IAM Pension Fund

roabilly said:
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. 
Either way you look at it a 401k option is and still will be available from the company. The debate is whether the future preference at least on our side will be wanting to continue on with the 5.5% match on ALL earnings or divert that over to the IAMPF? 

What has to be remembered from the TWU member vantage point is that we still do have a pension. Frozen yes but the company is making advance contributions to shore up the shortfalls and I find that to be comforting that at least one of my retirement checks will be secure in the future.

I do try to strive for honesty and IMO IAM members will more than likely not be given that opportunity of choice that I will expect from my negotiators if the IAMPF is afforded to us as an option? I already stated the questions I will be asking from the funds administrators when the time comes to make the best decision I can for myself and my future security.

Back to the topic though of individual retirement decisions. IAM fleet members just received a pretty decent pay raise. My suggestion to people although it may be difficult would be to place half of the raises you just received into your 401k or another personal retirement option and let that grow. We will be getting another 2.1% raise at the end of the month and I plan to put that also into my 401 bringing my contribution up to 22%.

The decisions you make today you will thank yourself tomorrow for.

 
 
WeAAsles said:
Either way you look at it a 401k option is and still will be available from the company. The debate is whether the future preference at least on our side will be wanting to continue on with the 5.5% match on ALL earnings or divert that over to the IAMPF? 

What has to be remembered from the TWU member vantage point is that we still do have a pension. Frozen yes but the company is making advance contributions to shore up the shortfalls and I find that to be comforting that at least one of my retirement checks will be secure in the future.

I do try to strive for honesty and IMO IAM members will more than likely not be given that opportunity of choice that I will expect from my negotiators if the IAMPF is afforded to us as an option? I already stated the questions I will be asking from the funds administrators when the time comes to make the best decision I can for myself and my future security.

Back to the topic though of individual retirement decisions. IAM fleet members just received a pretty decent pay raise. My suggestion to people although it may be difficult would be to place half of the raises you just received into your 401k or another personal retirement option and let that grow. We will be getting another 2.1% raise at the end of the month and I plan to put that also into my 401 bringing my contribution up to 22%.

The decisions you make today you will thank yourself tomorrow for.


 
Excellent advice WeAA!
 
However... herein lies the conundrum... many Members will either say they can't afford to contribute, or would prefer to use the money elsewhere. That, in essence is the Achilles heel regarding 401k investment strategies. Many... (Not all) Members are not well versed in investment strategies, and lack the discipline to adhere to strict retirement planning.
 
This is how Corporations have saved Billions by dumping their Defined Benefit Plans, and then replacing them with 401k's. A lot of employees fail to invest, and the Companies circumvent their portion of the contributions, and place them into their own pockets!
 
I personally spoke with Members that panicked during the recession years, and pulled their 401k balances out of equities at the bottom of the market when they tanked. Now that the markets have rebounded, they will NEVER regain those losses!
 
roabilly said:
Excellent advice WeAA!
 
However... herein lies the conundrum... many Members will either say they can't afford to contribute, or would prefer to use the money elsewhere. That, in essence is the Achilles heel regarding 401k investment strategies. Many... (Not all) Members are not well versed in investment strategies, and lack the discipline to adhere to strict retirement planning.

The issue is not if you can or want to contribute to your retirement savings. The issue is that you must. In the particular job that we do it's not guaranteed that you will have a choice to work till you're very old as your body may tell you it cannot.
 
 
This is how Corporations have saved Billions by dumping their Defined Benefit Plans, and then replacing them with 401k's. A lot of employees fail to invest, and the Companies circumvent their portion of the contributions, and place them into their own pockets!

True. Especially if a company only makes matches to what you contribute and not solely contributions.
 
I personally spoke with Members that panicked during the recession years, and pulled their 401k balances out of equities at the bottom of the market when they tanked. Now that the markets have rebounded, they will NEVER regain those losses!

Wall Street lives, breathes and feeds off of those who panic. The market is not really made up for the average person as it has far too many built in complications and risks.

The average person should seek out professional advice and follow that advice and not assume you know better then the person you've hired since they do this for a living. We all have talents and those things that we don't have talents in we shouldn't pretend we do.

 
 
roabilly said:
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. 
No. That's not what it would mean.  The IAMPF won't be removed.  
And what's wrong with having the retirement options evened out by enhancing the 401k by directing a % of the total company contribution into the 401k instead of the IAMPF? Maybe 50/50?  Whatever the case, the fair thing would be to negotiate that members have a choice since it is their retirement.  NC shouldn't just continue to add to IAMPF contributions without recognizing the 401k.   At any rate, in the future, I would hope that the next NC doesn't just address full time items, but treats part time [up to 40% of our workforce] equal.  The IAMPF .75 part time rate is insulting. If they don't get penalized for working less than 31 hours a week, they get a whopping $37 a month!  No matter how many additional hours they work. 
 
Those lucky enough to put in 20 years can collect $740 a month if the IAMPF trustees don't steal it again with shifting schedules.
 
