mike33
Veteran
- Nov 7, 2007
- 2,252
- 1,128
The problem is that Roabily is comparing the $81 monthly level, which was decent. The reason why I was never for the IAM pension and Roabily screamed about how good it is, is because there is no guarantee. We learned with our first defined benefit from the company, and now our members been bitten twice with a defined benefit from the union. What is even more troubling, is that we can't even calculate future defined benefit levels since the $81 benefit level was whacked to a dreadful $48 and also subject to future cuts. Throw in the nasty pension level for part timers who only get half the full time level and everyone should be able to see how inadequate things are.
Never mind the huge spousal offset if our members, and other suspensions as it is fixed in concrete and can't be used for college, mortgages, etc.
regards,
I believe all Credits earned of 81$ per yr. ( as a iam member ) will still be in place up till a new contract is negotiated or jan 2014 at the latest. There are good, bad, and risks to every investment no matter what it is. So maybe the wise investment is to split the difference and put some $$ away in a 401k. I don't give $$ advice to anyone because that is a risk of its own as in " But You Said ?"..................
By the same token it doesn't mean that it will always stay at 48$, which is not 50% btw.............
Lets not forget that every .10$ that is negotiated increases an amount aprox of 1.50$ amount to the 48$.
The only sure thing is that the IRS will get their money !!!!
"All benefits accrued under Schedule A will remain under Schedule A benefit values. In other words, previously accrued benefits (benefits you have already earned) will not change. Once a new Collective Bargaining Agreement (CBA) that replaces the CBA in effect on January 1, 2011 is ratified, your future benefit accruals will be under Schedule B. However, all Plan participants will accrue future service benefits under Schedule B (or a custom schedule derived from Schedule B) starting no later than January 1, 2014. "