IAM Pension Fund

[robbedagain]

Josh  I don't think you can fairly compare bankers to airline employees...  for ex  airline employees  at least large percentages of them  are outside in all elements of the weather   rampers alone have one of the most dangerous jobs despite having large nbrs of safety measures in place  
 
WeAA  I personally like the 3 prong approach for retirement      I do put roughly 10% of my pay into my 401k  sometime in the new yr   I may jack it up to 15%    But down the road I think it would be cool if we could personally add in lit more to the IAMPF 

 

[Kev3188]

$3k/month is a joke. How can anyone even in Charlotte live off that?

How can anyone in CLT *not* make it on $3k/mo.? I live on way less than that, and sock the rest away.

 

[roabilly]

How can anyone in CLT *not* make it on $3k/mo.? I live on way less than that, and sock the rest away.

The guy is an idiot... it's all bait to derail the forum. That's what he does...

 

[WeAAsles]

Don't count on your piddly 401-k plans financing anything other than dog food. Stay on a payroll as long as you can, whether its for the airline or anyone else.
 
The country is broke, friends, and the time will come that taxes will be raised greatly to finance the government. That's in addition to the possibility that private IRA's and 401k plan assets may be seized.  Do a little research.  All that money you socked away tax free until retirement, will most likely be taxed at a higher rate when you are ready to start withdrawals, not at a lower tax rate as many were led to believe.  Tax rates have to go up, and they will.  Who's going to pay for this entitlement culture of everyone and his cousin on the government dole that is increasing exponentially each year... the workers paying payroll taxes, the people that saved and start withdrawals, that's who.
 
Plus rampant inflation will make your daily living expenses higher than today, not lower. We face the greatest financial meltdown in history, and it is unavoidable.  The government just loves you avoiding taxes today to build them a pile of cash you will pay them higher taxes on in the future when you need to tap it.
 
If you are younger and healthy,  buy the largest whole life insurance policy you can afford.  Add to it as your financial situation improves. Use it as your own private tax free retirement nest egg... borrow from the built up cash value of the  policy late in life, (you don't have to repay it, it just reduces the death benefit) = tax fee withdrawals, death protection during your career, and a nest egg for you and your heirs, passing tax free, no complicated tax rule required, just your privately financed retirement.
 
The 401k is a con job.  Best advice... stay on a payroll, the American dream of a leisurely retirement is dead and long gone.  Crunch the numbers, do the research!

Aw man. Looks like I'm going to be living homeless in the tropics then. Eating coconuts and catching fish with a stick. Hope I can find some cardboard to cover my head when it rains?

 

[WeAAsles]

MY SUGESTUN
IZ DRINK HEAVILY!

I wonder if they still make Cold Duck? $4.00 a bottle and the stuff was like ripple. Sure could light a fire under your asss.

 

[WeAAsles]

Josh  I don't think you can fairly compare bankers to airline employees...  for ex  airline employees  at least large percentages of them  are outside in all elements of the weather   rampers alone have one of the most dangerous jobs despite having large nbrs of safety measures in place  
 
WeAA  I personally like the 3 prong approach for retirement      I do put roughly 10% of my pay into my 401k  sometime in the new yr   I may jack it up to 15%    But down the road I think it would be cool if we could personally add in lit more to the IAMPF

Don't know if the fund can work that way Robbed? A better suggestion would be if you're fortunate to have money to spare, hire a financial planner to give you some advice on your available options.

 

[WeAAsles]

How can anyone in CLT *not* make it on $3k/mo.? I live on way less than that, and sock the rest away.

I live on way less than that here in MIA.

 

[737823]

How can anyone in CLT *not* make it on $3k/mo.? I live on way less than that, and sock the rest away.

For one person it may be doable but not a household.

Josh

 

[WeAAsles]

For one person it may be doable but not a household.

Josh

Wow these retirees you're thinking of must have had their children when they were in their 50's if you think they still have to worry about the family? Or else they need to throw that 35 year old bum out?

