US Airways has no plans to put more money into the Flight Attendant Agreement

[Kev3188]

If you merge and don't continue with the IAM pension, it cannot be rolled over. It will sit idle until you are eligible to collect on it.

Correct.

I'd like to see anyone vested with less than, say, 10k total be able to just cash it out. Not sure if it's even allowed under the law, but you'd think it'd be win-win. The employee gets their $$$ to do whatever with, and the IAM is no longer responsible for maintaining that account for decades to come.

 

[Real tired]

Correct.

I'd like to see anyone vested with less than, say, 10k total be able to just cash it out. Not sure if it's even allowed under the law, but you'd think it'd be win-win. The employee gets their $$$ to do whatever with, and the IAM is no longer responsible for maintaining that account for decades to come.

You can. Here's a cut and paste from the 2012 Summary Plan Book of the IAMNPP.


Automatic or Voluntary Lump Sum
Cash-Out of Small Pensions
Under certain circumstances, the Trustees will
automatically make a single cash payment to participants
who have accrued small pensions as of their pension
effective dates.
For distributions effective January 1, 1998 or later, if
the actuarial present value of your pension is $5,000
or less, your payment will be in a single lump sum.
If your benefit is paid in this form, no further benefits are
payable to you or any survivors.
For pensions effective July 1, 2007 or later, if the
actuarial present value of the monthly pension exceeds
$5,000 but is not more than $10,000 as of the effective
date, the recipient may voluntarily elect to receive the
benefit in a single lump sum. If the voluntary cash out
is elected, no further benefits are payable to anyone.
This provision does not apply to pensioners who are
already receiving benefits.

 

[Real tired]

I'm just about willing to bet that Fleet will be TWU, and Mtc will be all IAM should this merger take place.

I wouldn't place any money on the MTC part of that statement just yet.

 

[wings396]

I was figuring that if one side went each union, the unions would each maintain a head count nearly equal to what they each have currently at thier respective airlines. In order for the TWU to have endorsed Parkers plan, there had to be something in it to ensure they wouldn't lose all their members to another union.
The TWU gets fleet, IAM gets Mtc, and both of their dues income remains unchanged as a result of the merger.

 

[700UW]

The company cant make a deal to ensure which union gets what workers.

That is for the members to decide by signing cards and having an election.

 

[wings396]

No, but the unions can. Recall what happened with the TWU and the IAM following the us/HP merger?

 

[Kev3188]

You can. Here's a cut and paste from the 2012 Summary Plan Book of the IAMNPP.


Automatic or Voluntary Lump Sum
Cash-Out of Small Pensions
Under certain circumstances, the Trustees will
automatically make a single cash payment to participants
who have accrued small pensions as of their pension
effective dates.
For distributions effective January 1, 1998 or later, if
the actuarial present value of your pension is $5,000
or less, your payment will be in a single lump sum.
If your benefit is paid in this form, no further benefits are
payable to you or any survivors.
For pensions effective July 1, 2007 or later, if the
actuarial present value of the monthly pension exceeds
$5,000 but is not more than $10,000 as of the effective
date, the recipient may voluntarily elect to receive the
benefit in a single lump sum. If the voluntary cash out
is elected, no further benefits are payable to anyone.
This provision does not apply to pensioners who are
already receiving benefits.

I know (and should've added that to my original post). A couple of guys in my station did just that, after taking early outs from the company.

What I was driving at was to have the "certain circumstances" include more items, such as a switch of unions, loss of representation, all cases of permanent separation from the employer, and so on.