The DOL files suit against the IAMPF and trustees

[700UW]

Pension information:
 
http://mypension.iamnpf.org/media/77156/AFN_2014_plan_%20yr.pdf
 
This is the latest I can find and it shows the plan is 103% funded.
 
http://mypension.iamnpf.org/media/77153/2015_Green_Zone_Status_Notice.pdf

 

[700UW]

Here is an interesting fact, the fund director and the chief operating officer of the fund were not named in the civil complaint.
 
Those two people are directly responsible for the day to day running of the fund.

 

[Rogallo]

You don't think they delegate any of their responsibilities to their subordinates do you?

 

[700UW]

The current director took over in May of 2015.

 

[WeAAsles]

This post, to me, is amazing.
First you're outraged, then, if the fund was doing ok, with the fund manager picked for his lucky sperm, you would not be outraged, even though the law was still being broken.

No I'm still outraged because the fund had to cut future benefits and yet someone still decided to order a $1000.00 bottle of wine. But if the trust had never made any cuts after the 08 Global financial collapse and were still funded over 100% I'd say kudos and have zero problem with them rewarding themselves for that incredible performance. I'd think these guys were rocket scientists for beating the market. Don't we reward people in America for great performance?

 
 

I'm sure you're probably a great guy to have beer with, but I'm glad you lost your election, we don't need more folks complicit with shirking the laws that protect hard working people, because they can.

Then, in a later post you diminish what they did because , you know, it was only $1 million out of 10.9 billion, so really, no harm no foul.
Amazing.

 

 

Sorry but I ate Chicken Fingers at a Dairy Queen as a Union meal expenditure when I could have had steak. I don't order items on anyone else's dime that I wouldn't be willing to buy myself. 

No I'm not diminishing what they did. What I'm saying is that those personal expenditures listed were not enough to damage the trust financially. If the bank takes an extra dollar of mine that doesn't belong to them, I want my dollar back.

 
 

These people, all of them in positions of power and trusted with membership retirement money, used it for their own selfish devices and weren't about to tell the membership about any of it either, until they got caught.
Now they come out with, well, we addressed this problem so let's move on.
Funny, I don't recall them saying anything about it , until now.

 

All of them? No. In the complaint it was very clear that a few people were not charged and the way the complaint was written it seems that the DOL wanted to make sure people knew that. Not to mention 700 just posted that the fund director and Chief Operating Officer were not charged. Kind of blows a hole in your all of them comment. 

But no I don't recall them saying anything about this until now either. Damage control meant to protect the integrity of the trust and those leaders entrusted to protect it.
 
 

They're all dirty, those for what they did, and those for covering it up, and should be removed, post haste.
I don't see how anyone could have confidence in the current IAM to represent them, the slim margin of trust that was there is now gone.

Maybe a little bit of an over exaggeration? Does this negate their entire body of Union work over whatever amount of years? We are really very quick to condemn these days. Stocks and tomatoes?

 

[1AA]

Save the pension and IAM dues?
 
Where do you dream this stuff up?
 
The IAMNPF is 101% funded and the IAM has way more money and assets than the TWU.
 
Dont let the facts get in your way.

You sound like RubioRoboto. Another 25 word response.

 

[Tim Nelson]

Save the pension and IAM dues?
 
Where do you dream this stuff up?
 
The IAMNPF is 101% funded and the IAM has way more money and assets than the TWU.
 
Dont let the facts get in your way.

In truth, it is only funded at 100% because myself and thousands of other plan participants had to front our future benefit schedule of $82 a month and drop down to the generic schedule which is $46 a month. Because the letter I received from the Trustees said that the plan was only funded at 80% and in deep risk unless it abolished the previous future benefit schedule. The thing that chaps my ass even more is if the stock market and global economy are once again on the verge. I can guarantee everyone 100% that the fund will only be able to stay green if they cut again.

It's just simple math, 90,000 are now collecting off the plan, but they haven't been replenished and we only have 100,000 paying into it. Something gotta give and it's a lot closer to home than social security. With thousands more retiring soon, they have to recruit thousands and thousands more into the plan to sustain it, OR, they will have to cut the 'current' benefits of those collecting. Watch.

regards,

 

[Overspeed]

700UW,
So the IAM has more members and assets but failed to defend and represent their members as well as the TWU. Also, with all that money why did the IAM leadership have to misuse the funds of the pension fund when they had plenty to misuse in the general fund? Or maybe we don't know about that yet either.

 

[700UW]

Another one who doesn't understand the pension is a totally separate entity and dues money cannot be given from the IAM to the pension.

 

[ASSociation Clown]

Another one who doesn't understand the pension is a totally separate entity and dues money cannot be given from the IAM to the pension.

 
But nothing is stopping the IAM from giving the pension fund stooges trustees the $1,185 bottle of wine by using the IAM credit card instead of the IAMNPF credit card.  Both equally bad, but at least the IAM hasn't cut benefits (whatever they might be), while the pension fund cried poverty and screwed over the likes of Tim by boozing it up.

