The DOL files suit against the IAMPF and trustees

[WeAAsles]

pretty good analogy imo
 
as someone in it , I can tell you as it stands today I am pretty damn concerned about what I'm going to get in 10 years compared to what I was told I should get, very concerned. leadership seems to need replacing

Rat you need to impress to any of the negotiators you might know that you don't want to continue to have the plan be your only option when they reach a TA with the company. Tell them that you want the opportunity to make your own retirement choice.

Our 401k has a 5.5% match for every dollar earned currently. If you're someone who works a lot of extra hours then the company is putting more money into our retirement then they are contributing to the IAMPF.

The Association should put out a communication that it does intend to ask the company to give its members a choice and that it is not favoring one retirement option over another.

The spotlight on this issue is not going to go away.

http://www.forbes.com/sites/tedreed/2016/02/10/labor-department-sues-machinists-union-pension-fund-despite-its-strong-performance/?utm_campaign=yahootix&partner=yahootix#441b0e8d53f8

 

[WeAAsles]

Buffenbarger resigned? Can anyone confirm this and is it related to this topic? I heard from mechanics in the LUS side they got a letter from Buffy last week announcing his resignation.
Steve Goeyvaerts
SFO A/C Maintenance

http://www.laborpress.org/national-news/6331-iam-president-tom-buffenbarger-steps-down

 

[700UW]

Don't let your feelings get hurt. 
 
Just go ahead and admit you are an active agent for the IAM and possibly compensated from the very IAMPF you defend,
 
what in the form of gratuities ?

I am not paid by anyone, jeez how many times must I repeat this?

 

[700UW]

Buffenbarger resigned? Can anyone confirm this and is it related to this topic? I heard from mechanics in the LUS side they got a letter from Buffy last week announcing his resignation.
Steve Goeyvaerts
SFO A/C Maintenance

Buffengbarger was at retirement age and Martinez was his replacement this past January.

 

[Goey]

Thanks for the info
Steve Goeyvaerts
SFO A/C Maintenance

 

[Traymark]

I'd like to have this one explained to me as well?

The numbers speak for themselves, Overspeed reads them correctly, here:
  

Real Tired,
I'm not an actuary. I need to do some research on this form but if I read everything for line 2 right the liability is ~$18B and the funds current assets are $10B. Line 2c says the pension is 56.78% funded. Did I read that right? That's not 101% 700UW references unless you only include retired and terminated vested participants. But that would mean you are not counting your future obligations to vested and active participants. I'm not retired so right now this document tells me that only the people getting benefits currently are safe. The rest have a 56% guarantee that you will get money.
 
Uh, that doesn't sound good. I think I'd rather take my chance with a better defined contribution and match for my 401k.

 
By any definition, this fund is in trouble for anyone not yet retired, that's all of us btw.

 

Rat you need to impress to any of the negotiators you might know that you don't want to continue to have the plan be your only option when they reach a TA with the company. Tell them that you want the opportunity to make your own retirement choice.
Our 401k has a 5.5% match for every dollar earned currently. If you're someone who works a lot of extra hours then the company is putting more money into our retirement then they are contributing to the IAMPF.
The Association should put out a communication that it does intend to ask the company to give its members a choice and that it is not favoring one retirement option over another.
The spotlight on this issue is not going to go away.http://www.forbes.com/sites/tedreed/2016/02/10/labor-department-sues-machinists-union-pension-fund-despite-its-strong-performance/?utm_campaign=yahootix&partner=yahootix#441b0e8d53f8

 

Welcome aboard, the negotiating team MUST KNOW, if they put the IAMNPF into the TA for Everyone with no individual choice, they are waisting valuable time and costing members more and more money.


 

http://www.laborpress.org/national-news/6331-iam-president-tom-buffenbarger-steps-down

Martinez also needs to resign and all the others involved in wrongdoing.

 

[WeAAsles]

Welcome aboard, the negotiating team MUST KNOW, if they put the IAMNPF into the TA for Everyone with no individual choice, they are waisting valuable time and costing members more and more money.
 
 

They're also losing money for both themselves and the organizations they serve as well as the members. Taking out the conversation on the IAMPF for a moment.

On the TWU side our Presidents still make their 80 hour bi-weekly pay that is deposited into their accounts from the company plus their 401k match. That is a part of our contract. Aside from that they receive a set Presidential stipend paid by the members of their Local. Taking Fleet as an example, if the Parker talking point stands (3%) for every month that passes these Gentleman too are now losing almost $800.00 per month. Plus our dues structure is 2 times our Hourly rate which 95% stays with the Local and 5% goes to the International. That also is a lot of lost revenue for both the Local and International the longer this takes to be concluded.

Now I probably don't have this 100% correct but as I somewhat understand it. On the IAM side the negotiators are AGC's and others selected from the floor and paid by the District? The AGC's are paid a flat rate salary by the District and receive no personal financial benefit for the raises that are expected while they hold their office. Their motivation should be purely predicated on gaining the most they can both in Language and wages and benefits for the members they serve. Unless they are voted back to the floor they do not live under the contract? 

95% of the dues set by the Local lodge go to both the District and International and the dues are an averaging formula for what the members earn in wages? So the longer this takes also the less capital goes to those 2 groups? If I understand this correctly?

So the question should be asked. Would a possible forced inclusion into the IAMPF be a make or break item for any TA that is sent out to the membership for their signature?  

 

[700UW]

You all do know the pension or anything with money hasn't even been discussed with the company?

Neither has scope.

 

[WeAAsles]

You all do know the pension or anything with money hasn't even been discussed with the company?
Neither has scope.

Yes 700. We know that. I think the members on this Forum just want to make sure that their voices are being heard. What they're saying right now in this topic is far from unreasonable.

 

[cltrat]

You all do know the pension or anything with money hasn't even been discussed with the company?

Neither has scope.

interesting you are privy to that knowledge given you don't work for the company or the union  (cough) 

 

[WeAAsles]

interesting you are privy to that knowledge given you don't work for the company or the union  (cough) 

Rat on that one it's not exactly a State secret that those items will be discussed last. The company will look at the financials of all the language of our contract before hitting wage items.

BTW did I get the information right on the workings of the IAM in post 232?

 

[cltrat]

Rat on that one it's not exactly a State secret that those items will be discussed last. The company will look at the financials of all the language of our contract before hitting wage items.

BTW did I get the information right on the workings of the IAM in post 232?

yes to my knowledge you are correct

 

[1AA]

I am not paid by anyone, jeez how many times must I repeat this?

I don't know. Ask your mentor on repeating things, MarcoRoboto. LOL!!!

 

[swamt]

I am not paid by anyone, jeez how many times must I repeat this?

And how many times did you say the membership would in fact have a vote on this association?  You have a very, very bad track record of lying to the folks here on this forum, therefore nobody will ever believe what you say especially without proof attached to it. You screamed a thousand times on here and guarenteed the membership would have a vote and what happened to that membership vote 700?  Why didn't the membership get the chance to vote? I will tell you why. Because it was all a ploy to keep the membership from signing enough cards to get a democratic vote to have a chance to replace these two industrial unions, period.  I argued this fact with you forever and it went exactly as I said it would, all a ploy to keep the membership from replacing the current representation. There are many other issues you have been proven wrong as well, so therefore you can splew and repeat all you want, you have the same credibility on here as WT had, and this will never change...

 

[Kev3188]

Now you're just piling on... No one's that bad...