IAM -- Mechanic and Related Thread for 2/29 to 3/7

[Planemx]

700,
Explain how this is better than being in controll of your own retirement....not the same industry, not the same geographical location, not the same craft or class.....this is total BULLSH!TT!!. There are a number of reasons why you choose your career, it stands to reason if you do it for most of your life it is because you want to. The language that allows the iam to prevent you from continuing in the field after you retire is insane - it doesn't matter if it is under the same representation or airline or not. The fact is they want your money - they don't want to pay it out and will do anything to keep it. Sorry, but I didn't check my brains at the door.

You may not want to get a job cleaning airplanes again - but those of us who ENJOY what we do and want to continue working in the same field would lose our pension under this 'heaven sent' BLACK HOLE for your $$$ (AKA iam). Thanks Mike for bringing the REAL - official language to light.

So to all who are shuffling along towards the golden pasture or retirement w/ the iam - pray that wal-mart doesn't get the iam to represent their greeters or you can't even do that.

 

[mike33]

Thanks Mike for bringing the REAL - official language to light.

I hesitate to say ur welcome because there's always something we miss or misinterpret, so we shall see. All I know is I tried the retirement route and I couldn't yet. Not until "Normal Retirement Age" which is 66 or 70 I'm not sure

 

[Planemx]

I hesitate to say ur welcome because there's always something we miss or misinterpret, so we shall see. All I know is I tried the retirement route and I couldn't yet. Not until "Normal Retirement Age" which is 66 or 70 I'm not sure

Well I can tell you I have no intention of retiring w/ the iam.

That would be like an insurance company saying you can't get insurance with a different carrier because they had to pay on a claim.....and to think there are people who work in this company, in this union and not just believe WHATEVER they hear but take this stuff hook, line and sinker.

 

[700UW]

Because a defined benefit plan is not money out of your wallet where a 401k is, and it is a multi-employer plan which is solvent and wont fluctuate like your 401k does.

Ask all the US employees who lost tons of money when they had their 401k in US stock.

 

[mike33]

Because a defined benefit plan is not money out of your wallet where a 401k is, and it is a multi-employer plan which is solvent and wont fluctuate like your 401k does.

Ask all the US employees who lost tons of money when they had their 401k in US stock.

All I can say is That That is not a good enough reply for me. MY post is fact yours is based on fluctuations. Read the website that Tim Nelson posted "AboutYourPension". They even admit of market fluctuations.

 

[Planemx]

I did lose a lot of money in stock - but I had control of it so that is my fault. I am not saying the multi-employer plan is a bad thing, just the way (or lack thereof) it is disbursed is a big red flag. The restrictions imposed by the iam are unreasonable.

 

[Tim Nelson]

Because a defined benefit plan is not money out of your wallet where a 401k is, and it is a multi-employer plan which is solvent and wont fluctuate like your 401k does.

Ask all the US employees who lost tons of money when they had their 401k in US stock.

700, I had my money in a fixed rate at 6% and it has grown every year and I have complete access to it. It's unfortunate that the IAM agreed to a big concession that screwed many of us over and stopped the company from contributing major chunks of its money into our 401k's.

700, as I am an IAM pension plan participant I also know the IAM plan downfalls. Are you even an IAM member or are you a plan participant who gets the plan statements that discuss all this????

I'm not selling anything but the mechanics should know that the current Plan Liability % is only at 89.42%. This is the main way to see if a plan is underfunded or not. I'm unclear as to your statement that the plan isn't underfunded???? I showed you independent sites and also the information above is from my plan summary of the past year that I received and is most likely on the IAM pension plan website. This isn't a secret 700. As a participant, I myself am concerned with this and that the IAM pension fund can be terminated just like a company plan.

I have no idea what the mechanics have and the IAM pension plan may be the way to go, in our case it wasn't since it was a huge concession and offered heavy restrictions for people like me who would have liked to have access to my own retirement for kids college. Just tell the truth to the mechanics is all I ask.

700, what is so difficult to understand? Either you have your company put the money into a 401k or Roth or something more modern for you to control and have access to, OR you agree to have your company hand over its contributions to the IAM for them to dictate stringent rules of the last century on when you can get your funds and how? C'mon man, defined benefit plans are a blast from the past.....nobody in their right mind negotiates those now. It offers only restrictions and no access in times of need.

regards,

Tim Nelson
IAM Local Chairman, 1487, Chicago

 

[700UW]

After M&R pension was terminated they have a 3% DCP and the 401k and the company match.

You can still have a 401k with your own money and get the IAMNPF which is a DBP and no money out of your check for it.

 

[mike33]

After M&R pension was terminated they have a 3% DCP and the 401k and the company match.

You can still have a 401k with your own money and get the IAMNPF which is a DBP and no money out of your check for it.

700,

Address the West MX related issues not the East. The east already knows what they have, this is about what the WEST can expect. Thats why we are talking about this at this time.

 

[700UW]

No one can address the West issue, what are they? Until the outcome of a transition agreemenet is known.

The west has no pension, just a 401k.

 

[av60]

After M&R pension was terminated they have a 3% DCP and the 401k and the company match.

You can still have a 401k with your own money and get the IAMNPF which is a DBP and no money out of your check for it.

So they are trying to STEAL our match and 3%

 

[ekjkj]

Anyone hear anything about negotiations today?

 

[700UW]

How is it stealing if you will get a greater return and not have to use your own money for a pension.

You probably wont hear anything about negotiations till they are over for the week.

Talking to one of the GCs he said if there is no movement from the company's side this week, they will just wait till section 6.

 

[skinvalve]

With regards to the IAM Pension Plan. Never invest in things you don't fully understand and no investment comes with a greater return for your money guarantee. As for an update on the current talks, if no agreement is reached, simply take any of the last 142 updates and change the date. Most of us work in the dark and are kept there for our own good. Have a USAIR day!

 

[skinvalve]

Is this a rumor? I just read that a group of Wall Street Airline analyst's have downgraded LCC after it was leaked out that the IAM is seeking full (8 hrs) pay for sick days for it's M&R members. It's after 11am, way past my bedtime, I'll be good now and log out and go to bed.