AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
Wow!! What a mess that is. A fine example, in my opinion, why I want to keep my 401K. I have control and I know exactly what is there and what isn't.
IAM Pention Fund/Really How Good Is It? in $$.$$
- Thread starter Mr Eagle
- Start date
RedOne
Senior
I'll say it again. 401k is best, IMO....IFthe person actually contibutes money into it, and if you have a number of years before you start drawing from it. IF the employee contirbutes nothing...they end up with nothing to retire on. With a 401k, you are financing your own retirement. If the company contributes some...even better.
.
If the employee does/will/can not save anything...then they are better off with IAM plan.
.
Me? I tried to look after my retirement. You have more control with a 401....and if invested wisely, and the investments pay off....401 is far superior in payoff...in my book. And yes, there were times I lost money in my 401k.... but I still had control and I changed percentages or changed where it was going.
If a choice....401k
.
If the employee does/will/can not save anything...then they are better off with IAM plan.
.
Me? I tried to look after my retirement. You have more control with a 401....and if invested wisely, and the investments pay off....401 is far superior in payoff...in my book. And yes, there were times I lost money in my 401k.... but I still had control and I changed percentages or changed where it was going.
If a choice....401k
AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
From the iamnpf.org website. I would suggest everyone spend some time and look at it.
Two BIGGEST obstacles I see, IF this is the way we must go, will be the negotiations for the company contribution amount and how our "time" with the company would negotiated for years of service/vestment.
Also on the site, is 401K info.
Q: What is the connection between the National Pension Plan and the I.A.M.A.W?
A: While the National Pension Plan is funded by contributing employers, it was created for the sole benefit of I.A.M. members. And, the Trustees of the Fund that pays the Plan's benefits represent both the I.A.M. and contributing employers.
Q: How are the Trustees selected?
A: Union Trustees are selected by the I.A.M., and Employer Trustees are selected by the existing Employer Trustees.
Q: What is the benefit of having some Trustees representing employers and some representing the I.A.M.?
A: Multiemployer joint labor-management pension plans are required to have an equal number of Trustees from labor, the union, and management, the employers. The reason for this is to ensure that both sides are fairly represented and that participants are always the primary focus of the Fund.
There are 5 unions trustees and 3 employer trustees listed on the website??????
Q: What is the current range of employer contribution rates?
A: Contribution rates range from $0.10 to $10.00 per hour.
Q: What is the average employer contribution rate?
A: On the whole, the average contribution rate is $1.15 per hour.
Why would I want to get involved with a union-affiliated pension plan?
The Fund exists to provide pension benefits to I.A.M. members, but the Fund is legally independent from the union. It is a separate entity managed by an active Board of Trustees composed of members from both labor and management. Employers have an equally strong vote in the Fund’s management.
Our trustees set policy and investment strategy. That strategy is based on thorough research and analysis and expert advice from some of the most trusted names on Wall Street and nationwide. The I.A.M. National Pension Fund has a sound investment approach and a 45-year record of unblemished integrity.
Don't get me wrong....the word pension still frightens me.
There are too many restrictions, especially if you wind up employed elsewhere.
Two BIGGEST obstacles I see, IF this is the way we must go, will be the negotiations for the company contribution amount and how our "time" with the company would negotiated for years of service/vestment.
Also on the site, is 401K info.
Q: What is the connection between the National Pension Plan and the I.A.M.A.W?
A: While the National Pension Plan is funded by contributing employers, it was created for the sole benefit of I.A.M. members. And, the Trustees of the Fund that pays the Plan's benefits represent both the I.A.M. and contributing employers.
Q: How are the Trustees selected?
A: Union Trustees are selected by the I.A.M., and Employer Trustees are selected by the existing Employer Trustees.
Q: What is the benefit of having some Trustees representing employers and some representing the I.A.M.?
A: Multiemployer joint labor-management pension plans are required to have an equal number of Trustees from labor, the union, and management, the employers. The reason for this is to ensure that both sides are fairly represented and that participants are always the primary focus of the Fund.
There are 5 unions trustees and 3 employer trustees listed on the website??????
Q: What is the current range of employer contribution rates?
A: Contribution rates range from $0.10 to $10.00 per hour.
Q: What is the average employer contribution rate?
A: On the whole, the average contribution rate is $1.15 per hour.
Why would I want to get involved with a union-affiliated pension plan?
The Fund exists to provide pension benefits to I.A.M. members, but the Fund is legally independent from the union. It is a separate entity managed by an active Board of Trustees composed of members from both labor and management. Employers have an equally strong vote in the Fund’s management.
Our trustees set policy and investment strategy. That strategy is based on thorough research and analysis and expert advice from some of the most trusted names on Wall Street and nationwide. The I.A.M. National Pension Fund has a sound investment approach and a 45-year record of unblemished integrity.
Don't get me wrong....the word pension still frightens me.
There are too many restrictions, especially if you wind up employed elsewhere.
AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
700, didn't you say that there had been talks with the company about the pension plan?? If so, any idea what they were considering as their contribution??
- Banned
- #80
AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
Probably not even dollars...........cents, more like it. But that was with the old regime, correct?? The pension plan would cover ALL employees?? Mandatory contributions for ALL employees out of the companies pocket?
DP has said that it would be negotiable but he also said that the whole thing would be equal in cost...........401K vs. pension. So, if the company is spending X amount of dollars to maintain and match the 401K (which is not mandatory) and the same X amount of dollars is to be used for a pension plan (which would cover ALL employees), my thought would be that the pension would cover more people but at a lesser rate.
AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
If my math is correct, that's a 45 cent an hour contribution by the company.
2080 hours a year worked (full time) X .45 = $936 divided by 12 months = $78.
That's well less than half the average employer contribution.
AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
I agree......pensions are a way of the past.
There is no pension at HP. You know that and no one is trying to say otherwise. Some seem to be pushing for the IAM pension. Just trying to figure out why and which would be more beneficial. I still believe, for me, the 401K is the best. A lot less restrictions on it than a pension, which as you have stated, is a way of the past.
PhxRanchHand
Advanced
- Nov 8, 2005
- 162
- 1
OK 7, what is YOUR pension for the M & R... NADA, just like HP
AIRWOMAN
Veteran
- Oct 20, 2005
- 3,440
- 0
What? Please explain.
PhxRanchHand
Advanced
- Nov 8, 2005
- 162
- 1
but what pension under contract now. It's good that you have an old one that the gov is taking care of, but what do you have in the contract for now.
if you were to take the monies put in for a pension, and put it into a roth IRA or 401K buy the time one retired it would all be tax free and I think that could EVER be taken away
