IAMPF General discussions

WeAAsles

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Oct 20, 2007
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Since many threads on the AA forums eventually seem to segue into conversations about the IAMPF I thought maybe it was a good idea to give it it's own topic. It "MAY" eventually wind up being an option afforded to us all at AA so hopefully we can become as educated about it as possible if that does happen.

Here is a link to the Pension Fund website and two other links discussing the funding levels currently of the plan as described by the administrators.

http://mypension.iamnpf.org/home.aspx

http://mypension.iamnpf.org/media/77156/AFN_2014_plan_%20yr.pdf

http://mypension.iamnpf.org/media/77153/2015_Green_Zone_Status_Notice.pdf
 
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We are updating our multiemployer pension content to reflect changes made by the Multiemployer Pension Reform Act of 2014. Sign up to be notified when this content is updated.

http://www.pbgc.gov/prac/multiemployer/introduction-to-multiemployer-plans.html
 
The Multiemployer Pension Reform Act of 2014 (MPRA) was enacted on December 16, 2014. In the new law, Congress established new options for trustees of multiemployer plans that will potentially run out of money.
Frequently Asked Questions on the Multiemployer Legislation

 
1. What is a multiemployer plan?
A multiemployer plan is a pension plan created through an agreement between employers and a union. The employers are usually in the same or related industries. For example, multiemployer plans provide benefits for people in industries such as transportation, construction, and hospitality.

For additional information about multiemployer plans, see: Introduction to Multiemployer Plans; Multiemployer Insurance Program Facts, and Multiemployer Benefit Guarantees.

http://www.pbgc.gov/about/factsheets/page/multiemployer-pension-reform-act-of-2014-faqs.html
 
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The Pension Protection Act Of 2006:

http://www.dol.gov/EBSA/pensionreform.html


 
In Conclusion
These recent changes should make you sit up and take notice as you get closer to retirement. Think everything through carefully before you make a decision that you, and possibly your spouse, will have to live with for the rest of your lives.
 
Furthermore, even if you have always made your own investment decisions and been successful, this might be a good time to get a second opinion from a professional.

Read more: http://www.investopedia.com/articles/retirement/07/payout.asp#ixzz3aJky0sDG
 
 
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toroshark said:
Time to slowly shift gears and previous opinions and start selling the IAMPF huh? So predictable.

So posting information to at least try and make the smartest choice we possibly can means I'm an advocate now? Here's the reality when it comes down to it. You guys can hang on here and bash the idea of it even though there may be an agenda attached and "maybe" look back in regret and say "I wish I had educated myself" at least. Or do all the research you need to do and not have any regrets?

I posted on the other thread that under the current funding for Fleet if I left in 12 years would give me $622.92 per month. If I waited from 62 to 65 to begin collecting. I hope I live 20 years in retirement? So that gives me for 20 years $149,476. The question to myself is will the 5.5% (Currently I work no OT but should) be able to match that amount if I traded it off? "I'll ask an outside professional what he thinks personally" Will we be offered a higher match under the JCBA or will the company increase the funding to the IAMPF rates they currently get at US is an important question? Currently I put in 20% of my gross to the 401k and when we get our JCBA I'm going to raise that to 25%. So anyway it's sliced I will have that going in. 

The biggest questions I have for the IAMPF trustees is who are currently in the plan? What companies, what industries and what are there projected membership rates for new members into the fund? What is the financial viability of the largest groups participating? Meaning how solvent are the companies these people work for? (If these people all worked at Newspaper companies I would be very worried since newspapers are going the way of the Dodo bird) Many of their contributors work at Boeing. Whats the forecast for the aviation industry long term? Some of them are at NASA. We know what's happening there unfortunately. What about "Right to work" laws. How badly are they hurting the IAM and are people dropping out of participation in the Pension because of it? Illinois just voted down "Right To Work" unanimously.

At the end of the day I'm going to make the best decision for myself and my retirement (MY retirement). I'll listen to what people have to say here (Without the BS) but I'm certainly NOT going to make a very important decision off of what anyone here thinks.

P.S. If I had a Crystal Ball that told me when I was going to croak this would be a very easy decision to make. I don't and neither does anyone else here. And the entire conversation could be moot anyway? First the option has to be put in front of us. 
 
It's obvious that the AA guys don't and never wanted any part of the iam pension scam. We are all in our 50's. With the 401k being less restrictive and more in the individuals control the iam pension makes absolutely ZERO sense for us to join at this point of our careers. We all made this point in the past. So why start this thread if not one person is interested? What's your agenda in doing so?
 
