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

[xUT]

I'll take the IAM Pension plan, sounds like a viable option to me.
thanks for the Info.

Instead, try to get your union to negotiate a 401k match plan.
The money stays with you and you get a company match.
At UA we negotiated a sliding scale as younger workers would be able to invest longer but the top tier would be hosed.
Turned out (as I was top tier) I got a 7.5% 401K match and with being over 50, I could put up to 30% of my earnings into the 401K. As much as we would like DB plans to remain, they are no longer viable.
Good point is the 401K is yours, bad thing is if you don't manage your investments, you will be either rich or poor depending on the amount of risk you take.
JMHO,
B) xUT

 

[Raptorman49]

Instead, try to get your union to negotiate a 401k match plan.
The money stays with you and you get a company match.
At UA we negotiated a sliding scale as younger workers would be able to invest longer but the top tier would be hosed.
Turned out (as I was top tier) I got a 7.5% 401K match and with being over 50, I could put up to 30% of my earnings into the 401K. As much as we would like DB plans to remain, they are no longer viable.
Good point is the 401K is yours, bad thing is if you don't manage your investments, you will be either rich or poor depending on the amount of risk you take.
JMHO,
B) xUT

That's why I don't like 401k they don't fill up every year & if the market sucks so will your 401k we have one at AA.

 

[700UW]

Not everyone got $50, it depended on what the percentage of your contribution to the 401K was, it varied for all.
http://mypension.iamnpf.org/faqs/iam-national-pension-fund.aspx

• he IAM National Pension Fund is the 6[sup]th[/sup] largest multiemployer pension fund in the United States.
• The Fund has approximately $8.4 billion in assets.
• The Fund has over 1,750 contributing employer locations.
• The Fund pays pension benefits to over 80,000 retirees and beneficiaries, providing them with retirement security.
• The Fund has over 100,000 active participants.

 

[xUT]

That's why I don't like 401k they don't fill up every year & if the market sucks so will your 401k we have one at AA.

If the DB fund managers do not make solid investment strategies, the DB will fail.
A DB is subject to the same market forces as a 401K.
If you believe that 'some how' the market tanks but your DB is golden, you missed econ 101.
B) xUT

 

[Raptorman49]

If the DB fund managers do not make solid investment strategies, the DB will fail.
A DB is subject to the same market forces as a 401K.
If you believe that 'some how' the market tanks but your DB is golden, you missed econ 101.
B) xUT

Their Guaranteed by the PBGC so even if it fails your suppose to get it.

 

[Raptorman49]

Not everyone got $50, it depended on what the percentage of your contribution to the 401K was, it varied for all.
http://mypension.iamnpf.org/faqs/iam-national-pension-fund.aspx

• he IAM National Pension Fund is the 6[sup]th[/sup] largest multiemployer pension fund in the United States.
• The Fund has approximately $8.4 billion in assets.
• The Fund has over 1,750 contributing employer locations.
• The Fund pays pension benefits to over 80,000 retirees and beneficiaries, providing them with retirement security.
• The Fund has over 100,000 active participants.

Wow .... Impressive

 

[Boomer]

Not everyone got $50, it depended on what the percentage of your contribution to the 401K was, it varied for all.
http://mypension.iam...nsion-fund.aspx

• he IAM National Pension Fund is the 6[sup]th[/sup] largest multiemployer pension fund in the United States.
• The Fund has approximately $8.4 billion in assets.
• The Fund has over 1,750 contributing employer locations.
• The Fund pays pension benefits to over 80,000 retirees and beneficiaries, providing them with retirement security.
• The Fund has over 100,000 active participants.

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?

 

[Raptorman49]

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?

Good question I have heard the the Teamster Pension plan has the same clause in it, there is a guy in my shop that receives a Teamster Pension not sure if they know he is working as an A&P Mechanic now.

 

[JABORD]

Good question I have heard the the Teamster Pension plan has the same clause in it, there is a guy in my shop that receives a Teamster Pension not sure if they know he is working as an A&P Mechanic now.

