The DOL files suit against the IAMPF and trustees
- Thread starter Koolcat
- Start date
bob@las-AA
Veteran
That’s never going to happen. And for good reasons, it’s a chit plan, and the employees of LAA are not here to bail out a worthless pension and get hardly anything in the end.
Tom Talbert 1888
Senior
- Banned
- #318
Better go do your research, it’s in the green, I’ve been it for nine years, Fleet has been in it for 15
No bailing out needed, unlike the $2 billion needed to be put in your crappy frozen pension.
It might be offered as a choice for LAA, and life is all about choices.
No bailing out needed, unlike the $2 billion needed to be put in your crappy frozen pension.
It might be offered as a choice for LAA, and life is all about choices.
Tom Talbert 1888
Senior
- Banned
- #321
History Channel my benefits were not cut.
Ramp was as the ERISA laws changed.
Ramp was as the ERISA laws changed.
B737 driver
Veteran
- Jul 6, 2017
- 3,381
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Unfortunately most pension plans are nothing but a ponzi scheme. You never get the money you put in, you are better off with a 401k or IRA you control how your money is controlled.
CremaDiLimone
Veteran
- Jun 8, 2016
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my pension is crappy because it needs a bailout? who's bailing out what? aa promised me a pension, aa shaved my pension - falling from pressure caused by weaker airlines filing years before, now aa is funding it to a particular level. guess what? i worked for and still work for aa.
that pension was getting funded for years after your airline couldn't make it flying pit-cle..and you filed for bk how many times in how many years? in your later years, you can't say you never won the lottery, because you won the lottery with this merger.
Tom Talbert 1888
Senior
- Banned
- #324
Frozen isn’t saving it.
I agree no one in their right mind would want to touch this with a 10-foot pole.
That said I’d also be very dubious of the talks of a “choice” much like we were told about the alliance/association.
It’s obviously in the IAMs interest to get LAA TWU in the plan.
Didn’t the LLCers have a few years service credit with IAMNPF before the transaction? Why should nAAtives be dragged into a plan that appears to be advantageous to the IAM (as an institution), it’s leadership, the LUS membership and the LLCers?
Josh
That said I’d also be very dubious of the talks of a “choice” much like we were told about the alliance/association.
It’s obviously in the IAMs interest to get LAA TWU in the plan.
Didn’t the LLCers have a few years service credit with IAMNPF before the transaction? Why should nAAtives be dragged into a plan that appears to be advantageous to the IAM (as an institution), it’s leadership, the LUS membership and the LLCers?
Josh
wings396
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- Aug 20, 2002
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Don't kid yourself, LAA tried to dump yours on the PBCG as well. If the government didn't block them, you would be in the same boat as LUS people with their pensions. Don't you think that LAA would have loved to hang onto that cash instead of putting it into the pension funds?
There are winners and losers like everything else in life. I just don’t get why you LUS people and this Tom Talbert character are bitter about it.
LUS has held up LAA negotiations and you got a huge pay increase out of this transaction plus got to keep your full occupational DOH and are at a stronger, better capitalized, and less strategically limited carrier than USAIR was in 2013.
AA had other suitors and a compelling standalone plan, USAIR not so much.
Josh
wings396
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- Aug 20, 2002
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Take the time to read the post that I was commenting on. He took a jab at the LUS people and pension. I'm not bitter about anything, things are what they are. All of the pension stuff is water under the bridge.
You on the other hand have a lot of bitterness towards several things here. We'r still wanting to know why since you claim not to have any affiliation to any of it.
Tim Nelson
Veteran
The IAMPF is a complete disaster. It was almost ready to get flushed in 2003 but the IAM created the B scale for all new union members in the plan. That gave billions in future relief. But due to mismanagement, the plan decided to whack $2 billion of future liabilities by stealing 45% of the future pension of all active members. Including 7,000 USAir members at the time. My pension went from $85 benefit per month to $46. So, when 700 2.0 says "Hey it's green". That doesn't mean anything. The Teamsters Central pension will be green also after it robs the retirees and currents with approvals.
For instance, the IAM Motor City Pension is green again after a brutal assault on its members after seeking massive cuts and approval of the US treasury department. So Sad.
But the problem for the IAMNPF is now a disaster once again. Due to awful investments, personal favors of employment, etc., the plan is now around 89% funded, down 6% more from the last report of 95% funded. Remember, the last whacking was done when it was 98% funded. The problem is seen on multiple fronts. Consdier the following:
It is almost 2 Billion Dollars underfunded (10.6 Market Value of Assets /12.2 Liability, in Billions)
- Investment year loss of $815 million
- Liability loss of $108 million last year due to participants living longer than assumed
- Fund has now had a negative cash flow every year over the last 11 years. Avg loss per year: $170 million
- The plan is only funded 87.0% using the MVA basis
- The Market Value of Assets dropped $300 million last year
- The Accued Liability increased $700 million last year
- The number of Active Participants decreased.
- The average age of active participants increased to 48.
- The number of participants in payment status increased 3.6%
- The most populous age bracket of active participants is 55-59 (18%)
- The Pension continues to get hit with a 10% amortization of 2009 Losses.
- The plan is only guaranteed by the PBGC at the lowest defined pension levels: $35 per month
- The PBGC funding for Union Pensions (unlike company pensions) is projected to run out no later than 2025
CremaDiLimone
Veteran
- Jun 8, 2016
- 1,817
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that's exactly why the lus guy called the laa pension 'crappy' and laments the fact that the company is still funding it for it's vested laa employees. isn't that called, 'misery loves company'??
as far as the rest, yes, i agree with you. you're correct, laa thought mitt robme was running the pbgc..but, the pbgc pushed back. laa made nice with the govt. and later got their merger. i know it isn't frozen out of the goodness of their hearts.
