AMFA not filing

[bob@las-AA]

From the title, did this come as any big surprise! 
 

Lets hope we get a voice, I may be wrong but getting all the title groups & two unions
with major differences in work scopes and retirement plans on the same page to 
negotiate a fair & equitable contract for all will be impossible. 

You are not a employee of either AA/US, are you.

 

[bob@las-AA]

Q: Does American Airlines want to merge the AA frozen pension plan into the IAM National Pension Fund (IAMNPF)?
 
A: Discussions about merging AA’s frozen pension plan into the IAMNPF have not occurred. The IAM has never merged an airline industry pension plan into the IAMNPF. In fact, when Northwest Airlines, United Airlines and US Airways either froze or terminated their employer-sponsored, defined-benefit pension plans, the IAM did not merge these frozen and terminated plans into the IAMNPF. They remained administered by either the company or the PBGC, resulting in IAM members receiving two pension checks in retirement – one from the IAMNPF and one from their previous employer-sponsored plan. - See more at: http://www.usaamerger.com/2015/05/04/usaa-pension-q-a/#sthash.yoP3SeSc.dpuf
 
 
http://www.usaamerger.com/2015/05/04/usaa-pension-q-a/

I hate to say it but, with unknowns like fuel, exchange rates, and fluctuating market returns, and labor. American, looking towards 2020, looks like a very active year for pension liabilities. Source-2014 10-K. I would opt out for a bigger 401k contribution. Besides I feel that less than .0001 percent of the new hires would ever go for the bait. Besides as it stands now, the percentage of members over or close to 50, would not even reach the qualifying time of service.

 

[chilokie1]

It doesn't make sense for a 401K match vs the IAM defined benefit pension. Most LUS AMT have 25 plus years. With annual pay of $76K how can you parlay a 6% match into enough cash to live off during retirement. A match of $4500 a year over 15 years is $67,500 even if you triple that your far better with a dbp. I understand the compounding will add to this greatly. But LUS 401K match was only 3%. In the 2008 jcba we voted for the IAM pension. We traded the 3% and are far better off for it. LAA had the best dbp in the industry. It doesn't have to be all or nothing. Give the option to the employee. Match or IAM pension . If your 23 and want the match great. For senior AMT's we could stay within the dbp. The IAM does not want your pension. Too much liability!

I understand your point N617P, here is the problem. The average AMT at LAA is 55 with 25 to 27 years vested, if 
nothing changes in 5 years or so a lot of us will retire at age 60.  We asked the TWU, IAM , AA  & the attorneys 
for the IAM pension plan to put it in writing that the LAA defined pension plan trust will not be transferred to 
the IAM pension plan. The only response was an unsigned statement on a TWU letterhead pad stating they 
have no plans to do so & one local Pres. who actually signed his letter.
 But we do have a document signed by both the TWU & IAM that they indeed would discuss with AA once the
association is up and running putting LAA employees on the IAM plan, and we have proof the IAM pension plan
tried to move United Airlines IAM employees frozen pension to its plan but it was too underfunded and United 
refused to fully fund it. ( AA's frozen plan is fully funded).
 Nobody wants to see you guys change your plan but we will fight like hell to keep ours, even exchanging our
match for enrollment in your plan makes no sense given our average age. A lot of us do not have much trust
in the TWU International guys making decisions with the memberships best interests in mind.

 

[CactUS4Ever]

I understand your point N617P, here is the problem. The average AMT at LAA is 55 with 25 to 27 years vested, if 
nothing changes in 5 years or so a lot of us will retire at age 60.  We asked the TWU, IAM , AA  & the attorneys 
for the IAM pension plan to put it in writing that the LAA defined pension plan trust will not be transferred to 
the IAM pension plan. The only response was an unsigned statement on a TWU letterhead pad stating they 
have no plans to do so & one local Pres. who actually signed his letter.
 But we do have a document signed by both the TWU & IAM that they indeed would discuss with AA once the
association is up and running putting LAA employees on the IAM plan, and we have proof the IAM pension plan
tried to move United Airlines IAM employees frozen pension to its plan but it was too underfunded and United 
refused to fully fund it. ( AA's frozen plan is fully funded).
 Nobody wants to see you guys change your plan but we will fight like hell to keep ours, even exchanging our
match for enrollment in your plan makes no sense given our average age. A lot of us do not have much trust
in the TWU International guys making decisions with the memberships best interests in mind.

