LUS 401k Match

[FWAAA]

Given what we have gone through I dont want any more "pie in the sky promises". I want our Union to demand that our AA pension be fully funded, especially since AA is extremely profitable. I want those funds locked in.

You're free to demand whatever you want of your shitty union, but you should set your goals a little higher, as the pensions are already "fully funded" as of 12/31/14, according to management, as discussed by Derek Kerr in the quarterly conference call two weeks ago:

We also contributed $781 million to our defined pension plans. And based on airline funding rules, we are over 100% funded, which is better than our network peers. Based on current assumptions, we are forecasting no recorded contributions until 2019.

Management already "fully funded" the pensions, without any input (or toothless "demands") from the worthless union.

My advice would be to replace your shitty impotent union with a real union and then have the real union make demands of management that they aren't necessarily willing to do on their own.

I agree that the IAM is likely to try to get ahold of your fully funded pensions to bolster their terribly underfunded plans, and that would be even worse than continuing with the worthless union as your representatives.

 

[Bob Owens]

The bottom line question is;  who's getting paid to manage the fund? If our AA pension trust were to roll over into the IAMNPF we will start picking up the tab for the management costs of the plan. Its a guaranteed windfall for the managers but not for us! Even if we vote not to allow our trust to roll over into the IAM plan the money we would put into the plan will be skimmed to run the plan. We are being targeted by greedy vultures looking for a free meal and trying to prey on the vulnerability of the situation. If this alliance goes thru we are going to have a real battle on our hands.

We could elect to leave it where it is, thats what I'd like to see, but if we end up in the Alliance they have already stated what they intend for us, that is to be in the IAMNPF, they have not however been transparant as far as thier full intentions, and its that missing information that gets me concerned we are abnout to get screwed again. Thats one more reason why I do not want any part of this Alliance and feel we must reject it. They have already committed to putting us all in the IAMNPF.

 

[Bob Owens]

You're free to demand whatever you want of your shitty union, but you should set your goals a little higher, as the pensions are already "fully funded" as of 12/31/14, according to management, as discussed by Derek Kerr in the quarterly conference call two weeks ago:Management already "fully funded" the pensions, without any input (or toothless "demands") from the worthless union.My advice would be to replace your shitty impotent union with a real union and then have the real union make demands of management that they aren't necessarily willing to do on their own.I agree that the IAM is likely to try to get ahold of your fully funded pensions to bolster their terribly underfunded plans, and that would be even worse than continuing with the worthless union as your representatives.

Fully funded based on the temporary changes and deferals put in place in 2006 which in real terms allows the airlines to underfund their pensions in as much as they are not putting as much in the fund as they should if they want to cover their obligations, even if legally they are considered to be funded per the rules applied to airline pensions. You left out that thgese rules are due to expire and they will have to fund their pensions like everyone else. Once those changes expire so does the status of being fully funded. Are you stating that in your opinion that there is enough in the plans to meet their objectives without further contributions from AA? Are you saying that their version of "fully funded" would be the same as the PBGCs which said they were IIRC $10 billion under just over two years ago? The fact is you are OK with the deferral of the pensions because it allows the airlines to show higher profits now, and you would rather see the airlines pull out the pension payments and other liabilities just in time for the next round of contract talks.

 

[scorpion 2]

We could elect to leave it where it is, thats what I'd like to see, but if we end up in the Alliance they have already stated what they intend for us, that is to be in the IAMNPF, they have not however been transparant as far as thier full intentions, and its that missing information that gets me concerned we are abnout to get screwed again. Thats one more reason why I do not want any part of this Alliance and feel we must reject it. They have already committed to putting us all in the IAMNPF.

Every chance I get to hammer the point home about the risk to our pension trust I take advantage of.  The conversation I had with the retirement counselor here in Tulsa was enough to solidify my conclusion that our pension trust is in the sites of the managers of the IAMNPF. Its all about the money that can be made off of the management of our trust and or the money we would contribute into the IAMNPF.  No one gives a rats ass whether we have a dime to retire on but everyone gives a **** about skimming a rich living off of what we can contribute to their lifestyle here and know by managing our retirement contributions.  If we have to file a law suit to keep this from happening then lets do what we have to do when the time comes.    

 

[chilokie1]

We could elect to leave it where it is, thats what I'd like to see, but if we end up in the Alliance they have already stated what they intend for us, that is to be in the IAMNPF, they have not however been transparant as far as thier full intentions, and its that missing information that gets me concerned we are abnout to get screwed again. Thats one more reason why I do not want any part of this Alliance and feel we must reject it. They have already committed to putting us all in the IAMNPF.

Without a vote???? "Over my dead attorney"