Tim Nelson
Veteran
Can you reference that HR bill again? It's buried several pages back. I wouldn't be surprised if they just go by way of the SCOTUS instead.
American Airlines and Labor Negotiations
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Tim Nelson
Veteran
Updated IAM Pension Information
The latest IAM Pension Fund Actuarial Valuation Report, as obtained by BABU. The following statistics and sicknesses were contained on the official documents (The Pension Administrator only provides this to members who request it)
1. For the first time, The Official Actuarial states "the fund is projected to be classified in the Cricial status within the following five years." (Page 2)
...
2. For the first time in many years, the number of retirees exceeds the number of Actives. (actives 95,907, Pensioners and Beneficiaries 98,109. This is a 4% increase in retirees collecting from previous years. (
3. Pension benefits paid out increased from $626 million to $671 million.
4. Greatest % Age Bracker of actives: 55-59
5. Average age of actives, 49 (Page 25)
6. Investment Loss: $106 Million (Page 2)
7. Actuarial investment loss: $414. (Page 2)
8. Negative Net Cash Flow: $295 million
(Negative cash flow for each of the last 12 years, avg $180 million)
9. % Funded in each of last several years:
2010: 99%
2011: 106% (this was the year they slashed $2 billion of our benefits to get the plan funded)
2012: 104%
2013: 103%
2014: 102%
2015: 101%
2016 96%
2017: 92%
Within next 5 years, projected by the Official report to be in Critical Status. Expect another cut in benefits.
The latest IAM Pension Fund Actuarial Valuation Report, as obtained by BABU. The following statistics and sicknesses were contained on the official documents (The Pension Administrator only provides this to members who request it)
1. For the first time, The Official Actuarial states "the fund is projected to be classified in the Cricial status within the following five years." (Page 2)
...
2. For the first time in many years, the number of retirees exceeds the number of Actives. (actives 95,907, Pensioners and Beneficiaries 98,109. This is a 4% increase in retirees collecting from previous years. (
3. Pension benefits paid out increased from $626 million to $671 million.
4. Greatest % Age Bracker of actives: 55-59
5. Average age of actives, 49 (Page 25)
6. Investment Loss: $106 Million (Page 2)
7. Actuarial investment loss: $414. (Page 2)
8. Negative Net Cash Flow: $295 million
(Negative cash flow for each of the last 12 years, avg $180 million)
9. % Funded in each of last several years:
2010: 99%
2011: 106% (this was the year they slashed $2 billion of our benefits to get the plan funded)
2012: 104%
2013: 103%
2014: 102%
2015: 101%
2016 96%
2017: 92%
Within next 5 years, projected by the Official report to be in Critical Status. Expect another cut in benefits.
WeAAsles
Veteran
- Oct 20, 2007
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Absolutely. Company could feel emboldened. And the TWU represents a lot of municipal service workers in East Coast cities so this will absolutely have an effect on their finances moving forward.
WeAAsles
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- Oct 20, 2007
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They may have to actually try to figure out how to offer services as an A La Carte’? Basically sort of like you can pay a one price fits all model or pay as you go.
And Arbitration hearings can be very expensive.
Kev3188
Veteran
NYer
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- Jun 4, 2010
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It's HR 785 and it would eliminate the eleventh paragraph of the Railway Labor Act, which is also substantial language that was mirrored in Article 38 (Union Security) of the TWU CBA. If the Bill becomes law does and that language is eliminated from the RLA, what happens to our language in the CBA? Does it become illegal or can it stay if it was mutually agreed to?
NYer
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- Jun 4, 2010
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If this goes nationwide, small unions won't be able to survive and if they do it will be a bare-bones operation. As it stands, our smaller Locals have a hard time with their finances while currently counting on all Members pitching in.
WeAAsles
Veteran
- Oct 20, 2007
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The language in our contract would be struck as illegal against Federal Law. You wouldn’t be allowed to have closed shops and restrict any individuals “right to work”
Our contract as it is isn’t allowed to violate and State or Federal Laws without special waivers.
Perhaps it will keep the unions on their toes no $1400 bottles of wine.Perhaps for once they will have to answer to their members.More than likely however nothing will change
WeAAsles
Veteran
- Oct 20, 2007
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Essentially that would be APA, APFA and AMFA that will be hit hard. I suspect APA Members would still contribute but there has been a ton of dissenters in the APFA and there are many AMT’s who don’t believe they need a Union whatsoever as their skilled tradesman and Delta Mechanics are doing just fine unrepresented.
The Weez is feeling bittersweet he did question your stipend.I would imagine the unions won't have such big "balls" going forward
He's not as condescending as 700, and 700 is probably freaking out right now
I wonder if Tim should put all this effort for a position that is clearly headed down
Tim Nelson
Veteran
That part will definitely become illegal in our contract, if that federal law changed. That is 100%. But the HR bill would have to be passed in the Senate where a filibuster would be certain to doom it unless the Dems can't put a lid on Waters and lose big in mid terms. A more likely path imo would be the court system where I'm guessing the lawyers already have RLA cases initiated or ready to load.
How many TWU members are working for the federal government? I believe Janus just affected federal employees, yes? As opposed to municipal.
The IAM has about 20,000 Governmental, including 4,000 from the NFFE. Not sure how that affects our huge NASA group and other federal agency groups.
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