cessna210g
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- Apr 13, 2004
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JCBA Negotiations and updates for AA AMTS
- Thread starter conehead777
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Happy Thanksgiving fellas. I`m glad our LUS coworkers get to enjoy the extra holiday and pay. What was it the twu like to say? Oh yeah, "AN INJUSTICE TO ONE IS AN INJUSTICE TO ALL". Interesting idea. Guess our twu reps will be enjoying a few days off as well. We will get`em next time fellas....smh
The problem is, the asso knows this. Which is why the asso was forced upon the membership and not voted on. A vote on the asso would have went down in flames and they knew this.
Bigjets you do not offend me by grouping all Tulsa together anymore. The moron who spoke at the town hall showed there are still idiots who drink the koolaid. If the shoe fits you have to wear it. Tulsa was and is a problem. We vote for contracts to save jobs and then lost them anyway. Now the lowest time people who begged for a yes vote in 2012 and said they'd work any shift with any days off if they kept their jobs are crying about being stuck on lousy shifts with lousy days off. Funny how the attitude changes after they get their way. That TA passed by 48 votes system wide while 74% of Tulsa voted yes. I am proud to be one of the 26% who voted no. I tried to convince everyone to vote no but they listened to the fear tactics as usual. So I give up on Tulsa. Still too many idiots who couldn't figure anything out for themselves. By the way..... I printed up a lot of stuff about the IAMNPF and handed it to a guy who was saying good things about it. I told him to read the stuff and tell me if he still thought it was a good deal. He told me that it would take too long to read it. I went through and hi-lighted a few things that would prove that the IAMNPF is going under and he told me he couldn't believe it unless he read the whole thing! So this is why I have given up on Tulsa. All insults to Tulsa are well warranted.
Real tired
Veteran
Try explaining to your moronic coworker who is too lazy to read, that if the IAMNPF does happen to "go under", that when it does, the PBGC which would have take on the liability, is planning on running out of money to fund multi-employer plans within ten (10) years, if not sooner.
Here's a link in case he's computer literate:
http://pbgc.gov/news/press/releases...ivery&utm_medium=email&utm_source=govdelivery
I tried fighting this thing for years with my coworkers, but many of them are blind, deaf, and illiterate. So any insults coming our way are also warranted.
This guy won't read or think for himself. He won't believe anything I tell him though. I did point out that I had never lied to him but the TWU has and he had no defense. After admitting the TWU had lied while I hadn't he said he still wouldn't believe me. Can't make this stuff up folks. We got lots of stupid in Tulsa.
Sheeple: People unable to think for themselves. Followers. Lemmings. Those with no cognitive abilities of their own.
Lemming: A member of a crowd with no originality or voice of his own. One who speaks or repeats only what he has been told
Lemming: A member of a crowd with no originality or voice of his own. One who speaks or repeats only what he has been told
Docker
Member
- Sep 28, 2005
- 89
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Thanks for the link. Does the IAMNPF fall under the majority of multiemployer plans projected to remain solvent or the group unable to avoid insolvency?
"While the majority of multiemployer plans are projected to remain solvent over the next 20 years, a core group of plans appears unable to raise contributions sufficiently to avoid insolvency within that period."
Speaking of the IAM Pension Fund: Airline Forums 06/12/2016
tim how many years have usair members been in the iampf.
700UW said:
Maintenance has been in it since 2008. Fleet has been in it much longer.
conehead777, on 12 Jun 2016 - 2:58 PM, said:
Tim how many years have USAir members been in the iampf.
Unfortunately we have been in this awful anti worker ponzies scheme
since 2003. As soon as 700 and other iam pollyannas said it was
guaranteed, I knew it was a scam. They kept doing the math saying $81 a month
But they whacked it in half later. And the math says it will have to get whacked in another few years.
Buck asked: Did Fleet need Maintenance to shore up the IAMPF?