As I've indicated in a prior post, prior to my 22yrs as an A&P, I worked for the Central States Pension Fund. 2 1/2 of those years I assisted truckers with starting their app for retirement. Again, IBT has very rigid rules as to the requirement to get prior approval by the fund to seek employment after you already are recieving your pension check. The following link is from the cherished Western Fund that a few have commented on. Since Central States followed the same rules, I believe all of the Pension Funds of the Teamsters follow the same requirements for re-employment. If a current AMT is recieving a IBT check and is younger than 65, he coud be in a pickle.
http://www.wctpension.org/participants/plan_summary/after_retire.html
This chapter explains how you can lose benefits if you go back to work in covered or non-covered suspendible employment after retirement. If you are considering a return to work after retirement—in covered or non-covered employment—you need to know about your Plan’s suspension of benefits rule before you accept a job. These rules are explained starting on this page.

 

[TWU informer]

As I've indicated in a prior post, prior to my 22yrs as an A&P, I worked for the Central States Pension Fund. 2 1/2 of those years I assisted truckers with starting their app for retirement. Again, IBT has very rigid rules as to the requirement to get prior approval by the fund to seek employment after you already are recieving your pension check. The following link is from the cherished Western Fund that a few have commented on. Since Central States followed the same rules, I believe all of the Pension Funds of the Teamsters follow the same requirements for re-employment. If a current AMT is recieving a IBT check and is younger than 65, he coud be in a pickle.
http://www.wctpensio...ter_retire.html
This chapter explains how you can lose benefits if you go back to work in covered or non-covered suspendible employment after retirement. If you are considering a return to work after retirement—in covered or non-covered employment—you need to know about your Plan’s suspension of benefits rule before you accept a job. These rules are explained starting on this page.

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!

 

[JABORD]

This is why I commented about the challenge AA is putting to our current retirees. The decision to renige on the promise to provide health and life insurance is obscene! These folks have already left the workforce and can't just jump back into a job to replace the benefit being taken away. And, who can afford to pay it? Again, if this scenario were to play out and we were represented by the Teamsters, the decision of most retirees would be to seek employment and risk their pension check being suspended.

 

[Raptorman49]

As I've indicated in a prior post, prior to my 22yrs as an A&P, I worked for the Central States Pension Fund. 2 1/2 of those years I assisted truckers with starting their app for retirement. Again, IBT has very rigid rules as to the requirement to get prior approval by the fund to seek employment after you already are recieving your pension check. The following link is from the cherished Western Fund that a few have commented on. Since Central States followed the same rules, I believe all of the Pension Funds of the Teamsters follow the same requirements for re-employment. If a current AMT is recieving a IBT check and is younger than 65, he coud be in a pickle.
http://www.wctpension.org/participants/plan_summary/after_retire.html
This chapter explains how you can lose benefits if you go back to work in covered or non-covered suspendible employment after retirement. If you are considering a return to work after retirement—in covered or non-covered employment—you need to know about your Plan’s suspension of benefits rule before you accept a job. These rules are explained starting on this page.

I don't know if this guy actually worked as an A&P when he was a Teamster to be honest & he is 69 ..... We have some real old timers in my area ...... Lol

 

[TWU informer]

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!

 

[whoop whoop]

http://www.wctpensio...ter_retire.html

WOW!!!!!

If you read a few paragraphs down, under " Suspendible Employment", it basically says you have to work in Cambodia as a goat milker to work after collecting a teamster pension.

Oh wait! do the teamsters represent any type of animal milkers any place on earth, because that would be considered the same indusrty they represent.

No pension for you!!!!!!!

Any person pushing for this pension is a thief and liar, PERIOD. There is no way this pension is good for anybody. I'll take my chances on my 401k.

 

[Raptorman49]

http://www.wctpensio...ter_retire.html

WOW!!!!!

If you read a few paragraphs down, under " Suspendible Employment", it basically says you have to work in Cambodia as a goat milker to work after collecting a teamster pension.

Oh wait! do the teamsters represent any type of animal milkers any place on earth, because that would be considered the same indusrty they represent.

No pension for you!!!!!!!

Any person pushing for this pension is a thief and liar, PERIOD. There is no way this pension is good for anybody. I'll take my chances on my 401k.

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.