You been brain washed by Corporate America, a 401k is not a pension or a true retirement plan, you and others have let Corporate America brainwash you into funding your own retirement.
 
A 401k is a supplemental plan to assist in retirement, its not a defined benefit plan nor is is backed nor insured nor was it designed to be your main source of income upon retirement.
 
And many lost a lot in their 401k in the market downturn and the airline bankruptcies.
 
700UW said:
You been brain washed by Corporate America, a 401k is not a pension or a true retirement plan, you and others have let Corporate America brainwash you into funding your own retirement.
 
A 401k is a supplemental plan to assist in retirement, its not a defined benefit plan nor is is backed nor insured nor was it designed to be your main source of income upon retirement.
 
And many lost a lot in their 401k in the market downturn and the airline bankruptcies.
We are funding our own retirement whether its the iampf or 401k. Last i checked, the iam wasnt giving me any money. All my money, regardless. Id like to have control and tax savings.
 
WeAAsles said:
Either way you look at it a 401k option is and still will be available from the company. The debate is whether the future preference at least on our side will be wanting to continue on with the 5.5% match on ALL earnings or divert that over to the IAMPF? 

What has to be remembered from the TWU member vantage point is that we still do have a pension. Frozen yes but the company is making advance contributions to shore up the shortfalls and I find that to be comforting that at least one of my retirement checks will be secure in the future.

I do try to strive for honesty and IMO IAM members will more than likely not be given that opportunity of choice that I will expect from my negotiators if the IAMPF is afforded to us as an option? I already stated the questions I will be asking from the funds administrators when the time comes to make the best decision I can for myself and my future security.

Back to the topic though of individual retirement decisions. IAM fleet members just received a pretty decent pay raise. My suggestion to people although it may be difficult would be to place half of the raises you just received into your 401k or another personal retirement option and let that grow. We will be getting another 2.1% raise at the end of the month and I plan to put that also into my 401 bringing my contribution up to 22%.

The decisions you make today you will thank yourself tomorrow for.

 
 
 
Yeah, before you start counting your chickens - check this out: http://www.shtfplan.com/headline-news/government-lays-groundwork-to-confiscate-your-401k-and-ira-this-is-happening_02132014
 
If people keep on electing socialists and closet commies, you can forget about your 401K being safe.
 
Tim Nelson said:
We are funding our own retirement whether its the iampf or 401k. Last i checked, the iam wasnt giving me any money. All my money, regardless. Id like to have control and tax savings.
There isnt a deduction on your paycheck for the IAMNPF, unlike your 401k.
 
And it is too hard for you to understand that a 401k is not a pension, yet you lobby for it and say forget the IAMNPF, no wonder why Corporate America is making tons of money and yet its not passed down to the workers who earn that money for the company.
 
Both options, 401k and Pensions are at the whim and risk of the market and the laws that govern the two. If bad investments are made or the market collapses both are subject to having to be slashed or the companies involved in the case of a DBP has to try and make up the difference.

There is no such animal as a perfectly secure retirement and all one can do is attempt multiple options such as I wrote earlier in the thread.

Yes 700 is correct in the fact that corporate America has got away with a shell game when it comes to our retirement. But who is to blame for that? We the people are the ones who vote and obviously do a piss poor job at holding our elected reps responsible for passing laws that go against us.

A multi-employer pension is a great premise but there are many risks involved in it that should be and need to be monitored by those who participate in it. Those questions I also posted further back.

Forget the three legged stool. You need to consider more than that for a hopefully solid future.
 
700UW said:
There isnt a deduction on your paycheck for the IAMNPF, unlike your 401k.
 
And it is too hard for you to understand that a 401k is not a pension, yet you lobby for it and say forget the IAMNPF, no wonder why Corporate America is making tons of money and yet its not passed down to the workers who earn that money for the company.
Anyone advocating to just dump the IAMPF is a fool who has no hope in the future of union participation growing and has already given up on the ideology. Maybe that former Director of Organizing needs to get back in the game?

I do advocate for choice though over forced participation. Whether they truly are or aren't, a man's retirement should not be held hostage by anyone or any organization. That should be something that people have with free will.
 
Tim Nelson said:
Those lucky enough to put in 20 years can collect $740 a month if the IAMPF trustees don't steal it again with shifting schedules.
LIE! I collect more than that, and I was  in for a little over ten years! 20 years would bring you double what you claim!
 
Vortilon said:
Yeah, before you start counting your chickens - check this out: http://www.shtfplan.com/headline-news/government-lays-groundwork-to-confiscate-your-401k-and-ira-this-is-happening_02132014
 
If people keep on electing socialists and closet commies, you can forget about your 401K being safe.
Thank you. I'm actually more afraid of the pending solar flare disaster and the Yellowstone super Volcano personally. Couldn't believe we weren't wiped out when the Mayan calendar ended. Now I'm stuck with 200 cases of Tuna Fish.

Planet Nibiru is no myth my friends.
 

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