pension plan went in, the company pension contribution to fleet retirement went down considerably. The concession was valued in the millions.

With regards to starting at 0 for the multiplier, IAM did not publish that fact in the term sheet. You had to wheedle it out of them.

With regards to whatever the multiplier currently is, the plan can reduce it as needed if they get in financial difficulty.

FWIW, I am a big fan of defined benefit plans (like the IAM) over defined contribution (401k) plans. The problem is, by law, the plans do not have to be funded to an actuarially sound basis.

Going forward, I'm wary of both plans, and would pick one over the other only after I had all the facts.

Here's some interesting reading:

http://www.businessweek.com/investor/conte...0421_275355.htm

 

[PayParity]

Prior to the IAM pension plan, fleet was on a 401k where the company had to pay in major $$. After the IAM pension plan went in, the company pension contribution to fleet retirement went down considerably. The concession was valued in the millions.

With regards to starting at 0 for the multiplier, IAM did not publish that fact in the term sheet. You had to wheedle it out of them.

With regards to whatever the multiplier currently is, the plan can reduce it as needed if they get in financial difficulty.

FWIW, I am a big fan of defined benefit plans (like the IAM) over defined contribution (401k) plans. The problem is, by law, the plans do not have to be funded to an actuarially sound basis.

Going forward, I'm wary of both plans, and would pick one over the other only after I had all the facts.

Here's some interesting reading:

http://www.businessweek.com/investor/conte...0421_275355.htm

Again does the fleet still have a 401k plan or was it "cancelled" like you said. Yes or no.

Can you give specific numbers as to what the companies major $$ was they had to pay to the 401k? (would that have been a match of 50% of the employees contribution up to 2% maximum of employees pay?) And again how did you calculate the major concession you keep talking about (real numbers not I don't know or I am guessing numbers). Please include in your formula what the employees gave up (numbers) and what the got back in return (numbers) to reach your conclusion. I posted some info to help you out.

By the way I thought 401k's were always fully funded. Are you saying 401k's don't need to "be funded to an actuarially sound basis"?

Fleet service pension now?
US Airways will contribute to the I.A.M. National
19 Pension Fund, National Pension Plan as follows
20
21Full Time Employees
22 Hourly Pension Rate of $.95 cents
23 Hourly Pension Rate of $1.00 effective 7/4/05
24 Hourly Pension Rate of $1.05 effective 7/2/07
25
26 Part Time Employees
27 Hourly Pension Rate of $.60 cents
28 Hourly Pension Rate of $.65 cents effective 7/14/08