Teamsters Pension Fund in"RED ZONE" - They need your AA AMT Money!

[AC Tynker]

It is beyond me why people would go around advocating signing Teamsters cards based on the Teamsters pension plan when they still cannot answer a single detail question about the pension plan and clearly have more questions than answers themselves as individuals.

And what is worse is that said individuals will never admit their wrongs and go back to every card signer and explain they did not know a damn thing about what they were advocating while soliciting cards.

Not that anyone I know personally has done such a thing to begin with.

It just appears that way given the postings that have been made on this forum.

Thank you for sharing the truth though!

Why not be good with the fact the whole world or just AA system for that matter doesn't think or believe the same as you. It would be a pretty boring place and also that is beauty of the Democracy and free thinking thing right? Not sure why some people insist other people have to explain why they believe the way they do. I truely wish 100% of the people at AA would vote when a ballot for Anything comes out but they don't for whatever reason. I Really wish there would be 100% involvement in whatever Union we have in place to show Unity no matter if it was AMFA. IBT, IAM or TWU but that will never happen either.

 

[whoop whoop]

Hey whoop you got some humor in you too, I like the goat metaphor that was funny. :-D

The thief & the Liar part wasn't so nice though & going a little far, some people like Pensions .... Nothing wrong with that, I intend to enjoy my 2,000 a month for life.

Don't get me wrong good buddy, I love a good pension myself, but I also like the freedom of doing what I want after retirement and not have to worry about some entity reneging on MY MONEY because I have chosen to do something else.

I love freedom, that is why I love this country. For an entity (ibt) to DICTATE what I can do with my life so I can keep on collecting MY money, is just insane to me.

 

[swamt]

I know the teamsters pension has employment restrictions, and the list is very long. I want to share a true story with you guys about a number of retiries here at SWA. All x-mechanics. Awhile back (more than 10-12 yrs) we had a group of mechanics retire as millionairs. While in retirement the majority of them took a big risk with their money and reinvested it. To their amazement they all collectively lost all their money that was reinvested. Being nearly broke, they had to venture out into the work force again. Some reapplied to SWA. Now with the teamsters pension (if they had it in this example) would be no longer a benifit for them as they returned to one of the many disqualifying industries. We do have mechanics at SWA that have returned from early retirement to start all over again. In their 60's working graves all over again. Think about it guys, this could very well happen to any of us, do you really want to be restricted or punished for getting back to the industry you served so very well for so many years? Not for me...

Don't punish your future retirement options. Don't fall for the teamster or "ANY" union pension plan. I still have not heard from anyone, what happens to your pension if you were to leave the union or change union's. The teamsters always avoided these questions here at SWA.

 

[JABORD]

Hey whoop you got some humor in you too, I like the goat metaphor that was funny. :-D

The thief & the Liar part wasn't so nice though & going a little far, some people like Pensions .... Nothing wrong with that, I intend to enjoy my 2,000 a month for life.

$2000/month for life? That's quite a leap of faith my friend. If AA freezes our pension which allows them to still administer it, I believe that mirrors the pension that Delta provides it's retirees. I also believe an article was recently released explaining how Delta reduced some of the present retirees monthly check amount by as much as $700/month to reign in some savings.

 

[Raptorman49]

$2000/month for life? That's quite a leap of faith my friend. If AA freezes our pension which allows them to still administer it, I believe that mirrors the pension that Delta provides it's retirees. I also believe an article was recently released explaining how Delta reduced some of the present retirees monthly check amount by as much as $700/month to reign in some savings.

That's what the pension calculator on Jetnet says I get, kind of doubt that AA can change what you have already accrued just because they want to, if they could I'm sure that would be part of the bankruptcy, I believe what we have already accrued is pretty safe.

 

[swamt]

That's what the pension calculator on Jetnet says I get, kind of doubt that AA can change what you have already accrued just because they want to, if they could I'm sure that would be part of the bankruptcy, I believe what we have already accrued is pretty safe.

Wow. You will need to do some research on what can happen to pensions being frozen or released to gov.. They are not garrenteed, and yes a co. can get changes made to the contributuons, especially in BK. Look what they are currently doing to retiries medical which everone thought was a gimmie, soon they will have to start paying aprox 450.00 per month from their fixed incomes. AA could and more than likely will some time, make smaller contributions to pensions anywhere from 400 per month to 750 per month. Watch it's coming, the freezing of the pensions was to keep peace for now to get other cuts, then later will persue other changes. Do you not remember 2003?? AA will be the leanest major out there, and it will inclued some more changes to pensions...

 

[FWAAA]

$2000/month for life? That's quite a leap of faith my friend. If AA freezes our pension which allows them to still administer it, I believe that mirrors the pension that Delta provides it's retirees. I also believe an article was recently released explaining how Delta reduced some of the present retirees monthly check amount by as much as $700/month to reign in some savings.

If Raptorman is owed a pension benefit of $2,000/mo if he retires today, then he will get that amount unless that amount exceeds the PBGC maximum for someone his age.

That's what the pension calculator on Jetnet says I get, kind of doubt that AA can change what you have already accrued just because they want to, if they could I'm sure that would be part of the bankruptcy, I believe what we have already accrued is pretty safe.

Is that the amount that you're owed if you retire or resign today and begin taking benefits at age 60 or 65? If so, then I believe that you are correct. With AA freezing the pensions, you'll only get (when you turn 60 or 65) what you would have received if you retired/resigned today and then waited until 60/65 to begin drawing a benefit.

