The DOL files suit against the IAMPF and trustees

[La Li Lu Le Lo]

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.

I think you mean in the black.

 

[B737 driver]

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:

1. 
   It is almost 2 Billion Dollars underfunded (10.6 Market Value of Assets /12.2 Liability, in Billions)
   
   
   
   
2. Investment year loss of $815 million
   
   
   
   
3. Liability loss of $108 million last year due to participants living longer than assumed
   
   
   
   
4. Fund has now had a negative cash flow every year over the last 11 years. Avg loss per year: $170 million
   
   
   
   
5. The plan is only funded 87.0% using the MVA basis
   
   
   
   
6. The Market Value of Assets dropped $300 million last year

1. The Accued Liability increased $700 million last year
   
   
   
   
2. The number of Active Participants decreased.
   
   
   
   
3. The average age of active participants increased to 48.
   
   
   
   
4. The number of participants in payment status increased 3.6%
   
   
   
   
5. The most populous age bracket of active participants is 55-59 (18%)

1. The Pension continues to get hit with a 10% amortization of 2009 Losses.
   
   
   
   
2. The plan is only guaranteed by the PBGC at the lowest defined pension levels: $35 per month
   
   
   
   
3. The PBGC funding for Union Pensions (unlike company pensions) is projected to run out no later than 2025

Amazing all these losses , and you have a record setting stock market.

 

[Tim Nelson]

Amazing all these losses , and you have a record setting stock market.

It was because the dope fund manager was only 12% in stocks. Back in 2008-2009 he was 33% in stocks. The Perfect Storm for losses. I keep pointing this stuff out but the members just don't listen. They stand in the line with convenient lies by their union bosses and they continue to lose their pensions. So Sad.

 

[737823]

I think you mean in the black.

He is referring to the PBGC funding status under ERISA.

http://www.pensionrights.org/publications/fact-sheet/how-well-funded-your-pension-plan

(Btw the above link is from the outfit former IAM GVP of Transport and IAMNPF co-chair landed a gig after retirinh the IAM in July 2015)

Josh

 

[Real tired]

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:

1. 
   It is almost 2 Billion Dollars underfunded (10.6 Market Value of Assets /12.2 Liability, in Billions)
   
   
   
   
2. Investment year loss of $815 million
   
   
   
   
3. Liability loss of $108 million last year due to participants living longer than assumed
   
   
   
   
4. Fund has now had a negative cash flow every year over the last 11 years. Avg loss per year: $170 million
   
   
   
   
5. The plan is only funded 87.0% using the MVA basis
   
   
   
   
6. The Market Value of Assets dropped $300 million last year

1. The Accued Liability increased $700 million last year
   
   
   
   
2. The number of Active Participants decreased.
   
   
   
   
3. The average age of active participants increased to 48.
   
   
   
   
4. The number of participants in payment status increased 3.6%
   
   
   
   
5. The most populous age bracket of active participants is 55-59 (18%)

1. The Pension continues to get hit with a 10% amortization of 2009 Losses.
   
   
   
   
2. The plan is only guaranteed by the PBGC at the lowest defined pension levels: $35 per month
   
   
   
   
3. The PBGC funding for Union Pensions (unlike company pensions) is projected to run out no later than 2025

Read and reread this post.

It's like Groundhog Day, as we were saying these things 12 years ago when the IAM took aim at our 401K match money.

And two years later, when my coworkers in Maintenance and Related, gleefully voted for it, they whacked the Fleet people 40%. That's how it works.

Now 10 years later, I don't think I'll be relying on the IAMNPF to be funding my "golden" years.

Don't read the following link if you are a supporter of the plan:

https://www.pbgc.gov/news/press/rel...ivery&utm_medium=email&utm_source=govdelivery

 

[737823]

Tim:
Do you know anything about the Pension Rights Center that Roach now has a role with?

Josh

 

[737823]

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.

This didn’t age well, did it?

Josh

 

[737823]

Yep I made the decision for the NMB, you guys are unreal.

And if you remember correctly I was one of the first to leak the information of no vote before it was released.

Rat, you know who I am, go look in any LM-2 you won't find my name except for 2013 when I worked the raid.

I have nothing to do with the IAM nor the IAMNPF.

Yes I still have lots of friends and connections, and what happens still has an effect on me due to my son's mother being a lead stock clerk.

So take away your hatred and deal with the facts.

And I have stated over and over anyone involved should be held accountable under the law and the IAM Constitution.

Is the IAM and IAMNPF ostensibly the same entity? Isn’t the IAMNPF located in the old Grand Lodge before the crystal palace opened in Upper Marlboro?

Josh

 

[Vortilon]

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.

Yeah, like being in this stupid Association was offered as a choice?