Weez, you do amaze me. You actually think that the association was founded on the fundamental principals of freedom and Democracy? This pension thing is really my only sticking point. What you are a campaigning for "the right to choose" comes with a cost. Have you ever sat down to consider the true cost of what you want, against the long term effects to others, just to satisfy your misguided sense of entitlement? Let me remind you, I have no love for the association. The opinions, suggestions, comments or complaints expressed here, in this forum have as much chance of effecting change as Trump dropping out of the race for President.
I do feel the IAM will make some attempt to snare the members of the TWU to prop-up their pension business. Even the mere mention if it in the eventual TA will draw an "NO" vote from me. After reading all of the IAM publication on the subject, I can boil it down to this.
You want to join the IAMPF, you will have to relocate to a IAM city, like CLT. Your LAA 401K contributions would stop, and forwarded to the IAM 401K, but if your lucky you might be able to role over the to the IAM 401K. But sorry, if your LAA 401K is all from pretax earnings, then a hefty tax would be in effect and evaporate a good portion of that.
And now fro the nuts and bolts for your yearly pension benefit.
I will start with the numbers.
TWU dues at $40/month
IAM dues at $80/month
TWU 401K match %5.5
IAM 401k match %3.0
TWU/IAM wages $29.27
TWU wages less union dues and adding %5.5 401K match.= $63,750.10
IAM wages less union dues and adding %3.0 401K match.= $61,748.00
A difference of $2,002.10
The variance would equate to, after ten years, a monthly withdraw of $251.35/month after the age of 62 and would last to age 75. And it's the returns that make it go this far. Or $251.35/month for 13 years.
On the other hand, the IAM pension has a benefit of $6229.20/year for 5 years at $519.10/month, or $259.55/month for 10 years.
Yep the choice is your if ya get it.
I think you should be fighting for a better 401K match, %8 sounds good,