scorpion 2 said:
Maybe you should put in a call to 514 and have them pull the guys contact info off the union bulletin boards. Guess they didn't get your memo that the guy is doing pro bono work now. I think the pension agreement between the iam and twu speaks volumes in saying our trust is in their sights. Like I posted earlier have the international put a letter out explaining how our pension trust will not be touched. Hint, they wont.
At first the retirement guy tried to make out how great it would be if the membership were to be able to hit the ground running in the IAMNPF with the same time vested that they had in the AA plan. He couldn't say enough good about our old plan and thought resurrecting it in the IAMNPF would be a really good thing for us. He started back tracking when he realized that a multi employer plan was protected at a much lower payout than a single employer plan. Then the more he found out about the restrictions placed on the retirees of the IAMNPF his tune changed completely. But hey like I said in an earlier post, thanks in advance if you can get the twu/iam to put a letter out stating that under no circumstances will they try to negotiate our pension trust into the IAMNPF.
If they put our AA pension in the IAMNPF the company gets not only a multimillion dollar concession (millions of dollars in liability -monies owed to us-would simply disappear) that they could not have forced on us in BK but they save money compared to having to match all hours worked in the 401k.
Millions of dollars, our money, would simply vanish due to the 60 vs 65 rule. On top of that our pensions would no monger have the same protections, should the IAMNPF run out of money the most we are guaranteed according to proponents of the deal is $13,000. We negotiated and paid for the ability to retire at 60 without penalty, every time we would bring up that we had less sick time, less vacation etc that was always thrown back at us, now we still have less of everything else but we would lose that as well. , now it would be given away and we would likely receive ZERO credit for it, more than likely both parties (the IAM run Alliance and the company) would co-operate and try and sell it as a gain.
Either way, whether its just a forward looking deal or we go in vested and they get our funds from AA I want no part of the IAMNPF.
Its funny how at first the other side was saying that the IAMPF didn't want us because of the liability, then they were showed documentation indicating they were wrong, now they are claiming that they do not want our funds from the AA plan, well if they didn't know that they wanted us in the IAMPF then how could they know that the IAMPF doesn't want the AA funds? Either they were wrong on the first point and lying on the second or lying on both points and hoping nobody would call them out.
The fact is its clear that the intent is to get us into the IAMNPF, what is not so clear is what they intend to do about the AA pension. The plus's of moving it over to the IAMPF for the company and the fund are indisputable. The benefits to the members are dubious at best. The evidence out there, including reports that we will be immediately vested in the IAMPF once we go in certainly indicate that our funds from AA will be transferred to the IAMPF. The fact that the company could eliminate millions, if not billions in liability off their balance sheet and the track record of both the IAM and TWU in facilitating hidden concessions time and time again also strongly support the idea that our AA pension funds will be moved to the IAMNPF.
The IAM will not doubt push a hard sell for us on the IAMPF. I want no part of the IAMNPF and here is why;
Currently my AA pension is frozen, but I know whats there and I know what I can expect. Even if AA were to liquidate my AA pension will not be reduced and is protected.
If our pension is moved into the IAMNPF it no longer has the same protections. The guarantees in multiemployer pensions are different, they can lower my pension if they feel they need to even after I have retired. As reported here if the IAMNPF ran out of money the MOST we would get is $13000 per year. Even with the frozen AA plan I would get a lot more than that.
With the IAMPF we are giving money back to the company in exchange for a promise from a plan sponsored by a Union that we would not even members of.
Our pensions would not be portable with the IAMNPF, it basically locks us into a Union that negotiates the worst deals in the industry. We are at the very bottom of the industry. The latest IAM agreement does not even get them up to the UALs three year old agreement and has zero profit sharing for what will likely be the most profitable period ever in the airline industry.
The IAMNPF also locks you into this airline, so in addition to giving money back vs the 401k , writing off perhaps billions in liabilities the company also gets a captive workforce. Why would we want that? Portability is a huge asset, it forces companies to treat their workers better. Mechanics are paid better than baggage handlers because their skills are portable and in limited supply, those two factors drive the market rate, no other reason. Anything that stifles portability stifles leverage at the bargaining table.
The IAMNPF denies us the ability to use our skills and collect the pension that we earned.
In effect the IAMPF takes over ownership of our A&P licenses. Well that certainly does not sit well with me, they didn't contribute one iota to me getting my licenses and I would never consent to allowing them to determine whether I can use them to earn money on the outside either. I understand their spin on the theory of it, "eliminate the available hours of labor and have more leverage at the bargaining table because of a reduced overall supply", but the reality is it just forces people to stay with US no matter how bad the contracts are that the IAM negotiates. The proper way to address supply is like the way the pilots do it, limit the duty cycles, but as we know their new partner testified in Congress against that.
The thing we have to remember is that if we could not live off the wage without supplemental income we will not be able to live off a pension based on that wage, we need to retain the option of using our licenses even if we decide we have had enough of AA. The IAMNPF would deny us that option.