 
Explain to me how most LAA will retire at 60 with no retiree medical??? Where will they get the $$$ to pay for  medical at 60 ???

 

[1AA]

Explain to me how most LAA will retire at 60 with no retiree medical??? Where will they get the $$$ to pay for  medical at 60 ???

It is up to each individual to address this if and when they retire before 65. Some have the VA, some will have medical from their working spouse, some have investments that the profits or gains will cover medical payments until they reach 65 and some will retire and go and live outside the USA back in their homeland. Many different situations. If a guy leaves before 65 then he figured out his living expenses ahead of time. Others who don't fall into these situations will probably stick it out.

 

[WeAAsles]

I hate to say it but, with unknowns like fuel, exchange rates, and fluctuating market returns, and labor. American, looking towards 2020, looks like a very active year for pension liabilities. Source-2014 10-K. I would opt out for a bigger 401k contribution. Besides I feel that less than .0001 percent of the new hires would ever go for the bait. Besides as it stands now, the percentage of members over or close to 50, would not even reach the qualifying time of service.

IF we have a "choice" of joining the IAMPF the IAM has agreed to waive the required 5 year vesting period for the fund to make payouts. Essentially even if you are in for only 1 year you can begin to draw if you leave the company and are at the required age. (with or without penalties)

I'd suggest if and or when that time comes that a choice can be made people should take all the information they can get about the fund and bring it to their personal financial expert to see what he thinks about you joining against possibly giving up the match of your 401? If you don't have one you should go out and find one.

Currently I put 20% into my 401k and I don't work OT. I plan on raising my contribution to 25% when we get a JCBA. I'm planning currently on retiring at 62? That gives me 12 more years. For Fleet the current contribution made by the company is only $1.15 per hour. That works out to $622.92 per month not counting the hit if I begin to draw on it before 65. For Maintenance it's currently $3.00 which comes out to $1,445.28 per month again not factoring in the early draw hit. If the funding is raised during the JCBA talks I will absolutely "consider" it? (Yes I do know about the caveat of going back to work somewhere else after you've retired)

I think the biggest question I would have of the fund is who is currently participating in it? What industries? What are the prospects for growth in those companies and industries so I can be assured it remains being funded for my draw? (Boeing is one I'm sure) 

Just make your choice wisely so down the road you hopefully have no regrets.

 

[WeAAsles]

Explain to me how most LAA will retire at 60 with no retiree medical??? Where will they get the $$$ to pay for  medical at 60 ???

I would suggest anyone planning on retiring before 65 should look at what the rates are on the ACA exchange the year before. Also determine what you believe you will need to draw per year for your living expenses and you may qualify for tax breaks. 

We also don't know what may be offered in the upcoming JCBA talks? US employees have a subsidized rate that they pay for using their sick bank. There's a very real possibility that we could be offered something along those lines as well? Plus we still continue to have our pre-funding match locked away in that trust. Who's to say that an agreement isn't made for that to be utilized if the company ultimately is not successful in dissolving that fund and shirking their responsibilities to active retirees? A pre 65 bridge of some kind.

And Belize also has very good socialized medical from what I've read? We are retiring from an airline.

 

[chilokie1]

From the title, did this come as any big surprise! 
 
You are not a employee of either AA/US, are you.

A few months shy of 28 years LAA , why would you ask ?
It was an honest question, merging two unions from companies
with very different business plans as far as operations goes
will be very difficult.

 

[WeAAsles]

Currently I put 20% into my 401k and I don't work OT. I plan on raising my contribution to 25% when we get a JCBA. I'm planning currently on retiring at 62? That gives me 12 more years. For Fleet the current contribution made by the company is only $1.15 per hour. That works out to $622.92 per month not counting the hit if I begin to draw on it before 65. For Maintenance it's currently $3.00 which comes out to $1,445.28 per month again not factoring in the early draw hit. If the funding is raised during the JCBA talks I will absolutely "consider" it? (Yes I do know about the caveat of going back to work somewhere else after you've retired)

Ok I just received a call that I was incorrect and that the current company funding was $2.00 not $3.00. Which would change the formula to $1025.52 from what I crossed out for 12 years.

