IAM Pension Fund

[737823]

You mean you missed your calling to work as MANAGEMENT in the industry...

As opposed to?

Josh

 

[robbedagain]

WeAA    what is the overall general feeling of your peers regarding the IAM pension etc

 

[WeAAsles]

WeAA    what is the overall general feeling of your peers regarding the IAM pension etc

It's all basically up to the individual Robbed? I'd have to think that someone who puts in tons of extra hours would find our match more appealing then a flat rate. Even if the IAMPF waives the 5 year vesting period we still have put nothing in the fund and would be starting from square one.

People today are more enamored by words more so than doing the research behind that word. As I've stated in fairness to the fund if it's offered to me I'm going to pick it apart with a fine toothed comb before I make my decision.

As for you, you don't currently have a match so in that regard of course the IAMPF is a great addition to your hopefully divested portfolio.

 

[737823]

It's all basically up to the individual Robbed? I'd have to think that someone who puts in tons of extra hours would find our match more appealing then a flat rate. Even if the IAMPF waives the 5 year vesting period we still have put nothing in the fund and would be starting from square one.
People today are more enamored by words more so than doing the research behind that word. As I've stated in fairness to the fund if it's offered to me I'm going to pick it apart with a fine toothed comb before I make my decision.
As for you, you don't currently have a match so in that regard of course the IAMPF is a great addition to your hopefully divested portfolio.

So in other words, AA/TWU match is far superior to IAMNPF.

Josh

 

[robbedagain]

thanks WeAA    As each yr goes on my pay anniversary  I usually add up to 5% of my pay to my 401k      Josh  he did not say the TWU/AA is far superior.  

 

[AMFAinMIAMI]

For all the mechanics at USAirways that have not signed AMFA cards from what we hear at AA is that the IAM is putting out flyers as they did with the IBT drive about how you will loose what you have and that they will not accept any money into the fund if you vote them out.
 
Isn't it true that it is in your contract and that per that the company will be obligated to set that money aside for you since they have to honor the contract until a JCBA is negotiated.
 
If you have less than 5 yrs in the plan you might loose it that will be because of vesting not because of voting them out. That is with any plan or company.
 
You also know that if you retire and need to go back to work the IAM will stop payments as well if you work in the industry.
 
Just another way they want to have to insure you keep them. Aren't you tired of the manipulation by the IAM leadership?  We at AA have a 401k that is tied to the money we make and is under our individual control. Not limited to the $2.00 per hr the IAM gets from US. More money per yr. With No restrictions or strings.
 
This Association between the TWU and the IAM is bad for our class and craft.
 
We the mechanics at US/AA need to work together to stop this and insure we get long term language in our next contract that will benefit all of us.
 
Don't be held hostage by the IAM Pension fund. I know we are all getting up in age and need to look out for our futures. lets work together to bring a swift resolution to this merger and then bring a contract that will benefit our class and craft now and in the future.

 

[roabilly]

No. That's not what it would mean.  The IAMPF won't be removed.  
And what's wrong with having the retirement options evened out by enhancing the 401k by directing a % of the total company contribution into the 401k instead of the IAMPF? Maybe 50/50?  Whatever the case, the fair thing would be to negotiate that members have a choice since it is their retirement.  NC shouldn't just continue to add to IAMPF contributions without recognizing the 401k.   At any rate, in the future, I would hope that the next NC doesn't just address full time items, but treats part time [up to 40% of our workforce] equal.  The IAMPF .75 part time rate is insulting. If they don't get penalized for working less than 31 hours a week, they get a whopping $37 a month!  No matter how many additional hours they work. 
 
Those lucky enough to put in 20 years can collect $740 a month if the IAMPF trustees don't steal it again with shifting schedules.

You are absolutely WRONG, and you are misleading the Membership again. Your statement above, is the most ludicrous to date... you are either an idiot, a liar, or both!
 
For a “defined” pension to exist, it must have a defined number of participants to invest into it. Any uncertainties like participant investment fluctuations from either the Company, or the work-group, would render the plan indefinable, as the administrators would be unable foresee investment revenues that would be needed to meet the promised future benefits.
 
Making pension participation “elective”, by providing a choice between it, and a 401k plan, would render the defined benefit unworkable due to ambiguity regarding the administration of the plan.
 
So in essence... YES... providing a choice would most certainly lead to the demise of the IAMNPF, which is what you really want isn't it?

 

[700UW]

A 401k is NOT a pension.

 

[Tim Nelson]

You are absolutely WRONG, and you are misleading the Membership again. Your statement above, is the most ludicrous to date... you are either an idiot, a liar, or both!
 
For a “defined” pension to exist, it must have a defined number of participants to invest into it. Any uncertainties like participant investment fluctuations from either the Company, or the work-group, would render the plan indefinable, as the administrators would be unable foresee investment revenues that would be needed to meet the promised future benefits.
 
