Tim Nelson said:
The iampf is a complete disaster. every 8 years if has to hose the members to keep it solvent. It created a b scale in 2003 for the unborn, then abolished the A scale in 20l11 (effective 20l4), and just using the current math, as represented on the annual funding statements, its going to have to do something again in 2019. Of course the problem is that out of over 200,000 participants, only 75,000 are paying into it. When it makes changes, the funding usually boost to around 110% and the I Am Management group claims its fully funded. The problem is that it lose 2% a year and is now down to 101% funded (as of 2015). Once if gets into the mid 90s it will boost the fund again. Guess who pays?
Defined benefit plans are a complete disaster and dinosaur. Nobody in their right mind would want to be in one.
Thank you for helping keep the IAMPF subject in the crosshairs, if indeed the Association does monitor this
forum they need to understand that a vast majority of TWU members do not believe their best interests are
being represented. You can say it was question 5, or could it be the fact that the TWU agreed to an equal share
of leadership when the IAM is one third of the Association? The crazy thing is TWU members have been hammered
over and over again in the last 15 years but we still feel we are better off with our frozen pension then the IAMPF.
Sure most of us feel that way because basically most of us have 25 years or more credit in the AA plan, but we
also have done our homework and I do not want to run into an AA employee 20 years from now and find out his
retirement ability is worse because the Association used his retirement to temporality prop up the IAMPF.
The TWU was already in the doghouse of its members with the handling of the equity distribution and the lapdog
response to the pre funding ruling when we needed a pit bull response to AA when they are making billions
and they are fighting their employees for peanuts.
The Association could make things a lot better by doing one simple thing, take the IAMPF off the table for LAA
employees!! The IAM employees will able to continue if they wish, but since we have two separate unions and the
IAMPF is a IAM entity let us keep it that way. If you are a TWU member and you want to join the IAMPF then you
need to join the IAM and have that ability contractually , and I as a TWU member should have the right to never have
have my employee number on any potential IAMPF list.
We need to keep the pressure up on this subject because we have so many important issues that the joint contract
needs to address that we cannot afford to have slowed down because of pressure from "OUTSIDE FORCES" to get
the IAMPF involved in the process. I hate sounding like a conspiracy theorist but when decisions are being made for
me behind closed doors without the chance to have my voice heard (through a simple vote) I tend to question them.
It also gives me a serious case of the "RED ASS"