TWU or IAM in a Merger

[700UW]

I didnt attack you nor did I chew your head off, I simply hoped you knew the difference since you wanted to be the DLPDGC.

All the unions at TWA were put under the gun by AA, it was agree to waive the LPPs or go chapter 7.

 

[Tim Nelson]

Spin, spin, spin. Why did other workgroups at TWA fare better than the FAs? And Robert Roach even said "IAM members will not be duped into standing with AMFA". See if you were a true unionist you would have seen something bigger is at stake here, but the IAM would rather collect more dues and sell out the AMFA members then act like they had nothing to do with it. Unlike you, Tim makes his position clear and doesn't resort to this "IAM can do no wrong" wishy washy BS. He is able to engage in a discussion with people whom he may disagree with. You on the other hand resort to attacks and calling people liars whenever they disagree with you or legitimately criticize the IAM in the slightest. You are the Overspeed of the IAM and waterboy for the IAM international which is fine but you shouldn't come on here and pretend to be a fair and objective.

Josh

Josh,

Roach also said that the IAM pension plan was 'guaranteed' back in 2005. I kept his letter. I am deeply concerned that the continual loss of IAM membership will cause the IAM pension trustees to revisit the plan and whack future benefits for a 3rd time in the last 10 years. We are now down to under 350,000 active members for the first time since a man went on the moon.

As the membership dwindles, participants in the IAM pension plan take a blow. The last big whack was when the last of 16,000 Delta employees finally voted out the IAM on December 10, 2010. We got our letter on December 13, 2010 notifying us "Tuffa Lucka".

Hopefully the IAM will quit asking for an increase in company contribution % into the IAM pension pockets and focus instead on getting any gains to go into the members pockets. Having the company contribute to a 401k puts more in the members pockets and it makes sure all eggs aren't in one basket. We've already experienced what happens with that.

regards,

 

[700UW]

There you go gain, not all members and the company they work for are in the IAMNPF, a fact you seem to leave out all the time.

The plan is currently funded to 105%.

And the IAMNPF which is a DBP is the company putting money in, if you only have a 401k, its YOUR money going in so you are actually taking a paycut for a 401k vs a DBP.

 

[Tim Nelson]

There you go gain, not all members and the company they work for are in the IAMNPF, a fact you seem to leave out all the time.

The plan is currently funded to 105%.

And the IAMNPF which is a DBP is the company putting money in, if you only have a 401k, its YOUR money going in so you are actually taking a paycut for a 401k vs a DBP.

700,
I'm not sure I follow you. You do know that company contributions can go into 401k's without a match don't you? And why do you presume that anyone is getting rid of the IAM pension if the intent is to also get the company to contribute to a 401k instead of increasing the % in the IAM pension? I'm stuck with the IAM pension but I would like additional funding by the company to be placed in a 401k. Their money, not mine. Makes 'good sense'.

Regarding the IAM pension, yes it is in the green, but on the backs of the members. It stayed in the green twice because the IAM pension trustees whacked the future benefit schedules and slashed them by about 50%. I know you like saying that it is a defined benefit but the benefit isn't so defined when it moves like shifting sand everytime the IAM pension trustees have to dig deeper. All along the companies are putting in the same contributions but the IAM Pension plan is cutting the future benefits 'to stay green' of course. The reason is because it is a ponzie scheme. It has more folks collecting and needs to either increase the active participants or slash the future benefits if it has been unsuccessful in increasing the actives. It was a $47 million concession that the IAM made to switch out the previous 401k that had company contributions up to 10%, overtime included, to the IAM pension plan.

regards,

 

[blue collar]

And the IAMNPF which is a DBP is the company putting money in, if you only have a 401k, its YOUR money going in so you are actually taking a paycut for a 401k vs a DBP.

My current 401k gives a 9.3% match, which is a lot more of the company's money going in vs what us air was paying into my pension. I think it's worth it for me to put in 10% of my own in order to take advantage of the match. US only puts in $2/hr for 2080 hrs/year, no compensation for OT. With my 401k match, they match all money- straight, 1.5, and double time.

 

[Tim Nelson]

My current 401k gives a 9.3% match, which is a lot more of the company's money going in vs what us air was paying into my pension. I think it's worth it for me to put in 10% of my own in order to take advantage of the match. US only puts in $2/hr for 2080 hrs/year, no compensation for OT. With my 401k match, they match all money- straight, 1.5, and double time.

that is worth a ton more. An employer contribution of 9.3%, including OT, > employer contribution of 5% on straight time only.

