Negotiations........why?

[1AA]

The fund is run by someone who is voted on by the board of trustees, which is half appointed by the IAM and half appointed by companies.
Keep up the misinformation.

And as you can read the latest comments no one is interested in the scam IAMPF. We are too close to retirement to start something new when most of us have been in the 401K before the IAMPF existed and before the two BK filings of UsAir.

 

[Traymark]

The fund is run by someone who is voted on by the board of trustees, which is half appointed by the IAM and half appointed by companies.
Keep up the misinformation.

By all means, correct the record.
Please give us the Bio of the IAMNPF Administrator.
Also, you can continue with the upside of the IAMNPF.

 

[mike33]

It's been said here that there is no guarantee against loss with a 401k but I beg to differ with the statement.  I currently have my 401k holdiings in the AAFCU option.  As such I am protected from any loss up to $250,000.00.  I know the interest rate is terrible but taking into account the (measly) match the company gives It is appreciating.  My plan upon retiring is to move it into a fixed for life annuity offered by a AAA credit rated insurance company.
My payout per month on approx. $210,000.00 would be in the neighborhood of $950.00-$1000.00 for myself and continue for my wife once I pass.  There is also a state guaranty fund offered in most states to cover losses by a bankrupt insurance company although it may not cover 100% of the losses.    

  Good for you. Well thought out and thats what i would hope most would do. I also have a 401k that has been there for awhile, although some years matched and some years not. So, with that being said, i'll also say i will collect from the NPF also. Not that amount but about 70% of that amount for being in for 10 yrs. Everyone has a choice and i kept by 401k active with or without match. There is much complaint on here regarding NPF, but ill say this..............I have not put a dime into it. It was all company funded and that funding amount will go up. Not sure when but no guarantees either. My 401k has lost a little every 5-8 yrs but the NPF has not as far as i know.    I think we may get a choice of either or both, although the AMFA push will say it sucks. Well, maybe at least you will have a choice. ................Unlike those whom wanted to be NON-UNION but are stuck paying dues to a union because the majority said so................Good Luck to you....

 

[Traymark]

Good for you. Well thought out and thats what i would hope most would do. I also have a 401k that has been there for awhile, although some years matched and some years not. So, with that being said, i'll also say i will collect from the NPF also. Not that amount but about 70% of that amount for being in for 10 yrs. Everyone has a choice and i kept by 401k active with or without match. There is much complaint on here regarding NPF, but ill say this..............I have not put a dime into it. It was all company funded and that funding amount will go up. Not sure when but no guarantees either. My 401k has lost a little every 5-8 yrs but the NPF has not as far as i know.    I think we may get a choice of either or both, although the AMFA push will say it sucks. Well, maybe at least you will have a choice. ................Unlike those whom wanted to be NON-UNION but are stuck paying dues to a union because the majority said so................Good Luck to you....

Mike, for the record, I am not part of any AMFA push. I've always supported the TWU.
That support is currently waning because of the way they proceeded to put together the current representation without a membership vote.
I'm watching carefully how the two unions will merge the two workgroups in one contract.

As for the IAMNPF,
I think maybe you did put something into it.
Isn't there $2 per hr going towards the IAMNPF?
The company doesn't just put into your pension without taking anything away from you( less money per hr)
Also, just as the company puts into the pension, they can also put into our 401k with contributions or matches. The obvious difference is, you have total control of how your money is invested in a 401.

I understand that those that are in the pension will want to keep it.
The IAM folks also need to understand, most , almost all of the AA folks want to keep their 401k and have the match increased and changed to a contribution.

I'm hopeful this issue will be resolved in the meetings the 2 unions are currently having and the subsequent negotiations.
The obvious answer is, those in the IAMNPF should be able to stay in it, and those on the AA side should have an individual , one time choice of the pension fund or the 401k with matching contributions from the company.
It would make sense to have all new hires put into the IAMNPF.

 

[chilokie1]

Mike, for the record, I am not part of any AMFA push. I've always supported the TWU.
That support is currently waning because of the way they proceeded to put together the current representation without a membership vote.
I'm watching carefully how the two unions will merge the two workgroups in one contract.
As for the IAMNPF,
I think maybe you did put something into it.
Isn't there $2 per hr going towards the IAMNPF?
The company doesn't just put into your pension without taking anything away from you( less money per hr)
Also, just as the company puts into the pension, they can also put into our 401k with contributions or matches. The obvious difference is, you have total control of how your money is invested in a 401.
I understand that those that are in the pension will want to keep it.
The IAM folks also need to understand, most , almost all of the AA folks want to keep their 401k and have the match increased and changed to a contribution.
I'm hopeful this issue will be resolved in the meetings the 2 unions are currently having and the subsequent negotiations.
The obvious answer is, those in the IAMNPF should be able to stay in it, and those on the AA side should have an individual , one time choice of the pension fund or the 401k with matching contributions from the company.
It would make sense to have all new hires put into the IAMNPF.

