IAM Pension Fund

[blue collar]

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...

I don't know about the majority- I work at WN. The guys I know are mixed 70%-30% in favor of AMFA.

 

[swamt]

I don't know about the majority- I work at WN. The guys I know are mixed 70%-30% in favor of AMFA.

I remembered that you work @ SWA, but thought you still had connections with the US guys.  Didn't you use to work at US prior to SWA?  I was just trying to get a better picture of the on goings.  This time around the organizers for the AA side are being a little more cautious about letting too much info out too early, and I am sure they are doing the same at US.  Hoping the US guys are willing to sign enough cards for the entire membership to have a say so on who represents them after they become one group...

 

[blue collar]

I remembered that you work @ SWA, but thought you still had connections with the US guys.  Didn't you use to work at US prior to SWA?  I was just trying to get a better picture of the on goings.  This time around the organizers for the AA side are being a little more cautious about letting too much info out too early, and I am sure they are doing the same at US.  Hoping the US guys are willing to sign enough cards for the entire membership to have a say so on who represents them after they become one group...

Yes, I still talk to many people at US. I'm hearing about a 70/30 split in favor of AMFA. Not to say that the 30 is in favor of the alliance, or even the IAM, they seem apprehensive of changing unions.

 

[swamt]

Yes, I still talk to many people at US. I'm hearing about a 70/30 split in favor of AMFA. Not to say that the 30 is in favor of the alliance, or even the IAM, they seem apprehensive of changing unions.

Don't blame them.  We too were apprehensive about changing unions at first, then the teamsters pulled their final straw out and they were history.   Not sorry in the least bit now.  It's hard to see the future with change, the unknown, but what a difference once AMFA got in and all the members seen it all take place first hand, it even changed the minds of the previous unions chief stewards, and local officers once they seen how much the membership runs the union.  At least with AMFA change can be done at ALL levels without changing the entire union, that's one of the biggest reasons I made my decision and we've done it twice now, one at local level officer and again with all National Officers below National Director.   I know I hear alot of rumblings at work about the new bigger AA coming into AMFA, but I myself hope they can do it.  For one, it would make AMFA that much more stronger as a union.  Second, I am sick and tired sitting back and watching all the changes that have been forced upon the 2 memberships at US and AA without any say what-so-ever from the membership.  With AMFA-- any change what-so-ever to the contract, ANY, REQUIRES a membership vote period.  With all the other unions they can induce with back door deals or Letters of agreements to by-pass the membership vote, with AMFA this cannot  happen, it's in writing in the constitution.   Guess we will all find out soon what will be going on...

 

[JABORD]

My understanding is the positive funding percentage of the IAMPF is due to accounting changes that were allowed to keep from going into a bad rating. Any help to understand that process and is there any link or member notice that can be copied to read up on it?

 

[Real tired]

My understanding is the positive funding percentage of the IAMPF is due to accounting changes that were allowed to keep from going into a bad rating. Any help to understand that process and is there any link or member notice that can be copied to read up on it?

You are correct.  And other than the old paperwork I have sitting around in a drawer at home somewhere, any funding notices from those years are hard to find.
 
But basically, the years of 2005 until 2009 were some bad years for the IAMNPF as it entered into "endangered status".  And in '09, under the WRERA, it was allowed to defer, or re-amortize it's liabilities over a longer term.
 
Here's something I saved:
http://www.brennerbrief.com/international-association-of-machinists-to-invade-southern-u-s/
 
This is what scares me the most about the IAMNPF.  Although it may be in the "green" status now, it was only because they were able to extend the liabilities in '09.  That's the reason the Fleet people had their multiplier cut in half.  And I'm afraid if we have another economic downturn like we had in '08, they cut my multiplier too.
 
Here is the last funding notice I have access to:
http://mypension.iamnpf.org/media/13852/Annual_Funding_Notice_2009.pdf
 
Make your own choice on supporting the fund on the AA side.

 

[TRAVIS]

My understanding is the positive funding percentage of the IAMPF is due to accounting changes that were allowed to keep from going into a bad rating. Any help to understand that process and is there any link or member notice that can be copied to read up on it?

You will find its full of SMOKE AND MIRRORS. It's like buying a pension plan from a snake oil salesman. LOL 

 

[JABORD]

You are correct.  And other than the old paperwork I have sitting around in a drawer at home somewhere, any funding notices from those years are hard to find.
 
But basically, the years of 2005 until 2009 were some bad years for the IAMNPF as it entered into "endangered status".  And in '09, under the WRERA, it was allowed to defer, or re-amortize it's liabilities over a longer term.
 