 

[Overspeed]

Another one who doesn't understand the pension is a totally separate entity and dues money cannot be given from the IAM to the pension.

Totally understand that it is separate but apparently it is acceptable to spend pension funds on holiday parties and wine. Sounsds like the IAM went to the Hoffa school of accounting. It is the IAM leadership that doesn't get the difference between pension fund monies and general fund and how they should be spent.

The fund now has three strikes against it confirmed. Independent analysis shows its not fully funded, the DOL has taken action for fund mismanagement, and it's a multiemployer plan that can be negatively impacted by other companies pulling out.

 

[1AA]

BUT, BUT, BUT, wait a minute, no not true. More drawing from it than contributing. Simple math. It will go bust unless they find more victims. Hence the Association to keep the IAM on the property to continue current contributions and try to sucker the AA guys into it. One word cones to mind describing the IAMPF, PYRAMID!

 

[chilokie1]

Of course I know about the Law change. And I also know which Union was advocating to death for it to be passed.

Truthfully I have no problem with the IAMPF being offered to our guys as a "choice" option for whoever might want it? Look I also know how it gets funded. It gets funded by growth. Meaning the IAM needs to grow and get in more members to the plan. I want to see that happen. I believe in UNIONS. I think without them all of us blue collar workers are screwed. And that includes Aircraft Mechanics. So yea for that reason and all the Union members currently in the plan I want to see it have a chance. And no I do not like the IAM guys selling it as the best retirement option you could ever have. I'd rather they shoot completely straight about the good and maybe bad of it.

I don't like that pension law because either its bailing out plans that F'd up or their membership is drying up and they have no choice to have to take advantage of it. I LOVE being in a Union. I love the ideology behind it. I hate retarded leaders who forget where they came from though. Some people think they're all like that though and that's complete BS because I know some good Union leaders who take chit all the time for nothing but a bunch of crybabies. Don't care who that bothers.

And BTW I lost my election and am not even a Steward anymore. Right now I want to chose who I want to help and not the people who personally I feel don't deserve it. Wearing a pin I can't make that choice. I honestly don't like "some" of my coworkers (Not members IMO, coworkers) I'm not paid crap by any Union, not told what to do or say, and say whatever the hell I want on an open forum.

Back on if I want to jump in to the IAMPF? I'll make up "MY" mind when I see what the offer is? I'll read what you guys post and your arguments against it (Give me information with links though) and I'll make my own choice?

401k match over the IAMPF? Depends on the offer? But leaning towards a 401 match especially if we could get a higher percentage.

 
I have zero problem with it being an option, the problem is we all know that is not the goal.
Most of us have been through 4 or 5 contract negotiations and we have seen items enter
in the negotiations like the SRP, and we hear things like- its just the seat & toilet shop's ! what 
is the problem with that? Ask the guys from TASEL what happens with that when you add the juniority 
rule. 
 So my fear is this, we negotiate an option rule but ultimately it will come down to what the company
wants & what the IAM wants. I can hear it now "Brothers we negotiated & negotiated and we believe 
this is the best we will see, Delta plus 3 and instant vesting into our IAMPF with zero sign up fees
for our TWU brothers".  They will then put the blame on AA for zero movement on their wanting a 
single retirement package for all its IAM/TWU membership. 
 So just like the Meathead, if you let-em in the door the next thing he is doing is sleeping with the daughter
and drinking all my wine.
I had zero input and choice in the association like every other TWU member even when we were promised
one, so now this is my choice  "ZERO INVOLVEMENT IN ANY WAY IN THE IAMPF" because the meaning
of the word CHOICE is fluid with the TWU.  

 

[WeAAsles]

In truth, it is only funded at 100% because myself and thousands of other plan participants had to front our future benefit schedule of $82 a month and drop down to the generic schedule which is $46 a month. Because the letter I received from the Trustees said that the plan was only funded at 80% and in deep risk unless it abolished the previous future benefit schedule. The thing that chaps my ass even more is if the stock market and global economy are once again on the verge. I can guarantee everyone 100% that the fund will only be able to stay green if they cut again.It's just simple math, 90,000 are now collecting off the plan, but they haven't been replenished and we only have 100,000 paying into it. Something gotta give and it's a lot closer to home than social security. With thousands more retiring soon, they have to recruit thousands and thousands more into the plan to sustain it, OR, they will have to cut the 'current' benefits of those collecting. Watch.regards,

This is one of the questions I'd like an answer to before considering if I would want to be a participant in the trust since currently I'm not and it may be offered to me?

What is the average age of those 100,000 members who haven't retired yet? If they're average age was only 25 years old then I know that they have a ways to go and will keep the plan funded for me to enjoy.

Now if the average age is 45 years old we'd be facing a future crisis situation. Even with what was put in over many years the fund will quickly begin to pay out far more than its taking in.

What is the average age of members in the plan who have not retired yet?

 

[Kev3188]

In general I'm a big fan of the choice members at AS got, but at this point I think the best move is to move away from the IAMNPF, and roll any extra "ask" that creates into a larger company contribution and/or match.