It's time to sign a AMFA card

[WeAAsles]

And I don't blame the people who want to get us in. It's desperation on their part to fund their own retirement. But I have about 13 years left to go and I can't help them at the cost of my own. I don't owe them anything.

And the PBGC is going to blow up one day as well.

 

[WeAAsles]

700 can you explain why this little caveat is in there? Why would my union want to handcuff me to not being able to work again if I chose to or needed to for some reason?



If you return to work after you have retired and while you are receiving a pension from the National Pension Plan, your pension may be suspended, depending upon your age and the type of work you are doing.
If you have reached normal retirement age, your pension benefits will be suspended for any month in which:

You work 40 or more hours in any industry and geographical area which was covered by the Plan when you retired, and

Your employment is in any trade or craft in which you worked at any time under the Plan after your contribution date, which is generally the date on which a contributing employer first became obligated to make contributions to the Plan (or a prior plan) on your behalf.

If you have not reached normal retirement age, you cannot receive pension benefits and work for a contributing employer or for any other employer – including self -employment - in the same or related business or industry from which you retired, regardless of the number of hours worked or the geographical area in which you worked. Further, you may not work in any employment that would be disqualifying employment at normal retirement age.

Your pension benefits will not be suspended after you have reached the date at which benefits must be paid automatically – generally, the April 1 of the year following the year in which you are 70 ½ years old. (See When Are Paid Automatically)

If you are thinking about accepting any employment after you retire, please contact the Fund office to get a ruling on that employment. You are required to report all employment to the Fund office within 30 days of the start of such employment.

The Trustees may require you to periodically provide information about your employment status.

Disability pensioners are required to report any employment to the Fund office within 15 days of returning to work. Failure to make a timely report of employment may result in disqualification of benefits for six months.

If the Trustees find, from any source, that you have worked in employment as just described and you have not notified the Fund, the Trustees will presume that you are working 40 hours a month in disqualifying employment and will suspend your pension for that month and each subsequent month until you give written notice that you are no longer working or establish that the employment is not disqualifying employment.

If You Disagree With the Decisions of the Trustees

If your benefits are suspended, or if you receive a decision about employment that you question, you have the right to appeal. You must file a written request with the Trustees within 180 days after a notice is mailed to you. The Trustees will consider your appeal and they will respond to you in writing. Their decision will include their specific basis for their decision and specific reference to Plan provisions on which the decision is based. The decision of the Trustees will be final and binding on all concerned.

What Else You Should Know About Working After Retirement

If you intend to stop working and start collecting your pension again, you need to notify the Fund office in writing that you have left employment.

If you were working for a contributing employer, you may have earned additional future service credit. If so, your retirement benefit will be higher.

If the first time you retired was before your normal retirement age, any benefits you earn after you return to work will be payable in any benefit form you select when you retire again. In addition, you may elect to receive such benefits in a single payment if the actuarial present value of the subsequent benefits is $7,500 or less as of the new pension effective date.

If the first time you retired was after your normal retirement age, any benefits you earn after you return to work will be paid in the same form as your benefits were being paid before the suspension.

Your payments can resume no later than the first of the third month after the month in which you left disqualifying employment, and after you have notified the Fund office that you have done so. The initial payment will include any amount withheld during the period after your disqualifying employment has ended and before your pension benefits resume.


However, if you received pension benefits for months in which your check should have been suspended, the Trustees may deduct that amount from your pension when it starts again. No more than 25% of each monthly pension payment will be deducted, except for the first check, in which up to three months of benefits may be withheld.


For employees of groups joining the National Pension Plan on or after April 1, 2003, future service benefit values will be calculated at 60% of current benefit values

 

[swamt]

This is the same as the teamsters restrictions if someone decided to retire and return to work.  Pathetic I tell you, pathetic.  700, I know a lot more than you know, and it will all come out in the long run. And you will look like a fool.  Keep up your propaganda.  I will tell you right now that most all SWA mechanics and or employees have gained way more benefits from the 401K & PS than any US mechanics pension funds...

 

[swamt]

BTW How the hell did this topic get off from signing AMFA cards???  Hmmmm, take a look back folks...