Here's something I saved:
http://www.brennerbrief.com/international-association-of-machinists-to-invade-southern-u-s/
 
This is what scares me the most about the IAMNPF.  Although it may be in the "green" status now, it was only because they were able to extend the liabilities in '09.  That's the reason the Fleet people had their multiplier cut in half.  And I'm afraid if we have another economic downturn like we had in '08, they cut my multiplier too.
 
Here is the last funding notice I have access to:
http://mypension.iamnpf.org/media/13852/Annual_Funding_Notice_2009.pdf
 
Make your own choice on supporting the fund on the AA side.

R.t.,
Thanks for sharing your info. I can't tell you how many discussions with US guys about the Pension almost lead to blows. It's clear and unfortunate that too many folks depend on hearsay and make no attempt to confirm. Even the threat by the IAM that if you pursue other Union representation it puts your pension in jeopardy should make folks angry and ask why if the Union has your best interest, would they hold it over your heads in that manner. Change is coming and on the AA side wish nothing but the best for all. Thanks again.

 

[737823]

MY SUGESTUN
IZ DRINK HEAVILY!

What are you drinking?

Josh

 

[JABORD]

"In the Plan’s 2008 tax return:

• 270 thousand total participants
• 117 thousand active participants (paying into the fund) (43%)
• 60 thousand receiving benefits (22%)
• 82 thousand entitled to future benefits (not yet retired, but not paying into the plan) (30%)
• One can’t get an accurate picture of the fund on the basis of how it performed this one year alone. But, it is troubling to see that number paying into the fund is in the minority, and the operating expenses exceed the amount being paid in benefits. Numbers like these may indicate fundamental problems that may continue, even in good years."
• http://www.brennerbrief.com/international-association-of-machinists-to-invade-southern-u-s/

These are some of the dirty little secrets that the IAM will attempt to keep us in the dark about and it should be of no surprise that as we share these details amongst ourselves, contempt for the IAMNPF is growing.
 

 

[700UW]

Six years ago, as of last year the plan was 105% funded.

 

[swamt]

 
"In the Plan’s 2008 tax return:

• 270 thousand total participants
• 117 thousand active participants (paying into the fund) (43%)
• 60 thousand receiving benefits (22%)
• 82 thousand entitled to future benefits (not yet retired, but not paying into the plan) (30%)
• One can’t get an accurate picture of the fund on the basis of how it performed this one year alone. But, it is troubling to see that number paying into the fund is in the minority, and the operating expenses exceed the amount being paid in benefits. Numbers like these may indicate fundamental problems that may continue, even in good years."
• http://www.brennerbrief.com/international-association-of-machinists-to-invade-southern-u-s/

These are some of the dirty little secrets that the IAM will attempt to keep us in the dark about and it should be of no surprise that as we share these details amongst ourselves, contempt for the IAMNPF is growing.
 

 

As stated above, even in good years, these numbers indicate fundamental problems.  According to some who pump up this fund, they claim the fund is over funded currently.  Does anyone have the same info you posted for the years 2009-2013???  To be fair the info you have posted is old. However, it does not change the fact that more money is going out than coming in and it very well could still be this way with all the lay-offs, rifs and people that have just quit and moved on.  2008 was a time after many many lay-offs as is this time with the AA'ers added to it, plus the pension freeze by AA.  I would be curious to the numbers currently going in and going out (%)...

 

[TRAVIS]

With the information out, I would hope the AA AMT's are smart enough not to put a rope around their necks. All the IAM has done is to protect a Pension Fund that is unstable at a cost to the pay scales that leaves you no extra money to invest in other plans for retirement. We are 15k to 25k less than other AMT's in the industry doing the same work with other means for retirement.    

 

[Tim Nelson]

Six years ago, as of last year the plan was 105% funded.

They had to cut future benefits to keep it in the green. Dont thank the snake oilists. Thank the hostages who were force effed to get their benefits whacked for the plan to keep floating.

I made over 40% on my 401 investments this year. How much have the iampf scammers made with my money that the company puts into the iampf?

I want my money now! Give us a choice so i can get my future income into my hands instead of a third party who effed me over once already. Those that want to keep tossing their money into the iam pension is fine, but others should be able to have choices of putting their money into a self governing 401 also.

 

[Kev3188]

 

Give us a choice...

I wonder if they've ever thought about how giving people a choice might result in an upsurge in support? Just a thought...