IAM Pension Fund

[Tim Nelson]

If the asso iation gets a ta or signs various side letters, how is it going to b voted on? Is it goin to b voted on?
Ive reviewed the association constitution months ago and i dont recall how votes take place.

 

[700UW]

So Tim, why dont you explain what the 2%, 4%, 6%, 8%, and 10% plan was, since that is what you all had after the pension was frozen not a 401k match.
 
So Tim you werent 55% yet so how were you getting 10%?

 

[Tim Nelson]

So Tim, why dont you explain what the 2%, 4%, 6%, 8%, and 10% plan was, since that is what you all had after the pension was frozen not a 401k match.
 
So Tim you werent 55% yet so how were you getting 10%?

we did have a match. It was 2%. Then another base of 2%. Then it went to 4% at 30 something. 6% at 40 something. 8% thereafter. It wasnt perfect but it was based on total compensation and alot of us built up our 401ks pretty high.
high enuf that i made a huge some of money in my 401 in 2013 and so far in 2014. About 30% each year.

Whatever the case, we lost the match and the automatic base then lost the profit sharing in 2008.

I prefer a 401k. Im not the only one. The nc needs to be more sensitive and allow the members a choice.

 

[700UW]

It was a DCP, not a 401k Match, if an employee didnt contribute to a 401k then how was it matched?
 
It wasnt matched, it was an automatic contribution by the company which was  DCP, not a 401k.
 
And a 401k was not designed to be your pension, it was designed to be a retirement supplement, but people have let Corporate America brainwash them into thinking its a pension.

 

[roabilly]

It was a DCP, not a 401k Match, if an employee didnt contribute to a 401k then how was it matched?
 
It wasnt matched, it was an automatic contribution by the company which was  DCP, not a 401k.
 
And a 401k was not designed to be your pension, it was designed to be a retirement supplement, but people have let Corporate America brainwash them into thinking its a pension.

... and as a consequence -- THIS is what has transpired for the Average American...
 
“Ultimately U.S. TAXPAYERS, will foot an enormous retirement bill. According to a new study, "The Retirement Savings Crisis: Is It Worse Than We Think?" the nation is dangerously unprepared for retirement. The financial shortfall threatens to be so great, in fact, that we either need to beef up Social Security and other public and private retirement programs, or get ready for an enormous surge in demand for Medicaid and other government safety-net programs.”
 
401K'S have destroyed conventional retirement in America!

 

[700UW]

http://www.cnn.com/2012/05/08/opinion/walker-retirement/
 
http://www.usatoday.com/story/money/columnist/brooks/2014/04/22/retirement-pension-financial-planning-401k/7864899/
 
http://www.iravs401kcentral.com/pension-vs-401k-what-are-the-differences/

 

[roabilly]

For those that think $100,000 is a nice 401k balance... keep in mind that for each $100,000 increment, you will receive only a few hindered per month in retirement. You will need north of a MILLION dollars to be even come close to your current monthly income...
 
"The median balance of $100,000 for those nearing retirement will only provide a few hundred dollars per month in income if the full account balance is annuitized," the report says. "Among working households age 55-64, nearly 32 percent have no retirement savings, and another 32 percent have retirement savings less than 100 percent of their income."

 

[737823]

For those that think $100,000 is a nice 401k balance... keep in mind that for each $100,000 increment, you will receive only a few hindered per month in retirement. You will need north of a MILLION dollars to be even come close to your current monthly income...
 
"The median balance of $100,000 for those nearing retirement will only provide a few hundred dollars per month in income if the full account balance is annuitized," the report says. "Among working households age 55-64, nearly 32 percent have no retirement savings, and another 32 percent have retirement savings less than 100 percent of their income."

$100,000 nice balance? Lol. That's hardly an AGCs annual salary.

Josh

 

[roabilly]

$100,000 nice balance? Lol. That's hardly an AGCs annual salary.

Josh

 
Let me guess... as a “Banker” (wink...wink) you prefer for Fleet to have the 410k... right?
By the end of the first quarter of this year, the average 401(k) was worth $88,600, up from $46,200 on average five years ago not EVEN $100,00.00-- So your point is moot!
 
Average 401k balance up, but not near enough (CNBC)

 

[737823]

 
Let me guess... as a Banker (wink...wink) you prefer for Fleet to have the 410k... right?
By the end of the first quarter of this year, the average 401(k) was worth $88,600, up from $46,200 on average five years ago not EVEN $100,00.00-- So your point is moot!
 
Average 401k balance up, but not near enough (CNBC)

 
Not sure about Charlotte, but good luck living comfortably in the Greater Boston, Los Angeles, or New York areas on less than $100k/year let alone your retirement savings.
 
Josh

 

[robbedagain]

on the other hand u run the risk of losing more if the economy or the company in which ur 401k is in fails   whereas the iampf is 105% funded.   then again as a banker im quite sure that at least that one person doesn't have to worry about his 401k!

 

[roabilly]

on the other hand u run the risk of losing more if the economy or the company in which ur 401k is in fails   whereas the iampf is 105% funded.   then again as a banker im quite sure that at least that one person doesn't have to worry about his 401k!

That's correct... because he has YOURS!

 

[roabilly]

I’ll tell you what... let’s conduct a real-time survey right here in this forum...
 
How many Fleet Service Members currently have $250,000.00 or more in your 401k balance? If you do... please post here, and tell us how many years it took you to acquire that balance.
 
You would need to currently have at least $250,000.00 in your 401k RIGHT NOW to equal what the IAMNPF has ALREADY established for you in retirement, if you were vested since the inception of the fund!
 
Let the arguments begin... 

 

[BLUTO]

401K MTCH
SUX> IF DOOSH
IZ BANKER>
THN IM ENGLSH
MAJOR!

 

[737823]

I’ll tell you what... let’s conduct a real-time survey right here in this forum...
 
How many Fleet Service Members currently have $250,000.00 or more in your 401k balance? If you do... please post here, and tell us how many years it took you to acquire that balance.
 
You would need to currently have at least $250,000.00 in your 401k RIGHT NOW to equal what the IAMNPF has ALREADY established for you in retirement, if you were vested since the inception of the fund!
 
Let the arguments begin... 

Way to aim low. This shouldn't come as surprise since you were part of the workgroup that was content accepting sub industry standard wages for so many years while your employer took in record profits. Seriously where do you come up with these numbers? How could someone retire and live comfortably with $250k, social security and the IAMNPF?

Josh