IAM Pension Fund

[swamt]

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.

And didn't the benefits get cut twice, not just once?  I believe someone else has posted it before.  I could be thinking about another fund like the ibt's, but pretty sure it was the IAM's funds.   BTW, this 105% of fundage, did it come due to this cut in benefits?   In other words was it more like 50% funded, they cut all future benefits by 1/2, so now its 105% funded.  Not anything to brag about in my eyes.  Your right, pay the members so they can invest THEIR money the way they want to...

 

[JABORD]

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 ....

 
 
 
In the Puget Sound, Buffenbarger has forced the upcoming contract vote despite the objection of local union leaders who believe the contract involves too many concessions, particularly because of its shift away from pensions at a time when Chicago-based Boeing is profitable.
Jay Cronk, who is challenging Buffenbarger for the presidency of the union, said Buffenbarger has turned 180 degrees from his past support of pensions. Cronk said union training courses have always taught workers the importance of pension plans to ensure retirement stability.Cronk believes Buffenbarger is looking for a long-term contract to secure a steady stream of revenue for the union that wouldn't be disrupted by a possible strike in the coming years.
http://www.komonews.com/news/boeing/Machinists-chief-behind-contract-vote-once-called-pensions-sacred-238288441.html
 

We were expected to sacrifice for the “greater good” of the region. Boeing’s extortion of the state, and of the union membership, was seen as business as usual. This was echoed in the statements of IAM International President Thomas Buffenbarger. Our efforts to defend our contract were completely undercut by the International.
Despite the verbiage in the most current edition of the IAM’s publication, touting the importance of defined-benefit pensions, there is no way the IAM will be able to protect pensions anywhere.
- See more at: http://labornotes.org/2014/01/boeing-machinists-narrowly-approve-end-pensions#sthash.kWDWw8MV.dpuf

 

[Tim Nelson]

And didn't the benefits get cut twice, not just once?  I believe someone else has posted it before.  I could be thinking about another fund like the ibt's, but pretty sure it was the IAM's funds.   BTW, this 105% of fundage, did it come due to this cut in benefits?   In other words was it more like 50% funded, they cut all future benefits by 1/2, so now its 105% funded.  Not anything to brag about in my eyes.  Your right, pay the members so they can invest THEIR money the way they want to...

I think it was somewhere between 80%-90% funded and was at serious risk of being out of the green zone.  The IAMPF send us all a letter telling us how sorry they were but that it had to stay in the green and the only way that was possible was to whack our future benefits.  Yes, the IAMPF was cut twice in the last decade. First, they drafted a "B" benefit schedule.  Then they eliminated the "A" schedule.  Hopefully, they won't cut it a third time any time soon but I don't have any trust in it.  In America, we say, "Once bitten twice shy".

 

[limit]

I wish my 401k made 40% this year.

 

[Tim Nelson]

I wish my 401k made 40% this year.

My 401k and I presume most, really kicked butt this year. Basically, I made as much as my non overtime base pay for the year. It chaps my arse that a 3rd party is racking in all the money with MY MONEY in a dead beat IAMPF that I'm held hostage in.  I fully realize we have some who still prefer the IAMPF even though it could risk wacking future benefits a third time for its participants, but our union should at least start negotiating that the company puts some monies into our 401k. This is insane!

 

[P. REZ]

My 401k and I presume most, really kicked butt this year. Basically, I made as much as my non overtime base pay for the year. It chaps my arse that a 3rd party is racking in all the money with MY MONEY in a dead beat IAMPF that I'm held hostage in.  I fully realize we have some who still prefer the IAMPF even though it could risk wacking future benefits a third time for its participants, but our union should at least start negotiating that the company puts some monies into our 401k. This is insane!

Tim,

Question for you. Do you invest in the funds that are available to all employees or do you invest in other individual stocks in your 401k?