 

[bigjets]

Why not write-in the union you want to represent you?  If you have that option.

I appreciate the thought, but if we can't get 1000 more guys to sign a card and mail it in or hand it to a guy. A write in is doubtful. Just like a no Union vote being successful. There are too many libtards in tulsa. (That was for le lo li )

There is far to much fear and apathy within our group. It doesn't help with the misinformation about amfa being spread in Tulsa and with the fact AMFA doesn't seem to be lifting a finger to organize us. The IBT really pushed hard and I thought that was going to happen. I didn't see the IBT and TWU working together. Just another reason to vote no Union.

I've worked in non Union places before. You just need to do your job competently and not be a jerk, and you will be fine.

 

[chilokie1]

 
Explain to me how most LAA will retire at 60 with no retiree medical??? Where will they get the $$$ to pay for  medical at 60 ???

Lots of ways. 

 

[chilokie1]

I would suggest anyone planning on retiring before 65 should look at what the rates are on the ACA exchange the year before. Also determine what you believe you will need to draw per year for your living expenses and you may qualify for tax breaks. 

We also don't know what may be offered in the upcoming JCBA talks? US employees have a subsidized rate that they pay for using their sick bank. There's a very real possibility that we could be offered something along those lines as well? Plus we still continue to have our pre-funding match locked away in that trust. Who's to say that an agreement isn't made for that to be utilized if the company ultimately is not successful in dissolving that fund and shirking their responsibilities to active retirees? A pre 65 bridge of some kind.

And Belize also has very good socialized medical from what I've read? We are retiring from an airline.

Talk down to us a little more fool, who the f--- do you think you are? Now you are a financial advisor
to the un-washed? 

 

[WeAAsles]

Talk down to us a little more fool, who the f--- do you think you are? Now you are a financial advisor
to the un-washed? 

He with the photograph of Archie Bunker is asking this question? And if you're one of the un-washed, you should consider taking a bath. :huh:

 

[swamt]

 
Explain to me how most LAA will retire at 60 with no retiree medical??? Where will they get the $$$ to pay for  medical at 60 ???

 
 

Lots of ways. 

Yes many different ways.  One not mentioned above is private insurance.  Cobra.  Quick question for you AA'ers and US.  Can you guys sell back a certain amount of sick time for the 5 years of ins.?  That is another option.  We have it where we can sell back 720 hours of sick for 5 years, and if we want to retire sooner than that we can purchase monthly coverage that has no change from what we were getting on our final day at work, no change what so ever, it is the very same coverage.  If your married then the amount of sick time to sell back would increase to also cover the spouse, it's not double the original figure but it will go up.  

 

[WeAAsles]

Yes many different ways.  One not mentioned above is private insurance.  Cobra.  Quick question for you AA'ers and US.  Can you guys sell back a certain amount of sick time for the 5 years of ins.?  That is another option.  We have it where we can sell back 720 hours of sick for 5 years, and if we want to retire sooner than that we can purchase monthly coverage that has no change from what we were getting on our final day at work, no change what so ever, it is the very same coverage.  If your married then the amount of sick time to sell back would increase to also cover the spouse, it's not double the original figure but it will go up.  

We (AA) don't currently have that ability because our retiree medical was only just lost during the BK and something like that might still need to be negotiated? They do have that in the contracts on the US side and I wouldn't be surprised to see at least that extended over to us?

The problem is though that many of our members have burned through much if not all of our sick banks. In 03 our accumulation was brought down to 5 per year and besides from that when we retire we only get a lousy $25.00 PER DAY for what we have left over. (Sudden long term illnesses always happen just before people retire) We'd need to have our sick banks at least somewhat replenished.

I expect there to be at least some type of option offered during the JCBA talks that would at least help compared to what we have now (Nothing)