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So you two clowns are the King and Queen of Siam here huh? Everyone who reads these boards are in their 50's and are in the same EXACT positions you both are in huh? Yea I don't think so and obviously neither of you are smart enough yet to realize that the world doesn't revolve around you, it revolves around the Sun.

Now "IMO" if you are in your mid to late 50's, maybe a Crew Chief or Mechanic who has all your licenses, work lot's of OT and CS's and plan on retiring at 60 and need all of your retirement income to start drawing on (Absent SS which you can't start collecting until 62) (If you draw before 65 in the IAMPF you take a dramatic HIT)

Then NO. Again the IAMPF would not be the best option for you. But I'm sure that the two Bozo's above can advise ALL the readers on here far better than doing careful research and making the best decision for YOURSELVES?
 
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“If you try to punish people for retiring earlier” by raising the retirement age, “you’re punishing people who aren’t choosing it,” Professor Ghilarducci said.
 
This is not news to Jim McGuire, 62, a ramp serviceman for United Airlines, who started lifting bags into airplanes 43 years ago. He has had rotator cuff surgery and separated a shoulder on the job.
 
“From 50 to 60 was a drastic change,” he said. “The aches and pains, the feeling that your back could go at any second. My hips are worn out. In a seven-day week, I take Advil five nights for the pain.”
 
Mr. McGuire said that he did not have a planned retirement date, but that he hoped to make it to 66. Since United’s pension plan was taken over by the government, cutting his benefits in half, he says Social Security has become a much bigger part of his future plans.

http://www.nytimes.com/2010/09/13/us/13aging.html?_r=0
 
Just pointing out the obvious. Within 48 hours of Amfa declaring that they didn't collect enough cards, it's time for you to shift gears. Amfa bashing and painting everyone who disagrees with this Association as a closet Amfa supporter is done for now. Now its time to reposition and open updiscussions about the merits and pitfalls of the IAMPF. This is the NEXT hurdle in the Association agenda. You started by merely posting a few links and then giving us E.F. weaasels views on how people should look at it based upon their age. Before long anyone who is opposed to the Iampf will be branded either a Amfa zealot, a non-union man, or a heretic. YOU ARE TRANSPARENT!
 
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toroshark said:
Just pointing out the obvious. Within 48 hours of Amfa declaring that they didn't collect enough cards, it's time for you to shift gears. Amfa bashing and painting everyone who disagrees with this Association as a closet Amfa supporter is done for now. Now its time to reposition and open updiscussions about the merits and pitfalls of the IAMPF. This is the NEXT hurdle in the Association agenda. You started by merely posting a few links and then giving us E.F. weaasels views on how people should look at it based upon their age. Before long anyone who is opposed to the Iampf will be branded either a Amfa zealot, a non-union man, or a heretic. YOU ARE TRANSPARENT!
Want to bet $1000.00 on that one? I could always use the extra cash. I'll also say that if the idea you characters floated out there that the IAMPF was going to "Abscond" with our Frozen Pension even started to become a credible rumor, I'll be the one to rent and drive the bus over to wherever they're having those negotiations and join you guys in opening up the biggest can of whoop ass anyone ever seen.
 
WeAAsles said:
Want to bet $1000.00 on that one? I could always use the extra cash. I'll also say that if the idea you characters floated out there that the IAMPF was going to "Abscond" with our Frozen Pension even started to become a credible rumor, I'll be the one to rent and drive the bus over to wherever they're having those negotiations and join you guys in opening up the biggest can of whoop ass anyone ever seen.
WeAAsles, just because there are some paper trails that do not mention taking our frozen pension and shifting it over to the IAMNPF, does not mean it won't be attempted. I believe there will be a push to at least allow TWU members to voluntarily join. Haven't you ever come across some union declaration  that you felt for sure was wrong or not the way it was sold to the membership? Only to get the "We can do that, brother."
 
But to those who might be tempted to join up, just keep in mind $2 an hour will be taken from your paycheck to fund your defined benefit. the IAM will have us believe that US AIR contributes the $2....
 
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MetalMover said:
WeAAsles, just because there are some paper trails that do not mention taking our frozen pension and shifting it over to the IAMNPF, does not mean it won't be attempted. I believe there will be a push to at least allow TWU members to voluntarily join. Haven't you ever come across some union declaration  that you felt for sure was wrong or not the way it was sold to the membership? Only to get the "We can do that, brother."
 
