PENSION CUTS Congress considers new plan to alow pension cuts

[scorpion 2]

 
 
 
TWU News Release FOR IMMEDIATE RELEASE
December 17, 2014
 
 
CONTACT: Harry Lombardo, TWU International President [email protected] 202-719-3900
 
Statement by Transport Workers Union of America, AFL-CIO President Harry Lombardo on American Airlines’ Push to Amend the Pension Protection Act of 2006
CORPORATE GREED — WHEN DOES IT STOP? AAL Making Record Profits and Asking for Pension Relief
 
Washington, D.C. – The “new” American Airlines is attempting to renege on the legal and binding commitment made during bankruptcy restructuring by sneaking federal legislation through Congress that would let the airline slash its pension contributions. American is going to Capitol Hill to try and secure relief from these commitments during a period of unprecedented profitability one year after exiting bankruptcy and agreeing to the pension funding terms.
 
But here’s the thing: American Airlines doesn’t need relief at a time when earnings are skyrocketing. Current Wall Street 2014 forecasts predict that AA will have pre-tax profits of $4.2 billion. Between 2015 and 2017, Wall Street expects AA’s pretax profits to surge to over $6 billion each year or $18 billion in total. That’s $2 billion more each year than was forecast one year ago!
 
In 2006, Congress granted the airlines special relief for their pension funding requirements. American, Delta and other airline pension plans were frozen during bankruptcies. Delta was allowed to use a 17-year amortization period and an interest rate of 8.85%. (Amortization is the paying off of debt with a fixed repayment schedule in regular installments over a period of time). American was granted a 10-year amortization period with an 8.25% interest rate. Today, American’s executives are claiming they need relief to compete with Delta. But they also state that whether this amortization period is extended or not AA will continue to fund its pension obligations and is happy to do so.What does TWU say? If you’re happy to do so, then do it! Don’t put our members’ pensions at risk. Keep your word. Uphold the commitments you made in federal court during bankruptcy. Don’t steal our retirement when you’re making billions of dollars in revenue.
I am calling on all TWU locals, members and retirees to stand as one with our brothers and sisters at American Airlines. This union will be fighting AA's latest attempt to slash our pension funding with every ounce of our collective strength. We need to make sure that our members can retire with dignity and enjoy the retirement that they have earned. Over the course of the next several weeks, the TWU International will be blasting out action alerts and urging members to contact their elected representatives to voice their opposition to AA's scheme.
 
The International will also be disseminating information to members on our grassroots action plan, spearheaded by the TWU State Conferences and our Air Transport Division locals. The TWU International is committed to pitching the entire force of our national union against this plot to ultimately rob members of their hard-earned pensions. American Airlines, this will not fly!

yak,,,,,,,   yak yak,,,,,,,,  yak yak.             What about relief from an unwanted alliance?

 

[Boomer]

     I see the funding period by AAL to the PBGC becoming a bargaining chip that the "Association'" will claim led to a great victory for Union Labor, and I'll bet you 4% on top of whatever they "negotiate."

 

[Real tired]

A little more info about the issues at hand, including the IAMNPF:
 
http://www.post-gazette.com/business/money/2014/12/28/That-solid-pension-benefit-Subject-to-change/stories/201412290028

 

[Bob Owens]

But workers and retirees covered by single-employer plans get much more protection from the Pension Benefit Guarantee Corp.
 
 
AA plan---If they are in an insolvent plan that gets taken over by the agency, they receive a maximum annual benefit of $59,320 if they retire at 65.
 
IAMNP---[SIZE=1.3em]The most a worker covered by a multiemployer plan with 30 years of service will get through the PBGC if their plan is insolvent is $12,870 per year.[/SIZE]
 

 
 
Need we say any more? 

 

[700UW]

And who backs your 401k?

 

[Bob Owens]

And who backs your 401k?

I do.
 
And the PBGC backs my employer plan where if AA went BK again and dumped it I fall way below the max so I will get 100%.  
 
And I want my AA pension to remain where it is.  If I'd had a 401K like WN, and a paycheck like WN I'd have over $1million by the time I'm 65, instead I'll have less than half that in a 401k and only around $20k/year from my AA plan, I don't want to see that go to even less in my 401K and $12/yr from the IAMNPF so I want no part of the IAMNPF or any other multi-employer plan.  
 
