Why no contract from the Association?

[WeAAsles]

If the IAMPF is "just an afterthought" then take it off the table! Before our pension was frozen we still had a self funded 401K program. If any TWU member wants into the IAMPF why not let them put their own dollar figure into the plan via payroll deduction just like we do with the credit union & keep their 401k match. It would be a fair solution and keep the IAMPF language out of our contract.

"I" still want as many options as possible. So "I" would have no problem at all with it being there as a "choice" Best choice being one or the other or both. I honestly think it's horrible for any of us to advocate taking any choices off the table especially after we never got to make that first big choice.

Seriously "why" are people so afraid of others having and making the choices they think are best for them? As far as the kids coming in and what they might want to do, we're not their Daddy's. We can advise them as much as we want but I'm not going to force them by the hand to push a button on this issue.

If the choice is given I think maybe us old farts should step aside and let them make their way in life (Good or bad)

 

[WeAAsles]

And again here's that funding letter to prove I'm not selling anything and tough questions still need to be answered?

 

[chilokie1]

"I" still want as many options as possible. So "I" would have no problem at all with it being there as a "choice" Best choice being one or the other or both. I honestly think it's horrible for any of us to advocate taking any choices off the table especially after we never got to make that first big choice.

Seriously "why" are people so afraid of others having and making the choices they think are best for them? As far as the kids coming in and what they might want to do, we're not their Daddy's. We can advise them as much as we want but I'm not going to force them by the hand to push a button on this issue.

If the choice is given I think maybe us old farts should step aside and let them make their way in life (Good or bad)

I love having choices! But lets get past the fact that we did not have a choice in the ASS, it is water under the bridge. I noticed the IAM also has a 401K plan, will the LUS guys get the choice of transferring their earned IAMPF assets to the IAM 401K plan & then use the 401K match in Supersaver or continue putting into the IAM 401K.? Answer me that, and then we can talk about choices. If they do not have the choice of getting out of the IAMPF does it not send out a giant red flag that maybe their choice is nothing but a giant bait & switch.

 

[Albert]

I love having choices! But lets get past the fact that we did not have a choice in the ASS, it is water under the bridge. I noticed the IAM also has a 401K plan, will the LUS guys get the choice of transferring their earned IAMPF assets to the IAM 401K plan & then use the 401K match in Supersaver or continue putting into the IAM 401K.? Answer me that, and then we can talk about choices. If they do not have the choice of getting out of the IAMPF does it not send out a giant red flag that maybe their choice is nothing but a giant bait & switch.

Good point ,If LAA doesn't have to be in plan why can't LUS get out? To be honest I'm 58 and will have to ride it out and keep my fingers and everything else crossed.No way would they let you take what you already accrued

 

[Jester]

View attachment 11750

And again here's that funding letter to prove I'm not selling anything and tough questions still need to be answered?

I thought I addressed that letter and notification last week... yes, there are some serious questions, and about the only way I could see someone supporting the pension option would be if they are full-time and relatively close to retirement. The monthly benefits of $75(?)/month per year of service would require substantial additional contributions to their 401K if one was fairly close to retirement vs. a much younger worker with the power of compounding interest over decades. Not to mention the uncertainty over the long(ish) term of the pension being able to honor its obligations which is a much larger risk for those further from retirement.

If one is a part-timer, regardless of the number of hours worked above the 1,600 hours annually, NONE of the additional pension contribution will directly benefit the individual as it is a free money to the pension. Versus working more than 1,600 hours and the entire company matching 401K being kept by the individual. This is especially important for those starting "Catch-Up Contributions" into their 401K with retirement age approaching.

I think being forced into the IAMNPF will be a deal breaker for many, especially if it means the loss of the company's matching 401K. Furthermore, I believe that Association has been trying to downplay the internal rift between the TWU and the IAM's masters who are desperately trying to shore-up the pension with a new source of funds.

 

[Buck]

Do not forget that the IAMPF costs you $2.20 per hour. If you have the option not to join or being force into the IAMPF where should that $2,20 be spent?
Is the 401k match as a percentage in jeapody of being harmed?

