Why no contract from the Association?

[Jester]

Prediction, some major cuts are coming for the iampf, what's the Latin phrase for laughter comes tears.

"est a risus lacrimis"...

But I am not yet ready for retirement....


So let's say your crystal ball is correct and using my example such that instead of $80/month, per year of service, it is only $40/month... no doubt a "major cut," right? To keep it simple, one year to retirement and one year in the pension equals $480 a year ($40 x 12 months) and the company contributes $2,200 (approx. $1.05 x 2,080 hours) to the IAMNPF. In less than 5 years, the retiree would have 100% payback, 10 years of additional pension payments (guesstimate of life expectancy) equal to $4,800.

If we Net Present Value 15 years of $480 of annual payments with an investment of $2,200 at 10%, it is still $1,450 positive. Using the IRR (Internal Rate of Return) with those same numbers, the return is still over 20%! Better than the long-run returns of most mutual funds!

And that's my point... I could not image the IAMNPF would accept the membership being given a choice as those close to retirement would take the pension, while those with decades before retirement would invest in the 401K instead.

 

[WeAAsles]

I'm not that far behind you.

I was also fortunate to be surrounded by senior guys that looked out for us junior pukes all those many years ago, and was encouraged to start my 401k by them.

Kev your face looks nothing like this old catchers mitt I wear. I'd say you grew up in the Nirvana era where for me it was RUSH.

But good of those guys and good for you for listening to them. Rule of law #1 pass it on down.

 

[WeAAsles]

"est a risus lacrimis"...

But I am not yet ready for retirement....


So let's say your crystal ball is correct and using my example such that instead of $80/month, per year of service, it is only $40/month... no doubt a "major cut," right? To keep it simple, one year to retirement and one year in the pension equals $480 a year ($40 x 12 months) and the company contributes $2,200 (approx. $1.05 x 2,080 hours) to the IAMNPF. In less than 5 years, the retiree would have 100% payback, 10 years of additional pension payments (guesstimate of life expectancy) equal to $4,800.

If we Net Present Value 15 years of $480 of annual payments with an investment of $2,200 at 10%, it is still $1,450 positive. Using the IRR (Internal Rate of Return) with those same numbers, the return is still over 20%! Better than the long-run returns of most mutual funds!

And that's my point... I could not image the IAMNPF would accept the membership being given a choice as those close to retirement would take the pension, while those with decades before retirement would invest in the 401K instead.

Did you ever hear that good math can lead to severe migraines for those attempting to understand it?

 

[Jester]

Did you ever hear that good math can lead to severe migraines for those attempting to understand it?

I try to keep it simple but I also realize there are some who understand or want to know my methodology. So I use round numbers, general approximations without getting into too many details.

 

[WeAAsles]

I try to keep it simple but I also realize there are some who understand or want to know my methodology. So I use round numbers, general approximations without getting into too many details.

I miss a tool of the old Forums design where I could highlight the numbers in red. I think it made the financials easier to understand as they could be separated out through color. Now you have to line bar separate them out of the conversation to get your point across more IMO.

And I hope you at least use calculators and paper? I certainly have to.

 

[Matt1200]

I think we should have the ability to choose what retirement plan we want. I know the TWU members don't want the IAMPF. That is fine with me. We need to focus on scope and medical. I feel the IAM and TWU are constantly arguing. The unions need to start pulling together. Isom and Doug loves us being at each other. Remember the unions are not the enemy, the company is! I spoke with my local negotiator and I feel last meeting with the company was not good. I really believe we will have a contract when the company wants us to have one. Remember we need to unite together to get a good contract!

 

[WeAAsles]

I think we should have the ability to choose what retirement plan we want. I know the TWU members don't want the IAMPF. That is fine with me. We need to focus on scope and medical. I feel the IAM and TWU are constantly arguing. The unions need to start pulling together. Isom and Doug loves us being at each other. Remember the unions are not the enemy, the company is! I spoke with my local negotiator and I feel last meeting with the company was not good. I really believe we will have a contract when the company wants us to have one. Remember we need to unite together to get a good contract!

Who is telling you "the" TWU members don't want the IAMPF? That's not a universal unanimous decision if you polled all of us.

Don't just go by some posters in Forums to gauge a MUCH larger group that don't participate here.

 

[anotherdelay]

"est a risus lacrimis"...

But I am not yet ready for retirement....


