Negotiations........why?

[Traymark]

Is the IAM or the companies taking money from the IAMNPF to fund their own operations?
 
Nope, can you say the same about the Federal Government about SS?
 
And you are all putting the cart before the horse.

I'm not assuming anything.
After sifting through your nicely dressed up pension fund posting, my take away is, there's a lot of Information missing.
If that was your response to my question of talking me through the upside of the pension fund, it left me unimpressed.

I'll just touch on some of my concerns.

They talk about the assets but never , anywhere, mention the liabilities.

The IAMNPF has a rocking cool address, just a few blocks from the White House.
Any idea what the over head is for that building?
Who's paying it, and how much?

90,000 receiving benefits
100,000 active members
Do these numbers concern anyone else but me?

I spent some time trying to find the qualifications of the board members, and the administrator and assistant administrator.
I must say, they are very modest.
If they are college educated, they aren't mentioning it.
All of the board members are life long IAM members.
One has a degree listed , BS in Labor & Management

The administrator Skolnick is a total enigma, no past work history, degrees listed that I could find.
The assistant administrator however did study Hotel and Food Service Management at Miami Dade College.

There are a number of other issues I have with the publication, but mainly, it's a political document with not a lot of meat to it.

Overall, I'm not impressed with the current stature of the IAMNPF or its structure, or its prospects for the future.

I prefer to have my money managed by financial professionals that are Degreed in Finance, and have spent a lifetime managing portfolios ,instead of moving up through the ranks of an industrial union.

 

[700UW]

Read the plan summary, its in the web page and is put out every year conforming to ERISA laws.

 

[1AA]

Not only does the NMB handbook rules says either union or both can ask for a vote, it is also in the association constitution that either or both union international presidents can request in writing to get out of the association. I believe that the AFL-CIO and pressure from the soon to fail IAMPF put pressure on all parties to allow this association to go through and hope for the best gambling with the members money.

 

[swamt]

According to the NMB's own handbook either the company, the TWU or the IAM could have asked for a vote and there would have had to have been one. Sounds to me like they were all working together to avoid a vote.

Correctamendo!!!  They all wanted to avoid the vote for the ass. as they all knew what the reall outcome would have been. The companies reasons are because they would have taken a chance to lose the TWU completely and the two unions would have taken a chance to lose the dues and membership.  They (twu and IAM and maybe even the company) knew that there would never be a vote but lead the membership to believe that there would be one to keep the AMFA drive cards to a minimum.  If they were to be honest and up front from the very get go and let the membership know that there would never be a vote on this ass. then a hell of alot more cards would have been collected and both unions would more than likely be gone and off the premises of AA.  Very strategical move by all 3 parties as none of them wanted or asked the NMB for a vote but lead all to think there would be one, and then BAM!  Announcement made and you all are now in the new ass. formed out of the 2 worst unions out there.  Even 700 was saying there would be a vote and to this day he has not addressed the reasons why there was no vote OR at least why there was not a vote request made by either twu, iam or the company.  Once again I smell collusion out the ying-yang.  I really wish you guys would have listened to all the warnings I as well as others were giving you from the very beginning.  Hopefully, as someone has posted, a president can and will request that the ass. to be removed.  Rather it takes a petition by membership or a vote to make happen, hopefully there is an out for you guys.  It seems now most are really starting to see most out here were correct about the vote and 700, twu, iam, and AA were all wrong and they knew it from the start...

 

[southwind]

700 doesn't care whether or not there's a vote, as long as the IAM is in the pockets of the hard working people at AA!

 

[700UW]

https://www.youtube.com/watch?v=edse151Z6Ck

 

[Traymark]

Read the plan summary, its in the web page and is put out every year conforming to ERISA laws.

Ok, I looked at the Plan Summary from yr ending 2014.

Assets just north of $11 billion.
Liabilities just south of $11 billion.

The AA Super Saver 401k has over $7 Billion in Assets, After liabilities are subtracted.

As for the AA frozen pension currently underfunded.
It's a non issue. We will all get what's promised us, even if it defaults and goes to the PBGC.
All of us have retirement amounts well within what the PBGC will honor.

It was a huge issue for the pilot groups because the PBGC would never cover all of their promised pension monies, the amount was too large.

If the IAMNPF goes to the PBGC, it's a different deal because it's a multi employer fund, and can be reduced.

 

[Rogallo]

https://www.youtube.com

 
You must stay busy all day!

 

[Buck]

It's called investing.

Why is your frozen pension $2 billion underfunded?

The IAMNPF is funded to 101%.

If the IAMPF is 101% funded then that is fraud..... taking more contributions than required.

 

[700UW]

So they are lying to the Department of Labor in its filing every year?

I have never seen more crybaby whiners who are ignorant in my life.

 

[Buck]

When did the IAMPNF begin payouts? I would say that thanks to TWO bankruptcies (because obviously they did not get the first one right,) many IAM members are working longer. So unlike Social Security, more is going IN to the IAMPNF then is coming OUT. Wait until the reverse happens. 

Again if it is 101% funded I would hope that the members of the fund are having their payouts adjusted or contributions reduced.

 

[Buck]

Again if it is 101% funded I would hope that the members of the fund are having their payouts adjusted or contributions reduced.

What union position do you hold?

 

[Rogallo]

I have never seen more crybaby whiners who are ignorant in my life.

 
That's why the TWU (and now IAM) is still on the property at AA!

 

[swamt]

700 doesn't care whether or not there's a vote, as long as the IAM is in the pockets of the hard working people at AA!

Wanna bet?  He cares whether or not there was TO BE a vote for the ass.  Trust me he cares Alot.  And yes you are correct; "as long as the IAM is in the pockets of the hard working people at AA"  BINGO!!!

 

[chilokie1]

The $2.00 per hour from the company, from my paycheck, that used to go to my 401K match, now goes to my IAM pension.  Where you get the money from to support your frozen company sponsored pension, I don't know.  It's not our (US) problem.
 
Info from my july 2105 IAMNPF statement:
 
My total credited service is: 6 years 10 months
( this is the money I have invested so far)
 
My total vesting service is: 36 years
(The IAM granted us "time served" towards an early retirement)
 
Current contribution rate: $2.00 per hour / $85.46 per month
(no increase in the past 6 years as contrary to what was promised )
 
My monthly benefit as of Dec. 2014: $541.00
(providing I do not work in the aviation industry after I retire, or any other industry the IAM deems undesirable.)
 
I am eligible for an unreduced pension at anytime due to the fact I have 30 or more years vesting service.

You missed my point entirely i was not talking about your IAM pension payout, I was
talking about the amount you will be paid after the joint contract is ratified.
The day an IAM member retires AA has no further pension obligations to that member, the day
a LAA /TWU member retires AA will need to fulfill its pension obligations to that member.
 If the $ value of the contract is identical for both unions after the joint agreement, where is
the money coming from to fulfill the pension obligations to LAA /TWU employees? 7000
claims its underfunded, if the PPGC would have taken over the AA pension fund like AA
had hoped in bankruptcy  would the amount of take home pay for Association members
be greater after the joint contract? Lets say Delta plus 8%? Or is that 1% hidden in pension
obligations to LAA/TWU members?................Just a thought have a great day!