Making pension participation “elective”, by providing a choice between it, and a 401k plan, would render the defined benefit unworkable due to ambiguity regarding the administration of the plan.
 
So in essence... YES... providing a choice would most certainly lead to the demise of the IAMNPF, which is what you really want isn't it?

Roabilly
it is unfortunate that u resort to name calling but im also a plan participant and there isnt a logical reason i can think of for me to want to destroy the iampf.

I realize you are collecting well deserved funds from your pension and i hope myself and others could do likewise, and imo, id like to have a choice or at bare minimum stop increasing the contributions without recognizing the 401k.

I believe my perspective is less risky and very reasonable, brother.

 

[swamt]

Serious question about pension payouts;  After a mechanic has worked let say an average of 25-30 years at their employer, retires, and start receiving their pension payouts, what is the amount they will receive after 25-30 years of service?  What is the dollar figure per month?  I know other figures have to be included but I guess I am looking for the average monthly payout from this IAM pension after the average of 25-30 years, using this 2.00 per hour figure.  Anyone know???

 

[700UW]

The multiplier is $86 a month I believe and no one at US has been in the IAMNPF for maintenance 25 years, they have been in it since 2006 and were vested immediately.

 

[blue collar]

For someone who is vested for 25 years it will be just over 2200/mo. It takes 5 years to be vested, so that would be a 30 year employee.
US mechanics got the pension in April 2008, and only mechanics with 5 or more years of service were immediately vested, but they did count your time if under 5 years towards the vesting period.

 

[Kev3188]

I thought you were a Capitalist?

He's not; he just carries their water for them.
 
 

 

Both options, 401k and Pensions are at the whim and risk of the market and the laws that govern the two. If bad investments are made or the market collapses both are subject to having to be slashed or the companies involved in the case of a DBP has to try and make up the difference.

There is no such animal as a perfectly secure retirement and all one can do is attempt multiple options such as I wrote earlier in the thread.

Yes 700 is correct in the fact that corporate America has got away with a shell game when it comes to our retirement. But who is to blame for that? We the people are the ones who vote and obviously do a piss poor job at holding our elected reps responsible for passing laws that go against us.

A multi-employer pension is a great premise but there are many risks involved in it that should be and need to be monitored by those who participate in it. Those questions I also posted further back.

Forget the three legged stool. You need to consider more than that for a hopefully solid future.

Agreed. And if we're going to insist on using the stool metaphor, then we need to add "financial education" as the 4th leg.

 

[swamt]

For someone who is vested for 25 years it will be just over 2200/mo. It takes 5 years to be vested, so that would be a 30 year employee.
US mechanics got the pension in April 2008, and only mechanics with 5 or more years of service were immediately vested, but they did count your time if under 5 years towards the vesting period.

I feel that's not enough for a 30 year retiree.  That amount is less than full bennies from SS.  It is approx the same as average from SS.  I feel that a pension should be the primary (income) during retirement and have the SS just as a bonus on top of it, as well as other funds and IRA accounts.  At the same time, as long as the pensions are not later gutted like they already have been, not once but twice, then the fund is a nice income to add to your SS.  I just think the US guys would do much better with a 401K and match with full control of their own monies.  With this fund only being in effect for a mere 5-6 years for the mechanics I cannot see the sweating over voting in a new union and the members telling them to do both pension fund and 401K with matches or flat out stop the pension fund and go full blown 401K, profit sharing, and your own private accounts that they could then afford to put into by making a larger wage by moving the 2per hour over to their wages and investing on their own.  Just to give you and example, we just had a mechanic retire at 55 with well over 1 million in 401k and PS alone, not including SS and not including his private accounts on the side.  There are others with more and are still working.  Some do play with their numbers, in and out, and such, and do very well with growing their funds to the max.  You, as an individual cannot do this with the pension fund at US or at any carrier for that matter, it is controlled by the administrator in charge of your pension funds.   Control your retirement accounts yourself and go the 401K.  I would understand the membership screaming that they just cannot bear to lose the pension if they have been in it for 20-30 years, but a mere 5-6 years to date for the mechanics and who knows how long it will last or even stay afloat and fully funded.  Pensions are going by the waste side at the majority of companies everywhere, and they are electing to go with 401K's, PS, retirement savings plans with discounted shares purchased, as well as stock options.  We have all 4 of these and hands down they beat any pension funds out there, and it is a lower cost for the company as most are geared around profits being made.
 
Thx for the update Blue.  And what is the majority thinking at US?  Are they dead set on staying with this pension?  Even after it has been cut twice before?  Even after we all sat back and watched Hoffa and company cut the funding from the teamsters pensions too?  With no input or say so from any member that was putting into said fund.  Take control of your retirement as well as control of your union, vote AMFA in and the members can make the changes they want with regards to their retirement packages...

 

[700UW]

We also have a terminated pension that will be collected from the PBGC for anyone who was vested before it was terminated in February of 2005.
 
So no one gets credit for a pension that they werent even in yet.