But to those who might be tempted to join up, just keep in mind $2 an hour will be taken from your paycheck to fund your defined benefit. the IAM will have us believe that US AIR contributes the $2....
Thank Metal. At least you can discuss the issue or the possibilities. If you notice I crossed out your word "voluntarily". As I've already stated too many times to count now I 100% don't believe the idea that the IAMPF will take over our frozen plan. Now the only nefarious idea I could see happening is what I highlighted, meaning of course I could subscribe that the Association means to not ask the company for choice in regards to having one or the other? I can't put anything past the idea that there "could" be a document out there that people would rather not talk about and could be sprung on us at a later date? I'd obviously hope not and would like to think we would already know about it? (I doubt there is though, just to clarify) 

I don't support one over the other. I'd prefer to be given a choice. We also do have to remember that the Company has the obvious last word in how they want to dole out any retirement options to us before we vote on it. 

About the $2.00 part. Of course it is. If IAMPF members were not having that money placed in their accounts under their name it would be given instead as direct compensation to do with as they please. The company I'm sure has an excellent calculation of what the average cost is to them to have the 5.5% match. Bob stated the other day that there were about 1400 members not taking full advantage of that and we have a lot of new hires here in Fleet who even if they are contributing the cost to the company is minimal compared to those of us topped out and working tons of extra hours. 

Just to be clear one more time though. I support "CHOICE" of either one or the other or even both. I want all the retirement options I can get sitting in front of me. 
 
WeAAsles said:
Thank Metal. At least you can discuss the issue or the possibilities. If you notice I crossed out your word "voluntarily". As I've already stated too many times to count now I 100% don't believe the idea that the IAMPF will take over our frozen plan. Now the only nefarious idea I could see happening is what I highlighted, meaning of course I could subscribe that the Association means to not ask the company for choice in regards to having one or the other? I can't put anything past the idea that there "could" be a document out there that people would rather not talk about and could be sprung on us at a later date? I'd obviously hope not and would like to think we would already know about it? (I doubt there is though, just to clarify) 

I don't support one over the other. I'd prefer to be given a choice. We also do have to remember that the Company has the obvious last word in how they want to dole out any retirement options to us before we vote on it. 

About the $2.00 part. Of course it is. If IAMPF members were not having that money placed in their accounts under their name it would be given instead as direct compensation to do with as they please. The company I'm sure has an excellent calculation of what the average cost is to them to have the 5.5% match. Bob stated the other day that there were about 1400 members not taking full advantage of that and we have a lot of new hires here in Fleet who even if they are contributing the cost to the company is minimal compared to those of us topped out and working tons of extra hours. 

Just to be clear one more time though. I support "CHOICE" of either one or the other or even both. I want all the retirement options I can get sitting in front of me. 
The point I am making about the $2 is that it was sold as US funding the pension. But it costs $2 an hour to pay for it. So whatever hourly pay was negotiated, they might as well say they are earning $2 an hour less. 
 
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MetalMover said:
The point I am making about the $2 is that it was sold as US funding the pension. But it costs $2 an hour to pay for it. So whatever hourly pay was negotiated, they might as well say they are earning $2 an hour less. 

I understand. My good friend 700UW likes to say that (Sorry bro). Of course "everything" has an associated cost when the company considers "Total Value Compensation" That includes what they formulate they pay out on average to the 5.5% match as well. I don't take the fullest advantage of it since I don't work extra hours. But a guy who does work as much OT as he can gobble up and CS's does pretty well for himself at the end of the year I'm sure.

A new hire FSC (Full time since PT in the current IAM contract get half the rate) might be better off getting in to the Pension since they're only making $9.00 per hour (in DFW and $11,00 in MIA) and may not feel he can afford to put anything into the 401? Until he feels he can afford to start putting money away at least it's something over nothing or the 3% contribution.

Most of us who participate on these boards though have different needs and thoughts. We're out of here soon in comparison to some 21 year old kid who just walked in the door. So we have to think in a different way and try and maximize the value we can obtain before we leave.

Unfortunately in today's reality we all should realize that nothing is safe. Pensions and 401k's both collapse thanks to the greedy bastards out there who have Politicians in their pockets to write laws protecting them far more than they protect us. And the biggest borrower of Social Security, our own Government. Hell the cops won't even let homeless people live by the side of the Railroad tracks anymore. And you can be arrested for feeding the homeless in Ft Lauderdale like they're a group of pooping Pigeons or something.

I'd move to Sweden or Norway when I retire if I could afford it. Guess I'm going further South instead.  
 

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