IAM Welcomes America West Maintenance Instructors

[700UW]

IAM Welcomes America West Maintenance Instructors
The National Mediation Board has extended the IAM’s certification for US Airways Maintenance Training Specialists to cover Maintenance Instructors from the former America West Airlines.

“These new members will join their US Airways colleagues under the existing IAM contract and begin accruing benefits under the IAM National Pension Plan,â€￾ said Transportation GVP Robert Roach, Jr. “We look forward to providing the same IAM benefits to America West’s Mechanics and Fleet Service personnel in the very near future.â€￾

The IAM National Pension Plan provides US Airways Maintenance Training Specialists a monthly benefit of $148.66 per year of credited service and is scheduled to increase this July.

 

[700AW]

“We look forward to providing the same IAM benefits to America West’s Mechanics and Fleet Service personnel in the very near future.â€￾

Nice of him to say that, since there is no current pension in the contract, does'nt he want it for the US mechs too????

 

[700UW]

Wrong,

The IAM/US CBA has the IAMNPF for fleet service.

The IAM/US CBA for Mechanic and Related has a 3% DCP plus a 401K match.

The IAM/US CBA for the Maintenance Training Specialists has the IAMNPF.

The IAM is wanting to negotiate the IAMPF for the M&R as soon as the representation dispute is resolved and they all ready had initial discussion with the company on it last year.

Once again, don't let the facts get in your way.

 

[700AW]

Wrong,

The IAM/US CBA has the IAMNPF for fleet service.

The IAM/US CBA for Mechanic and Related has a 3% DCP plus a 401K match.

The IAM/US CBA for the Maintenance Training Specialists has the IAMNPF.

The IAM is wanting to negotiate the IAMPF for the M&R as soon as the representation dispute is resolved and they all ready had initial discussion with the company on it last year.

Once again, don't let the facts get in your way.

quoting straight from the release you posted it says

“We look forward to providing the same IAM benefits to America West’s Mechanics and Fleet Service personnel in the very near future.â€￾

That would leave someone who is not as informed as we are to beleive that the pension ( the type that is paid out by the years of service) is a given, we know that there is a DCP, which is not a pension, and a 401k, which IMHO is better of the 3 mentioned here. For you to make it sound like the IAM can get a pension just for the asking of the company is wishful thinking, I am not saying a Pension is not "in the future" but how soon we could see one and what would have to be given up to get it is another topic altogether

 

[700UW]

A DCP is too a pension, do you need to be educated on the matter?

At east it took a judge and court to terminate our defined benefit plan.

And it is cost neutral for the company to change the DCP and the 401K match to the IAMNPF which gives you a greater benefit in the long run.

Look at the MIT, $148.00 per year of service with no money out of your pocket.

And at US/East a fleet service is about $78 per year of service.

A little education for you:

Defined Benefit and Contribution Pension PlansFrom Jenny McKinney & Patrick McKinney,
Your Guide to Retirement Planning.

Differences along with advantages and disadvantages of both
A defined contribution plan provides an individual account for each participant. The benefits are based on the amount contributed and are also affected by income, expenses, gains and loses. Some examples of defined contribution plans include 401(K) plans, 403(B) plans, employee stock ownership plans and profit sharing plans.

A defined benefit plan promises the participant a specific monthly benefit at retirement and may state this as an exact dollar amount. Monthly benefits could also be calculated through a formula that considers a participants salary and service. A participant is generally not required to make contributions in a private sector fund but most public sector funds require employee contributions. Unlike defined contribution plans, the participant is not required to make investment decisions.

Advantages of Defined Benefit Plans

Guaranteed retirement income security for workers

No investment risk to participants

Cost of living adjustments

Not dependant on the participant’s ability to save

Tax deferred retirement savings medium

Disadvantages of Defined Benefit Plans

Difficult to understand by participant

Not beneficial to employees who leave before retirement

Advantages of Defined Contribution Plans

Tax deferred retirement savings medium

Participants have a certain degree of how much they choose to save

Can be funded through payroll deductions

Lump sum distributions may be eligible for special 10 year averaging

Participants can benefit from good investment results

Easily understood by participants

Disadvantages of Defined Contribution Plans

Difficult to build a fund for those who enter late in life

Participants bear investment risk

 

[700AW]

From the horses mouth

"A defined contribution plan provides an individual account for each participant. The benefits are based on the amount contributed and are also affected by income, expenses, gains and loses. Some examples of defined contribution plans include 401(K) plans, 403( plans, employee stock ownership plans and profit sharing plans."

