Kev3188
Veteran
Fishing trips...
IAM Pension Fund
- Thread starter JABORD
- Start date
WeAAsles
Veteran
- Oct 20, 2007
- 23,539
- 5,263
Summary of the Pension Protection Act of 2006
Read from page 10 down
http://worldatwork.org/waw/adimLink?id=15322
The second link is a notice from the IAMPF as to it's status in 2013.
http://mypension.iamnpf.org/media/69651/Green_Zone2013.pdf
Read from page 10 down
http://worldatwork.org/waw/adimLink?id=15322
The second link is a notice from the IAMPF as to it's status in 2013.
http://mypension.iamnpf.org/media/69651/Green_Zone2013.pdf
WeAAsles
Veteran
- Oct 20, 2007
- 23,539
- 5,263
For those of you that are thinking that the AA Frozen pension will just be rolled over into the IAMPF that is not true and simply will not happen or be allowed. Not only would the IAMPF accept billions in underfunding but that would obviously take the fund out of the Green Zone and cause it by law to have to make even further cuts to payouts for ALL participants. So #1 that makes zero sense and #2 it would not be allowed by law. Why would the IAMPF even want to take on AA's liabilities?
AMR says unless the pensions end, the company will have to come up with more than $800 million a year to pay for them.
In fact: AMR lobbied for and obtained pension relief from Congress that allowed the airline to reduce and defer pension payments. This funding relief has saved AMR more than $2.1 billion over the past six years. That's more than half of AMR's total $4 billion in cash on hand. In effect, that's money AMR borrowed from its workers' pensions, money that helped keep the company aloft.
For the next six years, thanks to the pension relief it already obtained, AMR's annual pension cost will be roughly half the $800 million the company says it will be. So the pensions are a lot more affordable than AMR claims.
http://www.pbgc.gov/wr/other/pg/american-airlines-pensions--get-the-facts.html
AMR says unless the pensions end, the company will have to come up with more than $800 million a year to pay for them.
In fact: AMR lobbied for and obtained pension relief from Congress that allowed the airline to reduce and defer pension payments. This funding relief has saved AMR more than $2.1 billion over the past six years. That's more than half of AMR's total $4 billion in cash on hand. In effect, that's money AMR borrowed from its workers' pensions, money that helped keep the company aloft.
For the next six years, thanks to the pension relief it already obtained, AMR's annual pension cost will be roughly half the $800 million the company says it will be. So the pensions are a lot more affordable than AMR claims.
http://www.pbgc.gov/wr/other/pg/american-airlines-pensions--get-the-facts.html
roabilly
Veteran
- Feb 17, 2008
- 2,136
- 2,355
Click on your profile, go to “My Settings” – go to “Ignore Preferences” – Type in the posters ID (737823) into the "Add New User" box—There will be three options to choose from. You can select “Posts, Signatures, and Messages" individually, or in any combination, including all three options for complete ignore. To stop his PM's... you need to at least select "Messages", and make sure TO SAVE the settings before closing.700UW said:
Tim Nelson
Veteran
Many of us are uncomfortable with 100% of the company contributions going into one egg, i.e., IAMPF. We have seen how this is not a good idea. Yet we left negotiations without addressing the retirement issues. Getting better company contributions and splitting it up in portions, or one time choice, is the fairest thing that can happen since many of us want nothing to do with a fund that nobody can control other than some IAM Pension trustee.Kev3188 said:
Kev3188
Veteran
Silly 700; shadowmen don't answer questions, they only ask them!
