Why no contract from the Association?

[1AA]

I think the financial guys see a market correction coming soon and want to make sure to shove the IAMPF down our throats before the market puts the fund in a insolvency position and goes bust. I said it before that the IAMPF needs the AA guys money to keep the IAMPF going.
The IAMPF is getting close to life support status. When guys start drawing from it the funds need to be replenished with our money. Are we that stupid to fall for this scam?

 

[NYer]

I think the financial guys see a market correction coming soon and want to make sure to shove the IAMPF down our throats before the market puts the fund in a insolvency position and goes bust. I said it before that the IAMPF needs the AA guys money to keep the IAMPF going.
The IAMPF is getting close to life support status. When guys start drawing from it the funds need to be replenished with our money. Are we that stupid to fall for this scam?

If they take over the underfunded AA frozen pension, they will go into a deeper hole than what many of you already believe they're in.

With that money comes a huge liability which will put them in a worse position. That being the case, it makes little sense for them to covet something that will not fix anything but will certainly make things worse for them.

 

[1AA]

If they take over the underfunded AA frozen pension, they will go into a deeper hole than what many of you already believe they're in.

With that money comes a huge liability which will put them in a worse position. That being the case, it makes little sense for them to covet something that will not fix anything but will certainly make things worse for them.

I was refering to us being put in the IAMPF to replace the 401K match. God help us and the guys that already are retired if the IAMPF gets a hold of our frozen pension plan.

 

[NYer]

I was refering to us being put in the IAMPF to replace the 401K match. God help us and the guys that already are retired if the IAMPF gets a hold of our frozen pension plan.

Can't see that happening.

Aside from conspiracy theorists, it makes little sense for anyone involved and that includes the IAM.

 

[Traymark]

It may have to cut benefits, but unlike the 401K, my accrued value is more protected for short term. The Pension Plan also has an advantage we may not have, which is time to recover and get healthy. If given a choice, the prudent thing to do, for those years away from retirement would be to diversify their portfolio with a 401K and a Pension Plan.

Total contradiction.
For those that don't realize it, you can diversify your portfolio completely within your 401K and keep 100% control of your money instead of handing over total control of your money to a union that you may or may not agree with or like the way they are representing you down the road.

I suggest anyone that is thinking of entertaining being in the IAMPF take some time and read thru the new rules for that fund. As you are reading thru , remember how you will need to know none of those things when administering to your own 401K.

https://www.irs.gov/irm/part4/irm_04-072-014.html

 

[WeAAsles]

Trustees
Multiemployer pension funds (like the IAM National Pension Fund) must be administered by an equal number of union and employer representatives. These individuals are known as "trustees." They act on behalf of the plan’s participants to manage and administer the plan and make investment decisions regarding the plan's assets.

The current Trustees for the National Pension Plan are listed below. Click on a Trustee's name to learn more about that person.

The IAM National 401(k) Plan Trustees are now listed on the 401(k) Plan's website at www.iam401k.org/about-us/trustees.

IAM National Pension Fund Trustees
Union Trustees Employer Trustees
Philip J. Gruber
Board Co-Chairman
General Vice President
International Association of Machinists and Aerospace Workers
113 Republic Ave., Suite 100
Joliet, IL 60435

Henry C. Eickelberg
Board Co-Chairman
c/o IAMNPF
1300 Connecticut Avenue, NW, Suite 300
Washington, DC 20036

Sito Pantoja
General Vice President
International Association of Machinists and Aerospace Workers
9000 Machinists Place
Upper Marlboro, MD 20772-2687

David Leib
Managing Director, Treasury
c/o IAMNPF
1300 Connecticut Avenue, NW, Suite 300
Washington, DC 20036

James Conigliario
General Vice President
International Association of Machinists and Aerospace Workers
652 4th Avenue
Brooklyn, NY 11232

Steve Jones, BSc FIA
Group Pensions Manager
GKN plc
Ipsley House
Ipsley Church Lane
Redditch, Worcestershire UK
B98 0TL

Brian Bryant
General Vice President
International Association of Machinists and Aerospace Workers
9000 Machinists Place
Upper Marlboro, MD 20772-2687

Chris Ross
Treasurer
AK Steel Corporation
9227 Centre Pointe Drive
West Chester, OH 45069


Rickey Wallace
General Vice President
International Association of Machinists and Aerospace Workers
9000 Machinists Place
Upper Marlboro, MD 20772-2687



Justin Welner
Vice President, Human Resources & EHS

 

[Kev3188]

Total contradiction.
For those that don't realize it, you can diversify your portfolio completely within your 401K and keep 100% control of your money instead of handing over total control of your money to a union that you may or may not agree with or like the way they are representing you down the road.

Workers taking control of their financial future? Who'da thunk it!

