http://www.iam141.org/us/index.html
ICH'S UPDATE
Pension Update: What Do the Changes Mean?
Rich Delaney, 21DEC10 — District 141 was informed on December 17, 2010 of planned changes to our Defined Benefit Retirement Plan by the Trustees of the IAM National Pension Fund. Although these future adjustments were determined by Trustee action at their meeting in October, we received the notice of change at the same time our members did. Due to the timing of the notice, it was not possible for us to communicate with you prior to your receiving your copy of the information.
IAM sent me a Christmas gift of a 40% reduced pension, starting in 2014. A defined benefit that is built on shifting sand.
This is TERRIBLE!
Throw in a good dues increase next week,
IAM pension fund has changed its pay out?
Fleet Service at US have a pension, can you say the same about CS?
Lets see Profit Sharing, not guaranteed, 401K takes a beating in the downturn of the economy and they ramp had the IAMNPF before 2005.
Did they change USAirways IAM mechanics and related too??? are they special like UA?
Trustees have determined to reduce the accrual rate of future benefits instead of cutting existing benefits.
USAirways membership will be affected by future reduced accrual rates for their monthly pension benefits but our
United membership will not. The reason for the difference between the two groups is that the United employees entered the Plan in 2006 and were subject to a
special accrual rate designed specifically for them due to the size of the covered group and the concern of the Plan of the financial stability of the airline at the time. Our USAirways members joined the Plan before October 1, 2003 and have been accruing pension benefits under the schedule established at that time.
https://www.iamnpf.org/npf/forms/ParticipantsNotice.pdf
https://www.iamnpf.org/npf/forms/ParticipantsNotice.pdf
The Plan Amendment eliminates what we now call Schedule A for future service benefit
accruals. It will be replaced by what we now call Schedule B. Schedule B was first introduced
to cover new groups joining the Plan on or after April 1, 2003. The date that Schedule B will go
into effect for those currently covered by Schedule A varies by employer, as explained below.
For a limited number of
groups, however, benefits are based on a custom benefit schedule