Maybe they were also married to June Cleaver who stayed at home cooking Meat Loaf and Apple Pie every night and has no retirement income of her own?

What a comment, lol.

 

[WeAAsles]

 
Doesn't suck to be me, only sucks to fly USdbaAA with all the awful changes.  
 
My point is $3000/month is hardly enough to get by.  Unions once prided themselves in providing a solid middle class standard of living with a solid retirement available at the end of ones career.  You all vigorously defend public sector employees "brothers and sisters" with cushy pensions far in excess of what you are offered.  My expectations and perspectives have nothing to do with it, I'm simply pointing out that you all shouldn't think you hit the lotto with IAMNPF like many here seem to believe.
 
Josh

I had to come back to this one more time because something disturbed me. Josh you say that you are a banker and yet you do not seem to understand something about retirement I see. That $3,000.00 again as Roa pointed out does not include other investments such as Social Security income, Individual retirement accounts or Property Value if you live in an expensive city and choose to sell and move to some place more reasonable. Oh and not to mention any type of "Dual income" that may come from your spouse if you have one?

What bank do you work for? I personally don't want to invest my money there if you are the average employee.

 

 

[Kev3188]

For one person it may be doable but not a household.

Josh

Sure it is.

 

[Topcat187]

The IAM pension fund has the following problems:

Too many limitations that prevent collection.

It is only guaranteed to 35% by the PBGC.

It is tied to the union itself. ( dont leave or your pension will stop).

The last one, its a pension. A promise to pay you at a much later date.

 

[TRAVIS]

I posted this on another thread but it should be here.
 
This IAMPF has hung over our heads long enough! It needs to go along with this BS union. They have used it as a gun to our head long enough and it is being used to protect a union that has FLAT FAILED ITS MEMBERS AND AS LONG AS WE STAY IAM WE WILL BE THE LOWEST PAID AMT"S AND THAT PAY CURVE IS GETTING WIDER EACH YEAR. 
I have supported change at US for years, I have seen this PF used to keep the IAM in power and the union members don't understand that the IAM has dressed up this PF by CUTTING FUTURES form the Members to show a 106% green PF that is nothing more that SMOKE AND MIRRORS.
 
I REFUSE! to be held HOSTAGE any longer to this BS IAMPF and POOR REPRESENTATION....... SO PULL THE DAMMED TRIGGER  !!!!!!!!!!
 
PUT IN A AMFA CARD!

 

[Kev3188]

If I had a nickel for every time I heard the "gun to our heads" phrase, we could all retire in style...

 

[roabilly]

I had to come back to this one more time because something disturbed me. Josh you say that you are a banker and yet you do not seem to understand something about retirement I see. That $3,000.00 again as Roa pointed out does not include other investments such as Social Security income, Individual retirement accounts or Property Value if you live in an expensive city and choose to sell and move to some place more reasonable. Oh and not to mention any type of "Dual income" that may come from your spouse if you have one?

What bank do you work for? I personally don't want to invest my money there if you are the average employee.

 

WeAA...
 
I think what needs to be clarified here is that what is being debated in this forum is this-- The direction of the “Company’s Contribution” to the retirement component regarding a Members total compensation package. It’s not a matter of choosing if you have either/or (Pension or 401k) outlined in the CBA, as Fleet currently has BOTH!
 
It is beneficial for all Members to realize that the “3 legged stool” retirement analogy means this...
 
Leg 1: Pension
Leg 2: Supplemental Retirement (401k)
Leg 3” Social Security
 
If you remove any one of these “Legs” the stool falls over, dumping you on the floor! Now -- here is the reality...
To get the 401k base and match from the Company, you would need to direct the current Company contribution AWAY from the IAMNPF. This would mean having the pension Leg REMOVED!
 
On the other hand, the current circumstances at US Fleet allow for BOTH the pension, and 401k. The Company currently directs a portion of the compensation package toward the IAMNPF, making it the primary. In ADDITION... the 401k is still part of the equation, as Members are allowed to invest tax deferred as a supplement to the pension.