That is exactly my point, it is not a pension in the traditional way of making payouts in the future, such as one expects from social security, a DCP is a 401k, type where the company puts money into an acount for you, but you are not guaranteed as well as the DFP

Thanks for proving my point that the IAM is trying to confuse people on the facts

OOOPPPSSSS someone just tripped over his facts

 

[700UW]

The DCP is not only a 401k, a 401k is a type of a DCP,in the US EAST DCP Plan you dont have the choice of where it is invested nor can you take a loan out on it nor can you do a hardship withdrawel.

The US/EAST DCP is a pension plan.

In a DCP, the employer does not guarantee any particular monthly benefit, only the employer's contribution to the plan. In a DCP, unlike a DBP, there is an account in each employee's name. Employer and (usually) employee contributions are put in the account, which is invested. In a DCP, your monthly pension check depends upon how the investments fare during your career.

 

[BrutallyHonest]

A DCP is too a pension, do you need to be educated on the matter?

At east it took a judge and court to terminate our defined benefit plan.

And it is cost neutral for the company to change the DCP and the 401K match to the IAMNPF which gives you a greater benefit in the long run.

Look at the MIT, $148.00 per year of service with no money out of your pocket.

And at US/East a fleet service is about $78 per year of service.

If the iam doesnt get booted out at usair and they do get the iam pension plan voted in, the multiplier will be lucky to start at anyhting higher than $50 to $60 bucks per year of service. No where near the other groups by a long shot. Now thats a fact.

 

[700UW]

It will be higher then the ramp and lower then the maintenance training specialists.

 

[delldude]

Fred Says:

harbinger of things to come!



“We look forward to providing the same IAM benefits to America West’s Mechanics and Fleet Service personnel in the very near future.â€￾

 

[700AW]

It will be higher then the ramp and lower then the maintenance training specialists.

but the m&r getting the IAMNPF is not a sure thing, you are trying to get it, just like everybody here has been trying to get a pension( no money out of pocket and a definite payout at retirement)
Right now we have a 401k that matches, it is our to do with as we please, the DCP is a pension in theory, but you are not guarateed squat with it...
more of your quote

"A defined contribution plan provides an individual account for each participant. The benefits are based on the amount contributed and are also affected by income, "
this is not the same as most people expect from a DBF pension

"A defined benefit plan promises the participant a specific monthly benefit at retirement "

You say they are both pensions, technically that may be the case, but don't muddy the water trying to make them sound the same.

And don't count on anyone getting any kind of Guarantee for any kind of company paid retirement from DP & Co.

 

[700UW]

Never made them sound the same.

There are differences in a defined benefit plan and a defined contribution plan, at US we had/have both.

They both are pensions.

 

[BrutallyHonest]

It will be higher then the ramp and lower then the maintenance training specialists.

There is no way you can honestly say that if the m&r related get the iam pension plan that we will be brought in immediately with a higher multiplier than $78 bucks per year of service. Where are you getting this information?? You are not telling the truth, otherwise known as lying! :down:

 

[700UW]

According to Bill O'Driscoll, Tom Regan and Bill Frieberger, it will be higher then the ramp and lower then the MTS.

It was told to us at a meeting in CLT back in November, were you there? Don't think so.

 

[BrutallyHonest]

but the m&r getting the IAMNPF is not a sure thing, you are trying to get it, just like everybody here has been trying to get a pension( no money out of pocket and a definite payout at retirement)
Right now we have a 401k that matches, it is our to do with as we please, the DCP is a pension in theory, but you are not guarateed squat with it...
more of your quote

"A defined contribution plan provides an individual account for each participant. The benefits are based on the amount contributed and are also affected by income, "
this is not the same as most people expect from a DBF pension



One thing that can be said that after 2 bankruptcies at usairways the company still puts a 2% match into the 401K, plus an additional 3% cash contribution. Call it what you want but the contract at AW doesnt have as much with no bankruptcies.