 

[Albert]

I thought I addressed that letter and notification last week... yes, there are some serious questions, and about the only way I could see someone supporting the pension option would be if they are full-time and relatively close to retirement. The monthly benefits of $75(?)/month per year of service would require substantial additional contributions to their 401K if one was fairly close to retirement vs. a much younger worker with the power of compounding interest over decades. Not to mention the uncertainty over the long(ish) term of the pension being able to honor its obligations which is a much larger risk for those further from retirement.

If one is a part-timer, regardless of the number of hours worked above the 1,600 hours annually, NONE of the additional pension contribution will directly benefit the individual as it is a free money to the pension. Versus working more than 1,600 hours and the entire company matching 401K being kept by the individual. This is especially important for those starting "Catch-Up Contributions" into their 401K with retirement age approaching.

I think being forced into the IAMNPF will be a deal breaker for many, especially if it means the loss of the company's matching 401K. Furthermore, I believe that Association has been trying to downplay the internal rift between the TWU and the IAM's masters who are desperately trying to shore-up the pension with a new source of funds.

I wish the powers that be would put an end to the speculation and just put out an update saying it will be a choice....very easy

 

[WeAAsles]

I love having choices! But lets get past the fact that we did not have a choice in the ASS, it is water under the bridge. I noticed the IAM also has a 401K plan, will the LUS guys get the choice of transferring their earned IAMPF assets to the IAM 401K plan & then use the 401K match in Supersaver or continue putting into the IAM 401K.? Answer me that, and then we can talk about choices. If they do not have the choice of getting out of the IAMPF does it not send out a giant red flag that maybe their choice is nothing but a giant bait & switch.

I have ZERO answer to obviously what they're talking about or the BIG WHAT IF what the Company is going to agree to?

But you did just make a great point. If we are allowed the option not to join will current IAMPF members be allowed the option to leave?

We can speculate like a group of mad dogs though over and over but until we actually see something in writing that's all we're doing here.

 

[1AA]

Happy AMT day. The wonderful comments on Jetnet are piling up. As expected.

 

[WeAAsles]

I wish the powers that be would put an end to the speculation and just put out an update saying it will be a choice....very easy

How can they until they know and agree to what the Company wants also? Besides it would honestly be extremely foolish to put out any of the pieces of the puzzle until we can actually see the FULL picture.

 

[WeAAsles]

Good point ,If LAA doesn't have to be in plan why can't LUS get out? To be honest I'm 58 and will have to ride it out and keep my fingers and everything else crossed.No way would they let you take what you already accrued

Of course you would get what you already accrued. Stealing your already earned money from you (While they still have the ability to pay you) screams one MAJOR lawsuit.

Remember when you went to Schedule B you still kept what you had already accrued under Scedule A up till the changeover.

 

[Albert]

Of course you would get what you already accrued. Stealing your already earned money from you (While they still have the ability to pay you) screams one MAJOR lawsuit.

Remember when you went to Schedule B you still kept what you had already accrued under Scedule A up till the changeover.

Weez I thought he meant if you are given the option to leave the plan you could take a lump sum with you

 

[Albert]

How can they until they know and agree to what the Company wants also? Besides it would honestly be extremely foolish to put out any of the pieces of the puzzle until we can actually see the FULL picture.

Weez the company is not going to want anyone forced into anything. By the ASS not saying anything now they have factions wanting another union.I think another union would have a good chance if anyone is forced into anything

 

[WeAAsles]

Weez I thought he meant if you are given the option to leave the plan you could take a lump sum with you

You don't get to take your money out of the plan. Only lump sum is someone who is vested but has less than five years in the plan.

 

[WeAAsles]

Weez the company is not going to want anyone forced into anything. By the ASS not saying anything now they have factions wanting another union.I think another union would have a good chance if anyone is forced into anything

Are you really (I hope not) gauging your opinion on the half dozen to one dozen posters you read here?

And I mean that as nothing personal this time.