scorpion 2
Veteran
- May 11, 2012
- 539
- 562
One reason the TWA/IAM guys were absorbed into the twu was because there wasn't a IAMNPF ponzi scheme in place that needed those members funds. The TWA folks were brought into our defined benefit plan. Why is it that all the talk from the iam and twu involves the IAMNPF and not unfreezing our defined benefit and rolling the iam trust into ours? Why not give them the years service that they have accrued under that plan and vest them into ours which is a much better plan?
Knowing how these two unions connive against their cash cow (dues payers) it would be no surprise to see a contract that looked fantastic but would be nothing more than a Trojan horse that handed our pension trust to the IAMNPF. The company would gladly put a portion of the under funded pension liability into a contract to make it look to good to be true but on the back side would allow them to dump hundreds of millions in pension liability onto the iam plan. The PBGC would love the deal because it gets them off the hook from any future liability, the IAMNPF would get an upfront windfall, the company would save millions in underfunded liability, and the twu could finally look like they know how to negotiate.
If the company and the two unions were in agreement to move the trust and they were able to promote it to the membership and get a yes vote on a contract then our trust could be moved. If any one doubts that this could happen then just place a call to the twu's retirement counselor and ask for yourself. As a matter of fact I challenge everyone on this forum to do that!
Contracts get passed without much effort so to sweeten one with pension obligations would no big stretch.
Knowing how these two unions connive against their cash cow (dues payers) it would be no surprise to see a contract that looked fantastic but would be nothing more than a Trojan horse that handed our pension trust to the IAMNPF. The company would gladly put a portion of the under funded pension liability into a contract to make it look to good to be true but on the back side would allow them to dump hundreds of millions in pension liability onto the iam plan. The PBGC would love the deal because it gets them off the hook from any future liability, the IAMNPF would get an upfront windfall, the company would save millions in underfunded liability, and the twu could finally look like they know how to negotiate.
If the company and the two unions were in agreement to move the trust and they were able to promote it to the membership and get a yes vote on a contract then our trust could be moved. If any one doubts that this could happen then just place a call to the twu's retirement counselor and ask for yourself. As a matter of fact I challenge everyone on this forum to do that!
Contracts get passed without much effort so to sweeten one with pension obligations would no big stretch.