Tim Nelson Said:
The iampf is a complete disaster. every 8 years it 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 it’s 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.
as a local chairperson i was told to push our mx to bite on the iampf cuz otherwise more drastic cuts would have to happen to fleet. I was the only chairman to walk out. Now they told us to encourage the twu peeps to suckerbait them to shore up our pension to buy more time. Again, im not goin to hose peeps like that but thats why im the only committeeman who has educated twu peeps in the breakrooms about the new law to destroy union pensions (even though a judge just ruled against it), the spousal offset that whacks up to 50% of your accrued benefits (this is an outrage), latest figures which shows the slow death until a 3rd whacking happens.
Market Value
The market value of a given asset is relatively easy to determine. If your plan owns 1,000 shares of ABC Widgets and that company closed at $5 today, the market value of those holdings is $5,000. The market value is an important number for several reasons. If your plan sells some stocks to take a profit, that's how they're valued for taxation purposes. It also provides the plan's administrators with a periodic "You Are Here," helping track the growth of the plan's portfolio. However, a plan's portfolio has the sole purpose of funding its pension obligations. Knowing whether you're on track involves some more complicated math.
Actuarial Value
It's not enough to know the value of the fund's assets today or tomorrow. Plan administrators need to know what the value will be when the assets are needed, which is more difficult to determine. The assets in your plan's portfolio will fluctuate in value from one day to the next, so the administrators must calculate what's called "actuarial value," which is an average value for the assets, over a given period of time. These values are calculated by specialists called actuaries, skilled in analyzing statistical data. They review this actuarial value to determine whether it will meet the plan's future obligations.
The market value of a given asset is relatively easy to determine. If your plan owns 1,000 shares of ABC Widgets and that company closed at $5 today, the market value of those holdings is $5,000. The market value is an important number for several reasons. If your plan sells some stocks to take a profit, that's how they're valued for taxation purposes. It also provides the plan's administrators with a periodic "You Are Here," helping track the growth of the plan's portfolio. However, a plan's portfolio has the sole purpose of funding its pension obligations. Knowing whether you're on track involves some more complicated math.
Actuarial Value
It's not enough to know the value of the fund's assets today or tomorrow. Plan administrators need to know what the value will be when the assets are needed, which is more difficult to determine. The assets in your plan's portfolio will fluctuate in value from one day to the next, so the administrators must calculate what's called "actuarial value," which is an average value for the assets, over a given period of time. These values are calculated by specialists called actuaries, skilled in analyzing statistical data. They review this actuarial value to determine whether it will meet the plan's future obligations.
That is a report of the PBGCs financial condition and how much money THEY have to cover the plans they are currently trustees of.
.
The IAMNPF is definitely a multi-employer plan and it is NOT under the trusteeship of the PBGC. (Yet) As to the IAMNPF health, well, that's the subject of much debate now isn't it.
"The Street" said this in 2013, "Not only is the IAM fund financially strong but also the IAM has battled to preserve members' access to it, most notably at United ( UAL), which emerged from bankruptcy in 2006 with only IAM-represented fleet service workers and passenger service agents still covered by a defined benefit pension plan."
https://www.thestreet.com/story/11935222/1/pension-plan-helps-iam-in-campaign-at-us-airways.html
You could go to the 2012 Credit Suisse article "Crawling Out of the Shadows" (check out page 4) :
https://doc.research-and-analytics.csfb.com/docView?language=ENG&source=ulg&format=PDF&document_id=957405261&serialid=e7HNjCiguHeLKc/L2JnKohP/MTt9zyVVnhUWwxM/Glk=
Its shows the "actuarial funding" at 108% but the "fair value" at 57.5% -not good, in the red.
And the plan itself say its in the "green zone"
http://mypension.iamnpf.org/media/79948/2016_green_zone_notice.pdf
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As for me, since Credit Suisse are the guys with all the money, I'm gonna go with their viewpoint. The thing is underfunded.
It is a "multi employer plan" per the PBGC, and the PBGC doesn't have enough money to cover the plan, (by their own report) so if it fails which to me is likely, there will be benefit cuts.
Finally, don't think for one milli-second that the trustees cant agree to merge the 2 plans, one being the IAMPNF and the other the TWUDPB, they can do that brother. And, don't just take my word for it, call the PBGC and ask them or email them, they will answer you.
Well, now that Ive thrown a dose of the cold hard truth.
Merry Christmas and have a Happy New Year!!!
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