At AA the pension was used to leverage down wages, at US it was used to leverage down wages and keep workers in the IAM even as they delivered a bottom of the industry wage with a carrier that was reporting Billion Dollar profits on a quarterly basis. I don't want my money going to the IAM even if they promise they can do better with it, because we end up getting less in the here and now. It used to be the employers who promised pie in the sky, now its Unions like the IAM. No thanks, I'll pass. 

 

[700UW]

You do?
 
So you have an insurance policy covering your losses in a 401k?
 
I doubt that.
 
Ask the guys at US and UA who lost their shorts in their 401ks during the bankruptcies and ask everyone else who lost value when the economy tanked last time.
 
No one backs a 401k, if you lose money its not replaced unless you add more to it or have a good investment strategies.

 

[700UW]

You are spreading nothing but BS, the IAMNPF will not take your underfunded pension from AA.
 
The IAMNPF has a fiduciary responsibility to its plan members, and taking on an underfunded pension, wont be financially responsible and the PBGC would have something to say about that.
 
And NO ONE is forcing you into the IAMNPF, the MOU states they will try to make it available to TWU members.
 
Keep up the FEAR tactics Bob.
 
You are just a fear monger trying to use FEAR to scare the TWU Members, and you have the nerve accuse others of the very same behavior you post.
 
You post so much BS and when you are called out on it, you ignore it.

 

[MetalMover]

 
You are just a fear monger trying to use FEAR to scare the TWU Members, and you have the nerve accuse others of the very same behavior you post.
 
 

We don't need Owens or anyone else to instill "FEAR" into our hearts and minds. The TWU's track record towards mechanics speaks for itself.
I have spoken to quite a few US guys about the IAM and they feel the same way towards the IAM. 

 

[700UW]

Bob is posting misinformation and his own "facts", he does it over and over myself and others have posted the factual information, not the World according to Bob.
 
He is wrong about the pension, he was wrong about the RLA and bankruptcy abrogation and the ability to strike and most of all he is wrong about Section 1167 of the Bankruptcy code, yet he spews his misinformation as the facts.
 
He clearly stated the TWU did not ask for a release, yet NYer has provided the factual information that the TWU did in fact ask for a release.
 
Credibility, look up the meaning of it.

 

[MetalMover]

Bob is posting misinformation and his own "facts", he does it over and over myself and others have posted the factual information, not the World according to Bob.
 
He is wrong about the pension, he was wrong about the RLA and bankruptcy abrogation and the ability to strike and most of all he is wrong about Section 1167 of the Bankruptcy code, yet he spews his misinformation as the facts.
 
He clearly stated the TWU did not ask for a release, yet NYer has provided the factual information that the TWU did in fact ask for a release.
 
Credibility, look up the meaning of it.

He was involved in negotiations..Were YOU?

 

[700UW]

At US I was.
 
And Bob has blamed everyone else except himself he was on the NC, and he failed you and your members yet you back him and dont check out the things he posts.
 
I posted factual information, refute it.
 
You are all following the pied piper, how has that worked out for you all?
 
How much money did you lose by not ratifying the 2010 agreement?
 
But he claims, he was on the NC, but wasnt involved, as they were not in all the meetings.
 
Bob's words, not mine.

 

[MetalMover]

At US I was.
 
 
 

But you were NOT at LAA during the BK process or the contract prior. 

 

[700UW]

And you all worship Bob and yet you claim to have the worst CBA in the industry, and keep avoiding the issues at hand in the World According to Bob.
 
And were you on the NC at PMAA?
 
So since you werent you cant comment either.
 
Thats your logic not mine.

So when are you going to refute the facts that Bob post According to the World about Bob and not the real world filled with the real facts?

 

[MetalMover]

And you all worship Bob and yet you claim to have the worst CBA in the industry, and keep avoiding the issues at hand in the World According to Bob.
 
And were you on the NC at PMAA?
 
So since you werent you cant comment either.
 
Thats your logic not mine.
So when are you going to refute the facts that Bob post According to the World about Bob and not the real world filled with the real facts?

Last time I checked, Owens was not in charge of negotiations, EVER! Big Don Videtich was.
Did OWENS have the ONE voted needed to vote down or up any contrct?
 
BTW I worship no one union person or union. Unlike you!