So let's say your crystal ball is correct and using my example such that instead of $80/month, per year of service, it is only $40/month... no doubt a "major cut," right? To keep it simple, one year to retirement and one year in the pension equals $480 a year ($40 x 12 months) and the company contributes $2,200 (approx. $1.05 x 2,080 hours) to the IAMNPF. In less than 5 years, the retiree would have 100% payback, 10 years of additional pension payments (guesstimate of life expectancy) equal to $4,800.

If we Net Present Value 15 years of $480 of annual payments with an investment of $2,200 at 10%, it is still $1,450 positive. Using the IRR (Internal Rate of Return) with those same numbers, the return is still over 20%! Better than the long-run returns of most mutual funds!

And that's my point... I could not image the IAMNPF would accept the membership being given a choice as those close to retirement would take the pension, while those with decades before retirement would invest in the 401K instead.

wow. Just wow. I got to tell you that is impressive analysis. You should really get a job selling annuities. Better yet, get a job for a mining company, determining whether a project is worth the return, cause your trying to mine TWU members. You would be really good at it. Maybe the iampf will promise to give everyone the pv, of the multiplier, like the pilots used to get, the day we retire too, so we don't have to worry about cuts 2 monthes into retirement. Why not a 100 dollar multiplier?

Here's the problem, Kleine Miller, and a 2.2 10 year treasury rate, a fund that isn't 1billion underfunded, its mostly likely 5 billion underfunded, in a market that's gone up over 200 percent, if not more. Yeah I'm sure, Trump is going to bail it out right Trunka. I bet you are good guy, don't be a fool for them, especially your fool friend who put you up to this. You will never be part of them. Join us to help better both memberships. do yourself a favor save yourself, and the guy working next to you.

Again caveat emptor, can't wait for them to open the books, that way we can really negoiate getting into the iampf, and that multiplier. M and R, talk to attorneys now, these guy's want to talk Turkey, and open up the books to an independent auditor of the fund, to show how wonderful it is.

 

[Kev3188]

He was told about SS shortfalls from one of his handlers so it must be true

Still waiting, Albert.

 

[swamt]

Not pathetic enough to go to another airline's site and criticize their contract when I haven't had a contract for five years. Not pathetic enough to come to another airlines site and push a union that lets the largest percentage of outsourcing. As far as you go I hope you live to 90 just hope your 401 lasts just as long

I see you totally ignored the issue I brought up. You turned once you were proven wrong. My 401K and all other retirement portfolios will take me into 100 plus, I will be passing some onto my children and 4 grandchildren.
As far as my contract, since you brought it up not me, we will sit with what we have rather than to cave to the demands of our co. Just like Bob said, it's a lot easier to do at our current pay level and bennies...

 

[swamt]

It doesn't concern you but there is really nothing wrong with the contract I have. It suits me just fine

I don't think you really mean that with all the concessions over the last few decades. You are still living with a BK contract, it really is time for you guys to get out of the BK contract. No one here believes you are ok with your current contract.

 

[WeAAsles]

I don't think you really mean that with all the concessions over the last few decades. You are still living with a BK contract, it really is time for you guys to get out of the BK contract. No one here believes you are ok with your current contract.

Oh this is going to be fun to sit back and enjoy.

 

[Albert]

I don't think you really mean that with all the concessions over the last few decades. You are still living with a BK contract, it really is time for you guys to get out of the BK contract. No one here believes you are ok with your current contract.

Wrong Give me this contract plus 2% a year until I retire I'd be fine. I have a good medical plan and great scope I can live with 7 holidays and 5 weeks vacation and what the company puts towards my retirement is fine it's not their fault that the plan is Fkd up. How do you preach to another airline when you have 2500 AMTs for like 700 jets? Take care of your own house first

 

[Vortilon]

Is it writing that they will absorb the frozen pension into the IAMNPP?

Well, that wasn't in writing; however, us getting to vote on the association was. Gnome saying?

 

[AANOTOK]

Wrong Give me this contract plus 2% a year until I retire I'd be fine. I have a good medical plan and great scope I can live with 7 holidays and 5 weeks vacation and what the company puts towards my retirement is fine it's not their fault that the plan is Fkd up. How do you preach to another airline when you have 2500 AMTs for like 700 jets? Take care of your own house first

And that's exactly the IAM's mentality. And that's exactly why the Association is Fkd up. And that's exactly why we don't have a contract yet. And that's exactly why your TWU brothers and sisters will not be on par with your half of the Association for a long time. And if I were in your shoes, I would would probably be exactly like you, a "IGM" Association brother.