Bird Doctor
Senior
How much could I expect to get after I retire??
IAM Pention Fund/Really How Good Is It? in $$.$$
- Thread starter Mr Eagle
- Start date
How much could I expect to get after I retire??
Tim Nelson
Veteran
700, your dillusional persistence surprises even me.
I dunno where you're getting your misinformation but the CSA plan is not being funded by the company with only a match. FWIW: the CSA 401k plan is being funded with company contribution amounts of in some cases 300% greater than the small pension contributions they are allowed to make for the IAM battered fleet service group.
The IAM pension plan was primarily a result of the IAM pleading for control of the pension monies and to get that control they agreed to a $47 million concession. It was not only a 'deep' concession but also provided huge restrictions, no flexibility unless you get another IAM job, and possible suspensions. And FWIW: in the future there is NO Guarantee that the IAM pension plan will actually be there or that it will be overfunded. With the continual brutal onslaught of deep member losses, some have suggested that the IAM may be out of business sooner as opposed to later but that is a matter of opinion.
700, let's leave opinion out of this and just look at the scoreboard. That being said, do you understand that the IAM pension plan was a $47 million concession when compared to the much superior 401k that was in place?
I mean, honestly, will you not admit that the IAM pension plan created a huge concessional 'pain' for fleet service?
As a side, others in this thread have asked you honest questions about your plan but all you have done is given them typical IAM babble and have continuously danced around their questions. You and the IAM are real good at talking on the field when others point to the scoreboard. The IAM's days are now numbered on your property, both for Fleet & Mechanics, thanks to an election that the IAM knows it can never win.
regards,
- Banned
- #64
Last I heard there is no election yet,where are you getting your info from?
Go back and read, I said the company does not furnish a retirement plan paid by the company only, having comprehension problems?
And the $78 multiplier is greater then anything fleet ever had.
And IAM member losses have no input on the pension plan unless the company that the member worked for was part of the pension plan. It is a multi-employer plan, can you understand that?
Like I have said the pension it a total seperate entity from the IAM.
Go back and read, I said the company does not furnish a retirement plan paid by the company only, having comprehension problems?
And the $78 multiplier is greater then anything fleet ever had.
And IAM member losses have no input on the pension plan unless the company that the member worked for was part of the pension plan. It is a multi-employer plan, can you understand that?
Like I have said the pension it a total seperate entity from the IAM.
robbedagain
Veteran
- Oct 13, 2003
- 11,125
- 2,676
when furloughed agents retire from whatever company they're at now, will they be able to collect the IAM pension at that time?
Jimmy Neutron
Veteran
- Dec 2, 2005
- 566
- 99
Yes, if you have 4 years under the IAM pension and say you quit or retire. When your of age eligibility to collect your pension, you will get whatever you are entitled to under the plan.
Let's say you get $80.00 per month for every year under the plan, and you have 4 years, then you would get $320.00 per month in addition to any other pension/401k or any other type of plan you were involved in.
Tim Nelson
Veteran
700, again, do you admit that the IAM pension plan was so good for fleet service that it was a $47 million dollar concession from the previous retirment package? Can you not admit that a member may also risk suspensions, restrictions and other negatives with the out of date IAM pension plan?
regards,
Ramp Rogue
Veteran
- Aug 19, 2002
- 724
- 81
MWW,
Since no one wants to give answer to your question, I think I know what you're trying to find out so I'll take a stab at it.
For a US ramp agent that is in the iam pension plan, if you are parttime you'll receive approx. $38 per month. Fulltimers will get approx $78 per month. Both rates depend on how many years that you have in the pension plan. If you were a fulltimer and came into the plan on Feb 17, 2006, and you have 20 years with the company you would not be eligible for anything. On Feb 16, 2007 you would have one year of eligibilty under the plan. If you retired at that time you would receive $78 a month, because you were only in the plan for one year. You would receive $38 a month if you are a parttimer. The kicker is that you only get what you have in once you retire.
If you were in a 401k that the company matched at say 6%, the company would be giving you approx. $100 every paycheck right now. Would you rather have $78 a month, $936 a year from the iam when you retire? Or $200 a month, $2400 per year from the company right now? The kicker is that it goes into your 401k account which can fluctuate. Hands down I'd take the 401k in a heartbeat. Plus you get to manage your own account.
Since no one wants to give answer to your question, I think I know what you're trying to find out so I'll take a stab at it.
For a US ramp agent that is in the iam pension plan, if you are parttime you'll receive approx. $38 per month. Fulltimers will get approx $78 per month. Both rates depend on how many years that you have in the pension plan. If you were a fulltimer and came into the plan on Feb 17, 2006, and you have 20 years with the company you would not be eligible for anything. On Feb 16, 2007 you would have one year of eligibilty under the plan. If you retired at that time you would receive $78 a month, because you were only in the plan for one year. You would receive $38 a month if you are a parttimer. The kicker is that you only get what you have in once you retire.
If you were in a 401k that the company matched at say 6%, the company would be giving you approx. $100 every paycheck right now. Would you rather have $78 a month, $936 a year from the iam when you retire? Or $200 a month, $2400 per year from the company right now? The kicker is that it goes into your 401k account which can fluctuate. Hands down I'd take the 401k in a heartbeat. Plus you get to manage your own account.
libertybell
Senior
- Jan 5, 2003
- 320
- 9
I am with you I would rather have a 401k with company match over the IAM rip off
Those of us who understand it feel the same!!!
Tim Nelson
Veteran
FWIW: there are also other assumptions that come into play where even the full timer may not get even the $78. At any rate, the IAM pension plan is one big reason to vote out the IAM unless you want to wait till you become an old old man before you can touch the money owed....and that's if you qualify and there are no suspensions due to other fair reasons.
700 seems well versed in the IAM snake oil, my bet is that he himself knows that the IAM pension plan was a $47 million concession from the far superior 401k that the IAM couldn't wait to take from fleet. The America West employees will be told the truth on this. Mark it down.
regards,
allunionsdeceive
Senior
- Dec 7, 2005
- 286
- 0
Don't let the IAM try to tell you different. Its not good for anyone. If you have been in the plan for 20 years it may be good but to get into it now and retire in 10 years or so you lose out.
AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
The days of company pensions are over. Most companies are dumping their pensions or have mis-used them so that there is nothing left/underfunded. And it's insane for anyone to believe that just because the directors of the pension say/claim that it's overfunded, doesn't make it true. I can write whatever balance I want in my checkbook but the bank will let me know that it's not true. And the days of an employee staying with one company for their entire working life isn't very realistic anymore. And the days of a company staying around and being profitable for an employee's entire working life isn't realistic either.
401K!!
IAM Pension :down: :down: :down:
robbedagain
Veteran
- Oct 13, 2003
- 11,125
- 2,676
thanks for the answer. I was with USAIR from june 27 98 to june 5 2005 but the kicker is I went from part time to full time but got bumped back to part time right after 9/11/01 and then was upgraded again in or around 2003 or early 04 cant remember. how would the pension be if I were eligilbe to retire and you may take into the fact that as of June 6 2005 we became Piedmont dont know if that has an effect. we were mainline express from the first bankruptcy until either Jan 05 or the end of our mainline status cant remember.