You work for Southwest ramp?

regards,

 

[freedom]

I'll say this about the IAM they lost a lot of.credblity with me when they halved my projected pension pay out . I have little to no faith in the IAM pension and if we have to switch back to the 401k I won't shear any tears.

 

[700UW]

Do you not understand the IAM and the IAMNPF are two totally separate entities and the pension is run by a trustee appointed by the IAM and the companies that participate in the plan, and has a board made up of half union members and half company members?

 

[blue collar]

that is worth a ton more. An employer contribution of 9.3%, including OT, > employer contribution of 5% on straight time only.

You work for Southwest ramp?

regards,

Southwest mx.

 

[john john]

the pension is run by a trustee appointed by the IAM

Do you not understand IAMNPF can and did reduce the payout without a vote

 

[john john]

I couldn't agree more with you that the IAM is 'not on the hook' for that ponzie scheme they endorse and negotiate and prostitute on their site. But the members are 'on the hook' and that's my point.

If you had gotten the 'drop dead' letter that told you that your IAM Pension's future benefit was now going to be slashed from $81 down to a measly $46 per month x number of years then maybe you wouldn't be such a pollyanna.

I'm not sure why we even have to discuss this.

regards,

http://web.archive.org/web/20070508114516/http://www.iam141.org/PDF/US%20Airways/PensionsInJeapardy.pdf
The $78 Multiplier
The IAM agreement at US Airways calls for participation in the IAM
National Pension Plan which provides the financial security of a
guaranteed monthly benefit upon retirement.

US Airways Fleet Service retirees will receive a pension of $78.30 a month
for every year of future service. This means that a retiree with thirty years
of credited service under the current plan can expect a check for more
than $2,349 a month, in addition to any 401-k distributions

 

[freedom]

i agree with Tim Nelson on this one , i think the IAM pension plan is a pymrid scheme , and i want to get out of it after 2013 , the last year we recvieve 80 dollars a month in pension contributions...

I want control of my OWN money , i want to invest my retirment funds into things that i think will do well or stick around , i don't know the people who run the pension plan , i don't know what they've invested us in , and i want to part ways with the IAM pension plan as soon as possible ...

If the IAM wants to seperate us from the pension plan and give us a 401k , then i would be up for keeping the IAM , as long as we're allowed to completely break from the pension plan and any further payments into it ..

 

[700UW]

So you want to take a paycut since a 401k is your own money?

Go to the plan's website and learn about who is in control.

The plan is funded to 105%, ask the folks about how much their 401ks lost when the market was down.

 

[freedom]

So you want to take a paycut since a 401k is your own money?

Go to the plan's website and learn about who is in control.

The plan is funded to 105%, ask the folks about how much their 401ks lost when the market was down.

if the company isn't paying the IAM pension , then they can afford to pay me more ...

i don't care WHO is in control , because I AM not in control .... I should be master of my OWN money ..........

and as for losses , i went from A scale to B scale ... without ANY SAY IN THE MATTER ....... my own pension orgnization cut the legs out from my promised retirment .....do you think i'm going to let them stick around to falter on more promises to me in the future ?

The pension has already failed me once , i am not going to give them another chance to fail me again ...

 

[P. REZ]

if the company isn't paying the IAM pension , then they can afford to pay me more ...

i don't care WHO is in control , because I AM not in control .... I should be master of my OWN money ..........

and as for losses , i went from A scale to B scale ... without ANY SAY IN THE MATTER ....... my own pension orgnization cut the legs out from my promised retirment .....do you think i'm going to let them stick around to falter on more promises to me in the future ?

The pension has already failed me once , i am not going to give them another chance to fail me again ...

The pension does go to $48 starting in 2014 and I agree that sucks. However, if you compare the the two the DBP smokes the 401K. If the Company put the money into the 401K instead of the DBP and you let it grow for 20 years and earn 7% that would come out to around $100,000. Then if you took out a 20 year annuity upon retirement you would get $5000 per year or $417 per month. Now if you get $48 per month for 20 years under the DBP that would equal $960 per month. Even at the $48 per month DBP we are far better off than having that money put into a 401K. I do recommend that everyone invests in the 401K on their own. Remember, experts say you should have the 3 legged stool for retirement, personal savings, Social Security and a Pension plan. Not many people are able to get into a Pension today which leaves them with personal savings and Social Security.

P. Rez