The DOL files suit against the IAMPF and trustees

[Koolcat]

DOL filed suit against the International Order of Machinists National Pension Fund and its board of trustees for multiple violations of theEmployee Retirement Income Security Act.

 

[WeAAsles]

http://www.dol.gov/newsroom/releases/20160201-1

 

[Goey]

You just can't make this **** up. We are doomed with these bunch of clowns looking out for our interests. And I mean the two headed idiot TWU/IAM.
Steve Goeyvaerts
SFO A/C Maintenance

 

[Jester]

Well, this should end any ideas of Fleet accepting the IAM pension in their JCBA... hopefully, we can get a 401K matching of 9% (?) provided to Southwest rampers.  Honestly, I have had my suspicions about the IAMNPF (and multi-employer plans, in general) for while and the Dept. of Labor accusations only confirm my ideas.

 

[Kev3188]

I personally would like to see the IAM transition away from pensions entirely, and focus more on getting higher company contribution amounts and matching percentages for their members...

(Full disclosure: I'm currently a participant in the IAMNPF)

 

[700UW]

And I fully support the prosecution or any civil action for anyone who is found to have done anything wrong.
 
Just read the court filing, doesnt look good for certain people, well if they used the members money illegally then they deserve what they get and should be prosecuted to its fullest.

 

[Traymark]

Ok, here we go, total affirmation the IAMNPF is dirty, always has been dirty, run by union hacks, and now they will have to pay back what they stole from the fund.
Anybody have any ideas how they will do that?

I've been warning about how the fund was run, by lifelong union hacks, not a degree among them about finance, and they have total control of your retirement money.

Yeah, that sounds so reassuring instead of a 401k with a healthy match/contribution that YOU - and only you control, how much is invested, in which funds and it's totally portable when you retire.

Can't wait to see 700's talking points once he gets them, if they even let him chime in here, because this is some serious shite, someone might be going to jail.

 

[Traymark]

So do this mean there won't be any more flowery posts about the virtues of the IAMNPF?

 

[Kev3188]

Can't wait to see 700's talking points...

You must've been typing at the same time. Looks like he's all for holding anyone involved accountable...

 

[Traymark]

You must've been typing at the same time. Looks like he's all for holding anyone involved accountable...

And he should be

Thing is
I was on here warning about this very thing, the fund being corrupt, while he was singing its praises.

 

[Kev3188]

You're conflating his affinity for the IAMNPF with an endorsement for the actions of those named in today's case.

One can like the plan and demand accountability both...

 

[Traymark]

Whatever,

What I'm curious of now is, how deep is corruption, how far up does it go, and can this give membership a chance to disqualify the IAM as a bargaining agent at AA?

If you are corrupt at handling millions in people's retirement money, what makes you fit to remain a representative of the people you are stealing from?

 

[700UW]

No the IAM and the IAMNPF are two totally separate entities.

 

[700UW]

You're conflating his affinity for the IAMNPF with an endorsement for the actions of those named in today's case.

One can like the plan and demand accountability both...

Well said.

 

[dfw gen]

No the IAM and the IAMNPF are two totally separate entities.

LOL!!!