raises comin sept 14

[cheetah]

Because if AA defaults it to the pbgc the pbgc will pay out more money as a single employer pension than if it went from AA to the IAMPF and then to the pbgc as a multi employer pension.

 

[cheetah]

I really believe this Association wias set up so the IAM could get their hands on that frozen pension money.

 

[1AA]

I really believe this Association wias set up so the IAM could get their hands on that frozen pension money.

You and I as well as many at work believe the same conspiracy.

 

[scorpion 2]

What difference does it make to AA who has the pension? If they still have to fund it why would they care if the IAM has it? Yep sounds like it will be part of the negotiations.

If our trust were to be transferred to the iamnpf there wouldn't be a short fall even with 700's twisted forward projected figure of 2 billion. The rule changes alone between the 2 plans would make up any short fall. You cant 700 to bite on any of that though. He has a very short list of arguments when it comes to defending the iamnpf. Benefits are cut for active members before they retire is another place he wont go.

 

[1AA]

Who fought American Airlines from dumping the pensions on to the PBGC? Who froze American Airlines assets in South America? TWU? The twu can't fight there way out of a paper bag.

 

[mike33]

I really believe this Association wias set up so the IAM could get their hands on that frozen pension money.

You guys are so off base. If that were the case about the IAM trying to get PBGC pensions then my LUS pension wouldn't be coming from the PBGC. 
 
 Try another avenue !

 

[swamt]

You cant transfer your 401k into an IRA.
 
The IAM doesnt control the IAMNPF,  you know this, but how many times are you going to repeat your misinformation?
 
There is no protection in a 401k when it losses money, that is a fact, it is not insured by the PBGC nor the FDIC.

100% Wrong. It can be done, and it has been done.
 

Because if AA defaults it to the pbgc the pbgc will pay out more money as a single employer pension than if it went from AA to the IAMPF and then to the pbgc as a multi employer pension.

Correct. He claims "if the world ends"  That has never happened. Some out here claim if the pensions are frozen or canceled, and that HAS happened many, times over the years.
 

Your correct I will get my check from AA for the amount of the frozen date. The IAMPF will have so many restrictions and we don't need for them to tell me 5 years into retirement that they will reduce my payout because of union mismanaged of funds.

IBT pension payouts have in fact been reduced twice if not working on three times. With no input or vote from the membership the payouts have in fact been reduced by the IBT. The exact same thing can and will very possibly happen with the IAM's pension and or the TWU's pension. Although it is frozen, for now, does not mean it cannot get reduced in future nego's to either let it go or reduce the payouts, just like the teamsters agreed to without memberships knowledge.  You are correct in saying the 401K is much better than the pensions rather controlled by company or union. Union control is much worse than company controlled as seen in the past and current restrictions after retirement---PATHETIC restrictions that basically bar anyone from attaining employment from numerous jobs in the field they know the best.

 

[Buck]

My pension was terminated and I dont collect it yet, as I am not old enough.
 
The PBGC is taking good care of it.
 
So AA is doing such a great job why is it frozen and underfunded by about $2 billion?
 
Your lucky the TWU fought against its termination in court.

Socialism at it's best, let's grow Big Government, that's what the Founding Father's had in mind.

 

[cheetah]

The TWU didn't fight against its termination the PBGC did.

 

[AP Tech]

Just spoke with a few friends working for other carriers...don't even want to mention FedEx or UPS as they are in a league of their own with their "all in" wage.  Jet Blue making 38+change and Delta at $41.50 plus a very sizable profit sharing last year and supposed to be larger this year, so our $38.60 "all in"(after 10 years) BFD...largest airline in the world and still the lowest paid!!!  Pretty embarrassing...... Still get a chuckle reading the payout for the "triple play" bonus...so far a big fat -$0- this year not that the $50 is a big deal!!!

 

[FWAAA]

Your lucky the TWU fought against its termination in court.

How so? Unless one retires prior to 65 (or unless you're a pilot), termination would not have caused reduced benefits compared to the freeze. And with AA's low pay, who can afford to retire prior to age 65?

As others have pointed out, your premise is incorrect. TWU didn't fight the termination, PBGC did. Josh Gotbaum ensured that AA will have hundreds of millions of cash outflow each year to fund the pensions, when termination would have resulted in hundreds of millions of cash each year that the represented employees could have claimed during wage negotiations.  
 

The TWU didn't fight against its termination the PBGC did.

Completely correct.

 

[1AA]

How so? Unless one retires prior to 65 (or unless you're a pilot), termination would not have caused reduced benefits compared to the freeze. And with AA's low pay, who can afford to retire prior to age 65?As others have pointed out, your premise is incorrect. TWU didn't fight the termination, PBGC did. Josh Gotbaum ensured that AA will have hundreds of millions of cash outflow each year to fund the pensions, when termination would have resulted in hundreds of millions of cash each year that the represented employees could have claimed during wage negotiations.   Completely correct.

Lets not forget the pbgc froze Americans assets in South America for collateral. Yea sure the TWU fighting for something, now that's a funny one.

 

[Buck]

I stayed at the American Airlines Mansion in London once.....

 

[BigMac]

I stayed at the American Airlines Mansion in London once.....

Current TWU Eboard member or ex?

 

[Buck]

Current TWU Eboard member or ex?

Wow, actually for the last 27 years, I have been known to favor replacement of the current type of union representation.