Negotiations........why?

[700UW]

You don't get credit for years when you weren't in the plan nor is the company contributing for you.

Is that too hard to understand?

You don't get free money.

 

[Buck]

You don't get credit for years when you weren't in the plan nor is the company contributing for you.

Is that too hard to understand?

You don't get free money.

I never said I wanted free money, I said the only way I would join would be with credited years of service.

 

[Buck]

I never said I wanted free money, I said the only way I would join would be with credited years of service.

How do you expect the IAMPF to be profitable for me for 7 -10 years I have left.
 
Is it so hard for you to understand?

 

[700UW]

You don't get credit for years in any pension plan when you weren't in it nor the company contributing for you.

It's a pretty simple concept.

It's a multi-employer plan that is funded to 101%.

Unlike your AA frozen pension which almost $2 billion underfunded,Burt I don't hear you complaining about that!

 

[dfw gen]

I never said I wanted free money, I said the only way I would join would be with credited years of service.

Not hard to understand I have the same standards!

 

[Buck]

You don't get credit for years in any pension plan when you weren't in it nor the company contributing for you.

It's a pretty simple concept.

It's a multi-employer plan that is funded to 101%.

Unlike your AA frozen pension which almost $2 billion underfunded,Burt I don't hear you complaining about that!

Then, again where is the benefit to those who would require some time in the plan. After all we merged right?
 
Theft is a simple concept also...

 

[saywhat]

I am talking about moving into your plan, the only way would be with full credit that I have earned at my airline.

Yes,

You would come into the plan with your years of service. Example: An employee at AA has 25 years under your pension/401k would need 5 years under the IAMPF to retire with full benefits. To be clear though, you would only earn 5 years worth of pension under this scenario. Hope this clears up the question I believe you were asking?

 

[iluvaa]

The $2.00 per hour from the company, from my paycheck, that used to go to my 401K match, now goes to my IAM pension.  Where you get the money from to support your frozen company sponsored pension, I don't know.  It's not our (US) problem.
 
Info from my july 2105 IAMNPF statement:
 
My total credited service is: 6 years 10 months
( this is the money I have invested so far)
 
My total vesting service is: 36 years
(The IAM granted us "time served" towards an early retirement)
 
Current contribution rate: $2.00 per hour / $85.46 per month
(no increase in the past 6 years as contrary to what was promised )
 
My monthly benefit as of Dec. 2014: $541.00
(providing I do not work in the aviation industry after I retire, or any other industry the IAM deems undesirable.)
 
I am eligible for an unreduced pension at anytime due to the fact I have 30 or more years vesting service.

I think the point is with this example if you retired today in apx 37 months you would have exhausted everything you put in where is the rest of the money gonna come from for the rest of his life

 

[700UW]

It's called investing.

Why is your frozen pension $2 billion underfunded?

The IAMNPF is funded to 101%.

 

[MetalMover]

It's called investing.

Why is your frozen pension $2 billion underfunded?

The IAMNPF is funded to 101%.

When did the IAMPNF begin payouts? I would say that thanks to TWO bankruptcies (because obviously they did not get the first one right,) many IAM members are working longer. So unlike Social Security, more is going IN to the IAMPNF then is coming OUT. Wait until the reverse happens. 

 

[700UW]

No one at US was in the IAMNPF during either bankruptcy.

We had our pension terminated in chapter 11 part two.

 

[MetalMover]

No one at US was in the IAMNPF during either bankruptcy.

We had our pension terminated in chapter 11 part two.

Yes my point being you have stated that it is fully funded. this may not be the case when the US "baby boomers" all start retiring in the same time frame.

 

[MetalMover]

It's called investing.

Why is your frozen pension $2 billion underfunded?

The IAMNPF is funded to 101%.

Nothing another BK can't fix. Including ending the IAMPNF contributions.

 

[Roadking5560]

Wait until the fund needs more money (more retirees) to operate or risk going into the red and they are forced to reduce the benefit level to keep solvent.  Then with the reduced benefit level some retirees need to find work to supplement their reduced income and cannot work in their area of expertise because the  IAMNPF says you can't.  Wonderful, just wonderful. 

 

[MetalMover]

Wait until the fund needs more money (more retirees) to operate or risk going into the red and they are forced to reduce the benefit level to keep solvent.  Then with the reduced benefit level some retirees need to find work to supplement their reduced income and cannot work in their area of expertise because the  IAMNPF says you can't.  Wonderful, just wonderful. 

Exactly,, just like our Social Security system.. But he thinks the IAMNPF is immune from that.