I wish it was that easy, as a LAA employee I would accept that deal hands down.
The problem is this, the Cost of the entire joint contract will need to include the cost
of maintaining the frozen LAA pension fund. So will LUS employees actually see a
little less in their pay checks to support the LAA retiree's? Or out of the kindness of their hearts
AA will eat those costs?
That has been the big question we have been asking with zero response

 

[Buck]

The fund is run by someone who is voted on by the board of trustees, which is half appointed by the IAM and half appointed by companies.

Keep up the misinformation.

Someone and Board of Trustees voted in by the membership, right?  When the members of the Association who are also members of the TWU decide to join the IAMPF , then the Someone and the Board of Trustees will have to be re elected. right? Who decides which companies have this control over the IAMPF? 
 
Can the IAM mechanic " on the floor" vote directly on any of these positions? 

 

[Real tired]

I wish it was that easy, as a LAA employee I would accept that deal hands down.
The problem is this, the Cost of the entire joint contract will need to include the cost
of maintaining the frozen LAA pension fund. So will LUS employees actually see a
little less in their pay checks to support the LAA retiree's? Or out of the kindness of their hearts
AA will eat those costs?
That has been the big question we have been asking with zero response

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.

 

[Real tired]

Someone and Board of Trustees voted in by the membership, right?  When the members of the Association who are also members of the TWU decide to join the IAMPF , then the Someone and the Board of Trustees will have to be re elected. right? Who decides which companies have this control over the IAMPF? 
 
Can the IAM mechanic " on the floor" vote directly on any of these positions? 

No.
 
http://mypension.iamnpf.org/faqs/the-board-of-trustees.aspx

 

[Real tired]

Someone and Board of Trustees voted in by the membership, right?  When the members of the Association who are also members of the TWU decide to join the IAMPF , then the Someone and the Board of Trustees will have to be re elected. right? Who decides which companies have this control over the IAMPF? 
 
Can the IAM mechanic " on the floor" vote directly on any of these positions? 

The "trustees".  Make your own decision :
 
http://mypension.iamnpf.org/about-us/trustees.aspx

 

[1AA]

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.

So where is the IAMPF going to get the extra money for the credited years that no one contributed in it? I see a insolvent pension when they start paying out benefits in the masses. Then if it goes to the pbgc they only look at years in the plan, not years the IAMPF credited you since the money was never there in the first place. Numbers don't lie unless your the IAMPF. Don't be fooled the IAMPF desperately needs our money to keep it floating. Once the benefits payout begins the IAMPF will be renamed the TITANIC.

 

[Buck]

The "trustees".  Make your own decision :
 
http://mypension.iamnpf.org/about-us/trustees.aspx

Thanks, I already have years ago

 

[Real tired]

So where is the IAMPF going to get the extra money for the credited years that no one contributed in it? I see a insolvent pension when they start paying out benefits in the masses. Then if it goes to the pbgc they only look at years in the plan, not years the IAMPF credited you since the money was never there in the first place. Numbers don't lie unless your the IAMPF. Don't be fooled the IAMPF desperately needs our money to keep it floating. Once the benefits payout begins the IAMPF will be renamed the TITANIC.

You'll only get a lump sum payout unless you contribute more than 5 years.  It's not a slot machine where you put in a penny and pull out 20 bucks.  Under 5 years, you'll only get what you put in.
 
Before it ever goes to the government (PBGC) your payout will be drastically reduced.  But if it makes it to the PBGC, you'll only earn somewhere in the neighborhood of 35 cents on the dollar invested.
 
Make your own decision.  But for me, it's a pyramid scheme at the very best.
 
I'll be the first to tell you American people, to your face, I want you in the plan.  That way you shore it up for me when I go, and assure me that I'll be able to draw my entire benefit for the rest of my life.
 
The big problem is, where are you going to find the new participants to come in behind you and shore it up for you when you go?

 

[Buck]

You'll only get a lump sum payout unless you contribute more than 5 years.  It's not a slot machine where you put in a penny and pull out 20 bucks.  Under 5 years, you'll only get what you put in.
 
Before it ever goes to the government (PBGC) your payout will be drastically reduced.  But if it makes it to the PBGC, you'll only earn somewhere in the neighborhood of 35 cents on the dollar invested.
 
Make your own decision.  But for me, it's a pyramid scheme at the very best.
 
I'll be the first to tell you American people, to your face, I want you in the plan.  That way you shore it up for me when I go, and assure me that I'll be able to draw my entire benefit for the rest of my life.
 
The big problem is, where are you going to find the new participants to come in behind you and shore it up for you when you go?

Before I select? to contribute to this union fund ( or any union fund ) the " trustees "  would have to grant my full years of service, similar to my new Association Brothers being " Dovetailed " into the seniority list.

 

[700UW]

You don't accrue benefits under the IAMPF unless you are in it and the company contributes.

You don't get credit for previous credited service, you have to be in the plan.

What are you even talking about?

 

[Buck]

You don't accrue benefits under the IAMPF unless you are in it and the company contributes.

You don't get credit for previous credited service, you have to be in the plan.

What are you even talking about?

I am talking about moving into your plan, the only way would be with full credit that I have earned at my airline.