Aircraft maint issues

[B737 driver]

When the Pension is based on time in retirement as well so much time before, how do you figure how much you can transfer to the 401k, with the unknown time in retirement?

Just messing around I tried to guess what my pension transfer would be. The company has a calculator but again the time factor is unknown

There has to be a formula for your years of service, the problem is if you stay in the pension plan, it is always underfunded, then the benefit is reduced until it is exhausted, at least with the 401k, it is your money, controlled by you.

 

[Buck]

There has to be a formula for your years of service, the problem is if you stay in the pension plan, it is always underfunded, then the benefit is reduced until it is exhausted, at least with the 401k, it is your money, controlled by you.

That is exactly why the LAA mechanics want no part of it. You have this issue and normally your union is promoting it heavily. Now we're going into this with a commitment from the TWU to do everything they can to promote this. Of course, Jim Little caught the blame? What I really would like to know is were legal procedures adhered too for the merger of the two unions? The NMB rules have always been that the larger of the two unions would become the union on the property. Now it often seems that the IAM has control of everything. How can you have two unions on the property under the same classification, isn't that dual unionism under the Association? I wonder how that was paid for? Who authorized the change?

Then there is the missing Equity which the union used without the permission of membership and we all know that the money was ours and now they cannot figure out how to return it to the membership.
I want to know when the unions or Association is going find a way to get their hands on our frozen funds.

 

[Matt1200]

I was reading last night of the company has to discuss my $1000 with the unions first. That is BS!!!! The union can go pound sand for all I care! I also keep reading about the pension. Give me a matched 401k! I believe the pension fund is to help more of the top union officials not the members!!!!

 

[swamt]

New year, new negotiations more of the same. Any bets on this weeks update?

I hope you guys do see or get some progress. I still do not see them getting all the way thru in this first week of nego's, but hopefully they will report of some progress.
I do know the arbitrators in our nego's said no more meetings until one of the two sides are ready to move. Our union said they were done with the moving. It was the company that contacted the arbitrators for new dates and we are hearing of some movement coming but do not know what type of movement. If they offer $1.00 more it's movement, so I do not expect anything out of the two days set for 18-19 this month to represent any kind of an AIP or a T/A with us. Company has been splewing this crap from day one, we are now just numb to anything they say anymore, they can no longer be believed. They have lied from day one.

 

[Buck]

Buck, I didn't see your union mentioned in this article, but it is an eye opener about pensions and overall monies handled by the industrial unions. I would beware of all monies handled by them period.

Embezzlement plagues union offices around U.S., records show

All of any research I have done has been independent.

 

[Buck]

There has to be a formula for your years of service, the problem is if you stay in the pension plan, it is always underfunded, then the benefit is reduced until it is exhausted, at least with the 401k, it is your money, controlled by you.

I do not remember where I saw the information, but I understand in the case of airline pensions they are fully funded at 85%. I do not know if that is private pensions or the multi-employer pensions like the IAM.

 

[ATD]

"RUMOR"
Just heard that the scope has been agreed upon. again just rumor, the folks that will benefit will be those leaving, substantial payout for exiting.
I am a no vote if this is true.

 

[TechRep84]

"RUMOR"
Just heard that the scope has been agreed upon. again just rumor, the folks that will benefit will be those leaving, substantial payout for exiting.
I am a no vote if this is true.

I also heard that the scope was agreed to. I am curious how this plays out, and how long to finalize it completely.

 

[swamt]

"RUMOR"
Just heard that the scope has been agreed upon. again just rumor, the folks that will benefit will be those leaving, substantial payout for exiting.
I am a no vote if this is true.

Would be very curious of the buy-out. I just hope AA is not trying to "buy" the scope.
You also mention "agreed" upon, maybe the scope isn't that bad then. My opinion on a good buy-out is a years salary.

 

[The Truth Will Set U Free]

Jr Guys. Get your house in order. Layoff are coming. Do the math. US air guys + AA guys = too many senior guys.
That is why they put all the Jr people in Miami.

 

[Deleted member 14439]

"RUMOR"
Just heard that the scope has been agreed upon. again just rumor, the folks that will benefit will be those leaving, substantial payout for exiting.
I am a no vote if this is true.

Oh good. We have not had a decent rumor in awhile!

 

[OldGuy@AA]

Jr Guys. Get your house in order. Layoff are coming. Do the math. US air guys + AA guys = too many senior guys.
That is why they put all the Jr people in Miami.

Doesn't it suck enough that the lower senior people are stuck on lousy shifts and days off? You gotta make stuff up too? AA doesn't have to lay off anyone. All they have to do is wait a couple of years and lots of people will be gone. Some will retire, some will quit and some will die. Besides, since all the new hire AMTs are all IAM that means less money for their broke pension. Can't have that now can we?

 

[Vortilon]

"RUMOR"
Just heard that the scope has been agreed upon. again just rumor, the folks that will benefit will be those leaving, substantial payout for exiting.
I am a no vote if this is true.

I'm pretty sure I heard Gary Peterson state that no early out deal would be tied to the contract this time. For the simple reason that is too divisive. It would be nice if the negotiators actually made some progress though.

 

[767 mechanic]

"RUMOR"
Just heard that the scope has been agreed upon. again just rumor, the folks that will benefit will be those leaving, substantial payout for exiting.
I am a no vote if this is true.

Scope has not been agreed to. The unions proposal was passed to the company. The company has been complaining that the proposal is more restrictive than UAL. I would be surprised if the company had a counter proposal at the next negotiation session.

 

[dfw gen]

False rumor no there is no agreement on scope.