Wow. You will need to do some research on what can happen to pensions being frozen or released to gov.. They are not garrenteed, and yes a co. can get changes made to the contributuons, especially in BK. Look what they are currently doing to retiries medical which everone thought was a gimmie, soon they will have to start paying aprox 450.00 per month from their fixed incomes. AA could and more than likely will some time, make smaller contributions to pensions anywhere from 400 per month to 750 per month. Watch it's coming, the freezing of the pensions was to keep peace for now to get other cuts, then later will persue other changes. Do you not remember 2003?? AA will be the leanest major out there, and it will inclued some more changes to pensions...

AA has already committed itself to freezing the nonpilot pensions, and to terminate/modify them would require a brand new section 1113 proceeding. That is very unlikely.

 

[Raptorman49]

Wow. You will need to do some research on what can happen to pensions being frozen or released to gov.. They are not garrenteed, and yes a co. can get changes made to the contributuons, especially in BK. Look what they are currently doing to retiries medical which everone thought was a gimmie, soon they will have to start paying aprox 450.00 per month from their fixed incomes. AA could and more than likely will some time, make smaller contributions to pensions anywhere from 400 per month to 750 per month. Watch it's coming, the freezing of the pensions was to keep peace for now to get other cuts, then later will persue other changes. Do you not remember 2003?? AA will be the leanest major out there, and it will inclued some more changes to pensions...

I knew the retiree's were going to lose their Medical when AA first filed BK I expected that to happen but so far AA has not indicated it has any plans to reduce our pensions, what the future holds for the Pensions no one know's for sure but most people do end up getting their pensions without problems, I haven't seen any proof that Delta lowered their Pension payout to those already retired, not calling you a liar just saying you could be mistaken.

 

[FWAAA]

I knew the retiree's were going to lose their Medical when AA first filed BK I expected that to happen but so far AA has not indicated it has any plans to reduce our pensions, what the future holds for the Pensions no one know's for sure but most people do end up getting their pensions without problems, I haven't seen any proof that Delta lowered their Pension payout to those already retired, not calling you a liar just saying you could be mistaken.

Retired pilots at DL saw their pension checks reduced when DL terminated the pension, just like at US and UA before them. That was because the pilots' pensions are generally far more than the monthly PBGC maximum.

 

[Raptorman49]

If Raptorman is owed a pension benefit of $2,000/mo if he retires today, then he will get that amount unless that amount exceeds the PBGC maximum for someone his age.


Is that the amount that you're owed if you retire or resign today and begin taking benefits at age 60 or 65? If so, then I believe that you are correct. With AA freezing the pensions, you'll only get (when you turn 60 or 65) what you would have received if you retired/resigned today and then waited until 60/65 to begin drawing a benefit.


AA has already committed itself to freezing the nonpilot pensions, and to terminate/modify them would require a brand new section 1113 proceeding. That is very unlikely.

Yes to all of your questions. & I agree about the 1113 so for now it appears we will get what were owed to this point.
401k are fine if the Market is doing well but hard to beat a good Pension.

 

[Raptorman49]

Retired pilots at DL saw their pension checks reduced when DL terminated the pension, just like at US and UA before them. That was because the pilots' pensions are generally far more than the monthly PBGC maximum.

Yes when the Pension goes to the PBGC & it is above their maximum then it does get reduced ours wouldn't because were not above the Maximum and as you said ours isn't going to the PBGC anyway so were good.

Maybe that is what swampt was referring to Pensions going to the PBGC & above their max.

 

[Real tired]

Doesn't the IAM National Pension Fund also state that if an A&P Mechanic covered by the IAM National Pension Fund retires from said covered fund and then returns to work in the capacity of an A&P Mechanic in the same industry, the IAM National Pension Fund will refuse to pay the pension until the covered individual no longer works as an A&P Mechanic in the Industry?

Yes it does. It also includes working in any industry where the employees might be covered by the IAM plan. Not just A&P Mechanics.

 

[Raptorman49]

Yes it does. It also includes working in any industry where the employees might be covered by the IAM plan. Not just A&P Mechanics.

Ok so the way I understand this clause is that if you go back to work in another Teamster company you don't lose your Pension you just stop collecting it until your retired again & which point you can start collecting it again ..... Correct ??

If that's the case then I would be ok with that, basically it would be the equivalent to me retiring from AA then going back to work for AA, I too would have my Pension suspended because I'm no longer retired but once I retire again it will resume again.

 

[Real tired]

I know the teamsters pension has employment restrictions, and the list is very long. I want to share a true story with you guys about a number of retiries here at SWA. All x-mechanics. Awhile back (more than 10-12 yrs) we had a group of mechanics retire as millionairs. While in retirement the majority of them took a big risk with their money and reinvested it. To their amazement they all collectively lost all their money that was reinvested. Being nearly broke, they had to venture out into the work force again. Some reapplied to SWA. Now with the teamsters pension (if they had it in this example) would be no longer a benifit for them as they returned to one of the many disqualifying industries. We do have mechanics at SWA that have returned from early retirement to start all over again. In their 60's working graves all over again. Think about it guys, this could very well happen to any of us, do you really want to be restricted or punished for getting back to the industry you served so very well for so many years? Not for me...

Don't punish your future retirement options. Don't fall for the teamster or "ANY" union pension plan. I still have not heard from anyone, what happens to your pension if you were to leave the union or change union's. The teamsters always avoided these questions here at SWA.

Under the IAM plan, if we were to change unions, the plan ends. You would still be able to collect what benefits you have earned up to that point, that is when you retire as an A&P Mechanic and no longer work in the industry or with a company that has the IAM plan.

I'm sure the Teamster plan is similar.

 

[Buck]

Please answer the question, will it cost me fee, tax or penalty to become a teamster in relation to their pension?