P. Rez

 

[JABORD]

One of the most blaring examples of 'backroom dealmaking' is when a Union takes over the managing of a program that was previously provided by the Company. At AA, Long Term Disability was turned over to the TWU to 'sell' to the members years back and is presently one of the highest costs that comes out of a person,s paycheck. All expectations are also that the Union will market a health plan to us in the near future since we no longer get retirement health care from the Company. Unfortunately any group rate discounts don't seem to get passed on to us.
When the previous US Pension was turned over to the PBGC, were the members given a choice between monies put toward a 401K or IAMNPF? The devil is always in the details. Was there a genuine marketing campaign that put you at ease as to their competence toward handling such an important program? Just the requirement that currently is in place that you need approval from the IAM if you choose to work after retirement gives cause for concern. At AA, the flight group, flight attendant Union and pilot Union both recieve a set value contributed to their 401K by the Company before applying an additional match. This was a sincere replacement for the Pension that was frozen out of BK. The mechanics were never considered for this additional contribution, we do get a match of 5.5%, and is the most glaring example as to how our profession is being destroyed by the Industrial Union types including the IAM. We along with our US maintenance brothers plan to fix that with AMFA's help.

 

[700UW]

When our pension was terminated in January of 2005, no one was given a choice, the court abrogated our CBA, and the final offer was a 3% DCP.  And the 401k match.
 
In 2008 when the Transition Agreement was negotiated the IAMNPF was ratified in the CBA by the membership.

 

[Tim Nelson]

Tim,

Question for you. Do you invest in the funds that are available to all employees or do you invest in other individual stocks in your 401k?

P. Rez

I created a brokerage account in my 401k as many of my coworker friends have. I must admit the last couple years have been fun,  some of us made more money in stocks than on the ramp.  I imagine the IAMPF trustees, as most fund managers, have really racked in the monies with our money. 
 
I reeled in a bit ago.  Caught my limit for now.

 

[AMFAinMIAMI]

From what I have been told and read the IAMNPF has only been around since 2008, if I am correct. You all got vested immediately am I correct as well there?
 
I was calculating the payout of my frozen pension at AA with 13yrs of service and I tell you its not much. Just about $1000.00 per yr of service.
 
With the $2.00 per hr for approx $4350.00 per yr what is the payout for a IAM Mechanic at the following ages?  62=?  661/2=?  70=? many of you are close in age as we are at AA if not older, just how much will you gain before you retire?
 
Is this a life time payment as well or just for the # of yrs you have in the Plan?
 
if its a life time plan how can the IAMNPF survive paying out without taking in the replacement amount from the company? Hasn't the IAM reduced the total payout to help the fund? Just as the IBT has with the Central states & Western Conf. plan?
 
If AA freezes the Pension and does not pay into it after a JCBA is negotiated, have any of you figured out what you will receive from the IAMNPF?
 
Do the restrictions placed on this fund out weigh the benefits you get by changing to a 401K match? This at least YOU Control without restrictions.
 
I am asking this so that maybe when the time comes to decide what you're going to do if we get a VOTE, you will have a better feel of which way to VOTE.
 
Lets LQQK at the big picture here and what is going to be best for our class and craft.
 
The Longer we fight over how/what we will end up with we'll be like the CAL/UAL guys with out a JCBA.
 
I for one am GLAD you did not go with the IBT they are the worst of the three TWU/IAM/IBT industrial unions.
 
The Pension is yours and don't let the IAM tell you different. If you switch to TWU or AMFA hasn't the IAM threatened your pension?  If so then why stay with them?
 
Sign an AMFA Card today and lets all move forward together with a strong class and craft union at AA.

 

[JABORD]

When our pension was terminated in January of 2005, no one was given a choice, the court abrogated our CBA, and the final offer was a 3% DCP.  And the 401k match.
 
In 2008 when the Transition Agreement was negotiated the IAMNPF was ratified in the CBA by the membership.