 

[700UW]

You typically don't fork over any of your paycheck to participate in a defined benefit plan. Your employer does. But you do have to put your own money into a defined contribution plan like a 401(k) or a 403(b). Obviously, a defined benefit plan is a much better deal for you.
 
Because defined benefit plans are more costly for employers than defined contribution plans, most of them have - you guessed it - scaled back dramatically or eliminated these plans altogether in recent years. If you still have a defined benefit plan at your company, consider yourself lucky.
 
Some employers offer both defined benefit plans and defined contribution plans. If yours does, you should definitely participate in the defined contribution plan as well. That's because a defined benefit plan on its own likely won't be generous enough to let you live comfortably in retirement.
 

http://money.cnn.com/retirement/guide/pensions_basics.moneymag/index3.htm

 

[WeAAsles]

700 that last post was very weak. You've been at this for over 8 years now. Why?

http://www.airlineforums.com/topic/26968-iam-pention-fundreally-how-good-is-it-in/

 

[700UW]

Pretty weak is going back eight years for a topic, lol.
 
You can believe what you want, the experts state a DBP is better than a DCP or 401k.
 
Your 401k will run out of money at a certain point in your retirement, a DBP wont.

 

[WeAAsles]

A Union Pension Is Fine—If You Work
for the Union
Perhaps one of the reasons for the fury over
Furchgott-Roth’s original findings was an
interesting disparity that she uncovered.
She showed that union
staff
pension plans
were better funded than their rank and file
counterparts, and union
officer
pension plans
were even better than that.

https://capitalresearch.org/pubs/pdf/v1258401147.pdf

 

[WeAAsles]

Pretty weak is going back eight years for a topic, lol.
 
You can believe what you want, the experts state a DBP is better than a DCP or 401k.
 
Your 401k will run out of money at a certain point in your retirement, a DBP wont.

You are beyond full of it and you are not going to decimate my retirement for your own benefit brother.

 

[WeAAsles]

While workers, particularly union workers, continue to believe in large numbers that defined benefit plans are safer than defined contribution plans, more and more evidence accumulates that they are wrong. It is actually defined contribution plans that are safer because, while the promise of retirement income may be less specific, the odds of receiving an adequate retirement income are much higher. Defined contribution plans avoid the risk of plan failure which can leave retirees with little to none of their promised pensions.

http://www.realclearmarkets.com/articles/2014/04/21/government_should_bring_some_truth_to_pension_plans_101013.html

 

[WeAAsles]

"Meanwhile, Sanford Rich, chief of negotiations and restructuring for the PBGC, told Logistics Management, "The only thing that will help (multiemployer plans) is funds -- dollars."

Read more: http://www.bankrate.com/financing/retirement/multiemployer-pensions-need-help/#ixzz2zd5x2wrB
Follow us: @Bankrate on Twitter | Bankrate on Facebook



So where do those "dollars" come from? They come from other areas of your CBA. You get weaker and weaker contracts over time as more and more the company you work for funnels any improvements you might get into the pension. It's a black hole that doesn't give you any options and the unions involved in these things, to try and continue the promised benefits have to capitulate in bargaining that the most important thing on their list always has to be feeding the monster.
 

 

[700UW]

http://money.msn.com/investing/the-next-big-401k-wipeout-bonds

 

[WeAAsles]

http://money.msn.com/investing/the-next-big-401k-wipeout-bonds

Try this instead 700.

Please, please. I'm begging you. Please I have to have your money. You don't understand. Without your help I will have cuts in my benefits in the future. I know you want to retire too but I have a family. I want to play lots of golf. I'm scared. Won't you please help me?

Say that and I might be more sympathetic?????

 

[700UW]

Do you have short term memory issues?

I posted to you yesterday, I am not in the IAMNPF, nor am I old enough to even collect my terminated pension from the PBGC.

 

[WeAAsles]

Well someone is paying you to try and sell the pile of manure you're hawking here. Sorry that it smells too bad and nothing will grow from it.

You're trying way way way to hard to sell it otherwise.