Why no contract from the Association?
- Thread starter Bob Owens
- Start date
- Status
WeAAsles
Veteran
- Oct 20, 2007
- 23,195
- 5,343
Real tired
Veteran
His crystal ball might be a little better than yours.
Since you like links..................
https://www.pbgc.gov/documents/Tran...ivery&utm_medium=email&utm_source=govdelivery
https://www.pbgc.gov/news/press/rel...ivery&utm_medium=email&utm_source=govdelivery
https://www.pbgc.gov/news/press/rel...ivery&utm_medium=email&utm_source=govdelivery
do you believe your imaginary analysts believed the rust belt was coming back and stand-alone us air would out-do stand-alone aa..by sheer volume of lus pit-cle/phl-ath flights opposed to laa jfk-lax/ord-lhr flights??
you are an honorable us air soldier, in fact you are captain us air....but some of the stuff i read is a good chuckle.
as far as the B scale, that happened before i arrived. when i arrived on the airline scene, the enemy to all airline workers was lorenzo at co and later at eastern. the B scale wasn't catastrophic..especially compared to ready reserve status at dl.
the B scale wasn't indicative of aa's financial status...i'd say a BK filing is. 2 in 3-4 years for lus air in the early 2000s? where was your cash war chest? the same cash war chest accumulated in the 80s-90s by aa that allowed it to stay out of bk, when every other legacy carrier filed.
in england, one would say you are 'taking the piss'. in the usa, they say, "are you sh1tt1ng me?"
reagan started the program in 1986...clinton took it from land line to cellular..but obama got all the credit/blame.
we must have many, many millionaire clerks. i can understand voting on social issue(s), but how can any union worker vote for anyone with an 'R' next to their name and then defend republican economics?
WeAAsles
Veteran
- Oct 20, 2007
- 23,195
- 5,343
Can I "PLEASE" seriously have something that says the IAMNPF is one of those Multi Employer Plans the PBGC is talking about?
There are plenty of Stocks out there right now too that probably wouldn't be good investments (Sears, Radio Shack) but at least many of those I can research enough to definitely know I should stay away.
After the last Global economic crash some say put your money under your mattress but I'm still putting 20% into my 401k anyway.
Can you "PLEASE" give me something that tells me for an absolute FACT I want to join you guys in your motivations to not even have it offered to us at all?
Real tired
Veteran
To maybe clear up a few things about the pension in case it's in the upcoming JCBA, most likely, and coming from the IAMNPF Summary Description, the new AA members will be given credited time for your time employed at AA. In other words, if you had 30 years at AA when you joined the plan, you would be eligible to draw your pension rigth away if you retired under the "30 and out" rule.
Unfortunately...... you still will have to vest for 5 years. You can't get something for nothing. In other words, if you were to retire within the first 5 years of joining the plan, you would only get a one time lump sum payment. So the ultimate scenario for the new AA plan members might be a 25 year employee who vests for 5 years, then retires with a monthly check at 30 years.
Now for some numbers. And keep in mind exact numbers from the IAMNPF are hard to come by unless you retire and sign up for your pension, then they make the final determination for you pension amount. And even my yearly statement of benefits is about a year behind. So up to date numbers are hard to find.
Since being forced into the plan in '08, as a Mechanic, I've invested somewhere around $37,400 into the plan.
If I were to retire today, my monthly check would be somewhere near $750, before taxes.
Figuring somewhere around 20% in taxes each month, that leaves my estimated check near $600 per month.
So, that leaves my payback time on my investment at somewhere around 5 years (2022) before I make my first dime on my initial $37,000 investment. And keep in mind that as soon as we joined in '08, the plan went into "endangered status" and cut the benefits of the Fleet people by about 40%. If that happens after I retire, it takes my payback date that much further down the road.
Unfortunately...... you still will have to vest for 5 years. You can't get something for nothing. In other words, if you were to retire within the first 5 years of joining the plan, you would only get a one time lump sum payment. So the ultimate scenario for the new AA plan members might be a 25 year employee who vests for 5 years, then retires with a monthly check at 30 years.
Now for some numbers. And keep in mind exact numbers from the IAMNPF are hard to come by unless you retire and sign up for your pension, then they make the final determination for you pension amount. And even my yearly statement of benefits is about a year behind. So up to date numbers are hard to find.
Since being forced into the plan in '08, as a Mechanic, I've invested somewhere around $37,400 into the plan.
If I were to retire today, my monthly check would be somewhere near $750, before taxes.
Figuring somewhere around 20% in taxes each month, that leaves my estimated check near $600 per month.
So, that leaves my payback time on my investment at somewhere around 5 years (2022) before I make my first dime on my initial $37,000 investment. And keep in mind that as soon as we joined in '08, the plan went into "endangered status" and cut the benefits of the Fleet people by about 40%. If that happens after I retire, it takes my payback date that much further down the road.
1AA
Veteran
Real tired
Veteran
I'd sure love to scan some of the paperwork I have from '08 and let everyone read how the trustees and the actuary used all their double talk and pulled the plan from endangered status by using the WRERA, of which we are still under to this day.
Maybe a USAirways Fleet person can man up and post his numbers from his annual benefit statement so everyone here can make their own decision on if the plan is a good financial investment or not.
WeAAsles
Veteran
- Oct 20, 2007
- 23,195
- 5,343
So what happens if you retire and live 25 years and it doesn't ever cut your benefits? On your deathbed would you say that that was a good investment then?
WeAAsles
Veteran
- Oct 20, 2007
- 23,195
- 5,343
That all I've ever been looking for. As much "honest information" as I/we can get if we're going to have the chance to make a decision.
Unlike many of these guys I'm not making my decisions based on my emotions.
WeAAsles
Veteran
- Oct 20, 2007
- 23,195
- 5,343
Real tired
Veteran
And also.....
It's great you are putting that much into your 401K. I which I could too. But keep in mind they took our 401K match money from us in '08 and used it for the IAMNPF.
I still had to make my bills, so my 401K contribution had to suffer when we joined the plan.
Don't get me wrong, a monthly check, ever as small as it might be, is nice in retirement, but my $37,000 that I invested in the plan would have taken me much further had I invested it in my 401K.
Real tired
Veteran
- Status
Similar threads