So truth be told, the picture becomes quite clearer. Thanks to all who contributed to this thread, we know that prior to 2009 the IAMNPF was teetering on falling to a less favorable status amongst pension funds. Maybe the question needs to be, "Who really benefitted from the influx of new US Air members to the IAMNPF?" I believe a T/A presented in 2008 while the employees were still reeling from BK was a shameful opportunity by the IAM to slip it in when odds were favorable for that CBA to be agreed to. Would the membership be educated as to what the fund really had to offer and was there any ability to pull that one issue off the table had enough employees disagreed? Apparently not.
No doubt many Funds were challenged by market downturns over time yet I suspect there are many similarities to shenanigans played at other Pension Funds such as the Teamsters Pension whereby leadership has a hard time keeping their mutts out of the till.
The TWBoo here at AA has already tried to market this Alliance BS with the promise that we also will obtain immediate vested status with the IAMNPF and will be included. Although there is no interest for it, you have to ask how wise it would be to again try to inject a large workforce on the mechanic side that already is making preparations for retirement. This short sided strategy by the Fund administrators will undoubtedly lead to further future benefit reductions to keep it sustainable.
Finally, my intentions of this thread was mainly generated by the difficulty some folks at US had to maintain a civil discussion of this topic. Intentions were to only help provide each other some specifics to a subject that is important to all. In the end, this is an evolving company and more change is coming and this topic really needs to be decided as to whether it's worth fighting for. I believe not and if you agree, the challenge will be to keep the discussion going and not let it trickle down to the Forum archives of obscurity.

 

[WNMECH]

.
Finally, my intentions of this thread was mainly generated by the difficulty some folks at US had to maintain a civil discussion of this topic. Intentions were to only help provide each other some specifics to a subject that is important to all. In the end, this is an evolving company and more change is coming and this topic really needs to be decided as to whether it's worth fighting for. I believe not and if you agree, the challenge will be to keep the discussion going and not let it trickle down to the Forum archives of obscurity.

 
The IAM doesn't want these discussions.
They just want to keep people in the dark and keep that money rolling in.
Industrial unions have been using the threat of losing pension money to keep sheeple chained to bad unions.

 

[Tim Nelson]

 
The IAM doesn't want these discussions.
They just want to keep people in the dark and keep that money rolling in.
Industrial unions have been using the threat of losing pension money to keep sheeple chained to bad unions.

Our union just doesn't listen and continues to be arrogant.  Thus, I've decided that I may have to make a few public youtube videos regarding the IAMPF, educating folks by showing them the 'drop dead letters', explaining how their money is at future risk, spousal offsets, suspensions, etc.  I'll introduce myself as an IAM member in the video and walk others through it step by step on how the IAMPF has hoodwinked many. Quotes and lies from union leaders saved over the years will also be shown. This union better start listening or the hammer will come down very very hard.  

 

[robbedagain]

question here Tim...  Lets say the IAM is very successful in getting DL FAs and ACS  thats 5k plus more new members  lets say theyre added to the Pension  How bad would the pension be?     Lets say in JCBA if the company throws in say lit more money into the pension  How bad would the pension be?   It appears to me the pension is doing good.     But in all fairness  if you drop the hammer and all do you think there will be more changes?   not a whole lot of changes have happened in the past w exception of few things    Personally I prefer the pension ss and 401k  myself  

 

[700UW]

Our union just doesn't listen and continues to be arrogant.  Thus, I've decided that I may have to make a few public youtube videos regarding the IAMPF, educating folks by showing them the 'drop dead letters', explaining how their money is at future risk, spousal offsets, suspensions, etc.  I'll introduce myself as an IAM member in the video and walk others through it step by step on how the IAMPF has hoodwinked many. Quotes and lies from union leaders saved over the years will also be shown. This union better start listening or the hammer will come down very very hard.  

Where did you get your degree to be a financial planner/pension expert?
 
How long have you been practicing financial planning and pension planning?

We all know the answers to those questions, you are not an expert nor anything to do with pension and financial expertise.