 

[Traymark]

From my link above about the "board of trustees"

4.72.14.2.3 (06-01-2016)
Board of Trustees

1. Trustees are typically union officials and officers of the employers who meet to hear reports, discuss policies, and vote on matters requiring formal board action.
   
   
2. Be aware that the union and employer trustees are formally in an adversarial relationship with each other.
   

 

[Traymark]

Having the board of trustees formally in an adversarial relationship with each other is always a good place to park your retirement savings. I'm sure they'll be all about whats good for you (sarcasm off)

 

[WeAAsles]

Asset allocation:

Currently I'm investing my wages into two main retirement focused vehicles. One is my 401k of which 20% of my Gross wages are being placed into those distributions with a 5.5% Match applied by the Company I work for. The second vehicle is my Mortgage. I made a down payment taken from borrowing money from myself to put down 20% on a primary residence avoiding a future of Rental servitude since the Rental market in my area was overly expensive and I build up no equity on that wasteful expenditure.

With the dramatic increases in wages we have seen since the BK which amounted to over a 40% increase from where we started it afforded me the ability to begin to make more prudent investments in myself that should pay off in the long run. And I'm now considering purchasing another condo to be run as a rental investment near where I live? That investment could bring in a few hundred per month that I can use to invest in other areas.

The thought of possibly entering the IAMPF is just one of many possible investment options that I "may" be involved with again if it's offered as a choice. I do know the risks that come with that investment but like all investments (Absolutely my 401k investments being risky) all investments are a gamble. What I do still like about the idea of the IAMPF is that it does have heavy investments in the Aeronautics industry which is forecast for tremendous growth especially in a low oil price forecast future with the US oil and Natural gas industry having basically rendered OPEC obsolete. (Look up Goldman Sachs oil price forecast for the next 7 years)

Invest how you feel is best for you. But you absolutely shouldn't make attempts to restrict yourselves from having access to any investment options that could be made available to you.

How would you feel today if you had first invested in Amazon back in 1997 and were still holding that investment even after Amazons ups and downs over the years?

 

[WeAAsles]

Having the board of trustees formally in an adversarial relationship with each other is always a good place to park your retirement savings. I'm sure they'll be all about whats good for you (sarcasm off)

Why are you making the assumption that it necessarily has to be an adversarial relationship especially if it has to do with both making investments in an employers workforce and a Unions members?

Your comment doesn't make sense and only comes from the perceptions you have in your own work history.

 

[WeAAsles]

From my link above about the "board of trustees"

4.72.14.2.3 (06-01-2016)
Board of Trustees

1. Trustees are typically union officials and officers of the employers who meet to hear reports, discuss policies, and vote on matters requiring formal board action.
   
   
2. Be aware that the union and employer trustees are formally in an adversarial relationship with each other.

Yes of course they are "formally" The term is meant to imply that the viewpoints of management don't always coincide with the viewpoints of the Representing Labor group. Especially that's going to occur during contract negotiations.

Again you all continue to leave out the fact that no employer under a Union contract wants to get stuck with an older workforce that eventually becomes very expensive through productivity and Medical expenditures.

It's in both groups interests to make wise prudent investments in Retirement areas to transition those older workers out. (Why do you think companies also offer buyouts to older workers and not younger ones)

 

[WeAAsles]

The next response coming soon will be

"I don't care about anything, I don't want that damn IAMPF anywhere near me"

Basically cutting off any possibilities for even a decent conversation of an option of choice.

 

[WeAAsles]

Workers taking control of their financial future? Who'da thunk it!

Kev say you had no Pension at all and no Social Security coming to you either when you retire. If you had neither do you trust that you would have been able to save enough in your 401k even if you had started saving at the junior age of 18 all the way through whatever age it was you planned to retire when you were a young pup?

Did you start a family when you were young? Did children and the costs associated with raising those children factor into your thoughts for retirement savings when you were 18? Are you going to pay or assist those children in continuing education after they get out of High School?

How many times did your 401k take a hit during economic declines over the years?

Yes I like having a 401k but I'd feel like a completely exposed schmuck if it was the only vehicle I had/chose for my future Golden years that I would like to enjoy some day.

 

[NYer]

Total contradiction.
For those that don't realize it, you can diversify your portfolio completely within your 401K and keep 100% control of your money instead of handing over total control of your money to a union that you may or may not agree with or like the way they are representing you down the road.

I suggest anyone that is thinking of entertaining being in the IAMPF take some time and read thru the new rules for that fund. As you are reading thru , remember how you will need to know none of those things when administering to your own 401K.

https://www.irs.gov/irm/part4/irm_04-072-014.html

You need to know where to put your money. What funds or stocks are safe during a downturn or where to plant your money in the event of a market downturn. Some people are unable or unwilling to keep up with those things.

That being the case, a choice, is the best option for all.

Don't believe anyone, not one person, is advocating or defending being forced either into the IAMNPP or a 401K. Most want a choice...there can be no negativity with a choice.