IAM Pention Fund/Really How Good Is It? in $$.$$
- Thread starter Mr Eagle
- Start date
Jimmy Neutron
Veteran
- Dec 2, 2005
- 566
- 99
What is AMT's?
Kev3188
Veteran
If I may jump in here for a minute...
Over here at NW, the current contract offer on the table contains a proviso to freeze our defined pension benefits (for which the multiplier currently is $51/Mo.), and replace it looking forward with the IAM NPP. I was told by a member of the negociating (sp?) committee for this latest contract offer that the multiplier for the NPP will be "roughly $42 a month."
I've said it before on many threads/forums, but I'll say it again; I'll take a 401k match anyday over a DBP.
Over here at NW, the current contract offer on the table contains a proviso to freeze our defined pension benefits (for which the multiplier currently is $51/Mo.), and replace it looking forward with the IAM NPP. I was told by a member of the negociating (sp?) committee for this latest contract offer that the multiplier for the NPP will be "roughly $42 a month."
I've said it before on many threads/forums, but I'll say it again; I'll take a 401k match anyday over a DBP.
Jimmy Neutron
Veteran
- Dec 2, 2005
- 566
- 99
Hey we got enough problems and from what I read in the news, so do you.
What you at NW have or are being offered is totally different then what we at US have, so please don't confuse people anymore then they already are.
Thank You
Kev3188
Veteran
You bet we do.
I'm not trying to confuse anyone. The first post of this thread asked, "just exactly HOW much one could expect to be placed in one's bank acct. Each Month/Week/Year? "
I answered with relevant info regarding a multiplier amount. Nice to see US's is higher, BTW.
allunionsdeceive
Senior
- Dec 7, 2005
- 286
- 0
Is this for the Ramp?
Tim Nelson
Veteran
FWIW: Any retirement plan is only as good as what is put in. US AIRWAYS was very happy to participate in the IAM pension plan since it eliminated the 401k which was much more lucrative than the IAM's pension plan. The IAM pension plan was actually the 2nd biggest concession contained in the fleet contract as it was a $47 million concession and it isn't as portable as a 401k. Basically it is one of the worst contributing plans I think I have ever seen. It's just aweful.
regards,
AIRWOMAN
Veteran
- Oct 20, 2005
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And if I'm not mistaken, a 401K is more costly to the company to maintain as well. Thought I saw something in the IAM contract regarding employees will bear the costs of a 401K if it's offered.
Sounds like crap to me. But then again, we don't have all the FACTS.
And refer to post 16 - the M&R contract doesn't currently have it so...........
I'm not.
From an ex-United employee, they had to vote on it so that their 401K wasn't rolled into the pension plan.
And as you stated in post 16, the M&R contract does NOT have this currently. So............?????
- Banned
- #25
There you go Bob, ignoring the facts and calling names.
Can you not stay on topic instead of bringing up something that 25 people did own their own, not the over 600,000 members?
Must you poison every thread?
The IAMNPF is not controlled by the IAM, as I have stated, yet you continue to spew misinformation.
You really need to do something about your OCD.
**Moderator Note: Please refrain from quoting a lengthy post. It just makes it easier for everyone to read follow-on posts. Thank you.**
Can you not stay on topic instead of bringing up something that 25 people did own their own, not the over 600,000 members?
Must you poison every thread?
The IAMNPF is not controlled by the IAM, as I have stated, yet you continue to spew misinformation.
You really need to do something about your OCD.
**Moderator Note: Please refrain from quoting a lengthy post. It just makes it easier for everyone to read follow-on posts. Thank you.**
Conventional wisdom dictates that defined benifit plans, like the IAMs plan are better than defined contribution plans-401K, however defined contribution plans do have some major benifits, the first being their portability.
From what the TWA guys are saying the IAM plan has some big drawbacks, such as if you continue working after retiring there is a penalty. Another factor you must consider is that the plan itself could actually be used as a tool to screw you down the road, as it was at TWA.
When AA started taking over TWA, TWA was in hock to the IAM for something like $500 million.Moneys they owed for the pension. They used that to get the IAM to waive their contracts successorship clause so the TWA guys were stapled.
If you go into the IAM plan it bonds you to the IAM, which is a dying union. In fact at its current rate of decline they will cease to exist in less than 10 years.
So given the choice between a pension with an uncertain, declining organiztion and an independant 401K I'd take the 401K.
One of the biggest weaknesses that airline workers have is that fact that we do not enjoy portability, the ability to make lateral moves from company to company. This lack of portability makes us sitting ducks. Since everything we have is tied to the company we have tied our fates to a corporate name in which we have no control over.If we are to ever make a comeback we have to build a structure where we can move our careers as easily as corporations can move their assetts.
The IAM plan does not do this because it ties you to an organization that is part of the problem.
From what the TWA guys are saying the IAM plan has some big drawbacks, such as if you continue working after retiring there is a penalty. Another factor you must consider is that the plan itself could actually be used as a tool to screw you down the road, as it was at TWA.
When AA started taking over TWA, TWA was in hock to the IAM for something like $500 million.Moneys they owed for the pension. They used that to get the IAM to waive their contracts successorship clause so the TWA guys were stapled.
If you go into the IAM plan it bonds you to the IAM, which is a dying union. In fact at its current rate of decline they will cease to exist in less than 10 years.
So given the choice between a pension with an uncertain, declining organiztion and an independant 401K I'd take the 401K.
One of the biggest weaknesses that airline workers have is that fact that we do not enjoy portability, the ability to make lateral moves from company to company. This lack of portability makes us sitting ducks. Since everything we have is tied to the company we have tied our fates to a corporate name in which we have no control over.If we are to ever make a comeback we have to build a structure where we can move our careers as easily as corporations can move their assetts.
The IAM plan does not do this because it ties you to an organization that is part of the problem.
Must you poison every thread?
The IAMNPF is not controlled by the IAM, as I have stated, yet you continue to spew misinformation.
You really need to do something about your OCD.
[/quote]
This marks an individual who is totally eaten up by his hatred of the IAM as well as his depth of participation on these boards. If these boards were to go away he would require psychotic help to get thru each day of his pathetic existence, afterall his life is slamming unions and anyone else who doesn't share his twisted views. It's his very life, all he really has. His dreamed up distortions makes him feel alive. I mean what else can he do? Talk about Burger King and how one can eek out a decent living playing the Burger King maid? It’s pathetic.
The IAMNPF is not controlled by the IAM, as I have stated, yet you continue to spew misinformation.
You really need to do something about your OCD.
[/quote]
This marks an individual who is totally eaten up by his hatred of the IAM as well as his depth of participation on these boards. If these boards were to go away he would require psychotic help to get thru each day of his pathetic existence, afterall his life is slamming unions and anyone else who doesn't share his twisted views. It's his very life, all he really has. His dreamed up distortions makes him feel alive. I mean what else can he do? Talk about Burger King and how one can eek out a decent living playing the Burger King maid? It’s pathetic.
AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
Look at how a large majority of pension plans have fared in recent years. And since the merger and in large part due to the Enron scandal, we are no longer able to "invest" in company stock through our 401K. I too, would rather have my 401K or at least the option between the two.......which will undoubtably NOT happen.
What would happen if the IAM ceased to exist? Which if you look at the rate at which they are losing members is a distinct possibility?
