IAM -- Mechanic and Related Thread for 2/29 to 3/7
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Tim Nelson
Veteran
As a Local Chairman at the time, I had to fly to PIT and the IAM financial people went over the IAM pension with us. Dio or theo are spot on, the IAM pension plan was a $48.2 million concession. This is a fact, I have no interest in what a mechanic wants in their retirement but as far as fleet service goes, this was the second biggest concession we took. What's done is done so we will live with it now.
The company was contributing 2% match, 2% profit sharing, up to 8% 401k base, on all hours regardless of OT. Many workers were really racking up. The 401k, as you know, is vested also and no bankruptcy court could take it and didn't.
After the IAM Pension plan, the IAM made a deal to only allow the company to contribute 5% for full time and a measly 3% part time only on the first 40 hours. Regardless of your plan, it will be at less rates than the rate plan that fleet went into since the IAM has had to modify its rate schedule due to the plan difficulties. I'm not an expert on the intracacies of pension plans but for a layman read you can go to http://www.knowyourpension.org/pensions/pe...nsion_Plan.aspx
Further, theo is right about the suspensions. Go to the IAMPF prospectus and it's pretty clear. Once you retire, you will NOT be able to collect your IAM pension if you stay in the same industry/job. Bottom line.
At any rate, anyone who has kept up with retirment plans already knows that this talk is all senseless and just politics. Any defined benefit plan is from the last century, NOT user friendly, and is jurasiclike. Bottom line is that the IAM would love to get you in the IAM pension since it is underfunded but in reality, other retirement plans are Sooooo much more beneficial and modern than defined benefits which are not controlled or easily accessed by the individual. Roth plans, other evolved 401 plans are the way to go. Plans where you can get your hands on the money for house payments, college, medical, etc., etc., etc.,. This is common knowledge, don't go with a plan that is a living fossil with financial restrictions of the last century.
I don't want to get in a pissing match with any of you, check with your financial advisors, and don't take what the IAM or 700 is saying as gospel. If you all want the IAM pension then that's also cool. Just don't swallow all the b### S####.
regards,
Tim Nelson
IAM Local Chairman, 1487, Chicago
PayParity
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- Sep 15, 2007
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Theo and Dio are not spot on anything when they are not giving details. It means nothing without proof. Anyone can post what they think but it doesn't make it true.
You talk as if the fleet gave up their 401k for only the IAM pension plan. Nothing could be farther from the truth. The now have both.
Personally I would never want to be part of the IAM pension but I also wouldn't be spouting off about numbers and variables that I know nothing about to convince people to vote one way or another. Hey but guys want to win their agenda whether they play fair or not.
320tech
Senior
And per the ibt contract the west is under, they can't close any of ours and use contract maint. so its up to our transition team to not cave in to any lost stations.
PayParity
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- Sep 15, 2007
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Can you please post the IBT CBA language on that subject.
Even if true, the IAM would have to have that language put in the East transition CBA. Sorry don't see that happening.
Tim Nelson
Veteran
Look, I referenced everything for you already. knowyourpension is an independent site and the link provided the info to show how the IAM pension is in the red by $300 million dollars. The sliding scales are on the IAM pension website and was last adjusted downward in 2003 I think.
As far as the suspensions where you will not even be able to collect your IAM pension once you retire, go to the IAMPF website, it's all there. If you retire, you may not be able to draw your pension if you stay in a similar job within the industry. I'm not kiddn.
As far as the fleet service concession....does it matter? I gave you the concession amount [48.2 million vs the 401k] of the IAM pension, as 'firsthand' knowledge since I was there. Dunno what else to say, believe what you wish.
Technically you are right that fleet still has the 401k. But the company makes 0 contributions to it now.
At any rate, good luck, I hope the mechanics hang tough in negotiations and if you choose the IAM pension then fine. I don't know what you have now so maybe the IAM pension would be a better option. dunno.
regards,
Tim Nelson
IAM Local Chairman, 1487, Chicago
AluminumEnemaTime
Member
- Feb 28, 2008
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Tim,
Thanks for the Know Your Pension link. Although after researching the WHOLE site, it looks like the IAM plan is allot heathier than you make it out to be. Also the data seems to be 3 years old. I suggest that all parties that may have an oppurtunitiy to vote for or against having this plan in our contract to read the info on this site.
Doesn''t the ramp get close to $84 per year of service with the IAM plan now? So if a guy worked the ramp throwing bags for 20 years under this plan, he would be bringing in over $1700 a month for the rest of his life at retirement age, although it probably would be higher since the multiplier goes up every year. OH, but you can't go work for another airline loading luggage and collecting your pension, thats a bummer.
usfurloughed
Member
- Mar 2, 2008
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What do you expect it to say.........no.....your going to have to do more research than cut/paste
mike33
Veteran
- Nov 7, 2007
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Sorry didn't see that Tim Nelson had already posted this link a few pages back.....
For a better look at it go to :
http://www.knowyourpension.org/pensions/pensionplans/multiemployerpensions/IAM_National_Pension_Plan.aspx
Let me know 700 what I'm missing please! Maybe I'm looking at it wrong...believe me I don't mind being wrong....
I have filed but found I can't work for any other airline or in the industry or.....any company that has an IAM plan...
Thx
Planemx
Advanced
- Nov 20, 2007
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So you are saying we CAN work in the same industry after we retire - even if it is rep'd by the iam?
mike33
Veteran
- Nov 7, 2007
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You are only partially correct..that website doesn't tell the whole story...you have to log in to see the rest:
If you return to work after you have retired and
while you are receiving a pension from the National
Pension Plan, your pension may be suspended,
depending upon your age and the type of work you
are doing.
If you have reached normal retirement age, your
pension benefits will be suspended for any month
in which:
– You work 40 or more hours in any industry and
geographical area which was covered by the
Plan when you retired, and
– Your employment is in any trade or craft in
which you worked at any time under the Plan
after your contribution date, which is generally
the date on which a contributing employer first
became obligated to make contributions to
the Plan (or a prior plan) on your behalf.
If you have not reached normal retirement age,
you cannot receive pension benefits and work for a
contributing employer or for any other employer –
including self-employment – in the same or related
business or industry from which you retired, regardless
of the number of hours worked or the geographical
area in which you worked. Further, you may not work
in any employment that would be disqualifying
employment at normal retirement age.
Your pension benefits will not be suspended after
you have reached the date at which benefits must
be paid automatically – generally, the later of the
April 1st following the year during which you retire
or the April 1st following the year during which you
reach age 701/2. (See When Benefits Are Paid
Automatically on page 35.)
What Happens If You Return to Work After You Retire?
If you are thinking about accepting any employment
after you retire, please contact the Fund office
to get a ruling on that employment. You can also
download a “Ruling on Employment†form from the
Plan’s website at www.iamnpf.org. You are required
to report all employment to the Fund office within
30 days of the start of such employment.
The Trustees may require you to periodically provide
information about your employment status.
Disability pensioners are required to report any
employment to the Fund office within 15 days of
returning to work. Failure to make a timely report
of employment may result in disqualification of
benefits for six months.
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