Retirement issues for CWA members?

[usa1]

If you haven't noticed you have virtually no retirement?

Why Public Pensions Are Doomed

After bankruptcy proceedings, some employers, including US Airways (NYSE: LCC) and the predecessor to the United division of United Continental (NYSE: UAL), simply terminated their pension plans entirely.

The PBGC is questionable at best and not nearly enough? Looks like Social Security applicants will be means tested in the future and will be required to use the "reverse mortgage" to provide retirement income and pay Medicare fees before SS benefits will be made available. Leaving you penny-less at some point.

Seriously, what is your retirement plan? Hopefully IM wrong or missing something?

 

[700UW]

You lost your pension in 1992 it was frozen, terminated in 2005 and the CWA never obtained a replacement for you, your just realizing this now?

You lost it 19 years ago.

 

[usa1]

IV been watching it for a while .... but IM surprised how many of my coworker's are unaware. The kicker is IV been dumping 15-20 percent into my 401k for years (and have made good investment choices), and it's still not even close to what will be needed to retire. How come my friends and family in the public sector are union and doing well and we are union and have nothing?

 

[Dont call me Shirley]

. How come my friends and family in the public sector are union and doing well and we are union and have nothing?

kinda makes one wish one had gone to work for the DMV, eh? :blink:

 

[usa1]

I guess unions are useless in the private sector ...... after I retire I hope I don't have to shop in the same grocery store with my retired public sector friends? And IM not kidding when I say friends, I have a bunch of friends that have civil service jobs for the Navy (DOD) and a bunch of public school friends and they are living BIG?

 

[LD3]

Who needs a union to enjoy retirement? I don't and I work for local government, as long as the state is investing my pension money wisely I have no concerns....

 

[usa1]

as long as the state is investing my pension money wisely I have no concerns....

Are they? .... or do they plan on taxing us more to cover you. Guess what, we're broke.

 

[28yrsnojob]

Are they? .... or do they plan on taxing us more to cover you. Guess what, we're broke.

 

[28yrsnojob]

You do not have a pension because you voted in a contract that did not have the company put so many dollars into the cwa national pension fund for every hr. that you work. The Iam took a dollar an hour less , fleet service is in the IAM national pension fund. Customer service contract is a joke, next time they vote they should read the contract , not just look at the hourly rate.

 

[john john]

The Iam took a dollar an hour less , fleet service is in the IAM national pension fund.
next time they vote they should read the contract

http://www.iam141.org/us/index.html


did USAirways fleet service vote on this?


District 141 was informed on December 17, 2010 of planned changes to our Defined Benefit Retirement Plan by the Trustees of the IAM National Pension Fund. Although these future adjustments were determined by Trustee action at their meeting in October, we received the notice of change at the same time our members did. Due to the timing of the notice, it was not possible for us to communicate with you prior to your receiving your copy of the information.
he changes determined by the Trustees apply to certain participants of the IAM National Pension Fund, but not all. For example, our USAirways membership will be affected by future reduced accrual rates for their monthly pension benefits but our United membership will not.
These announced changes by the National Pension Fund were not negotiated with nor agreed to by District 141. We realize the impact this reduction of future accrued benefits will have on individual’s retirement planning. We also recognize the imperative need this places on our upcoming negotiations with the airline to find a contractual answer to mitigating the planned reduction. We will approach this issue with an open mind towards any and all options that will allow our members to obtain a safe, secure, and meaningful retirement.

The Iam took a dollar an hour less , fleet service is in the IAM national pension fund.

And no profit sharing



All USAirways front line employees pension have been going backwards some more that others the agents since 1992
One give back contract and two-bankrupisty contract

Here is what passengers service had 1999
The Company will contribute to the base account a percentage of the employee’s
pay (base pay, shift premium, shift differential, overtime, and bonuses) based
upon the following schedule:
4% for employees age 18 to 34
6% for employees age 35 to 44
8% for employees age 45 to 54
10% for employees age 55 to retirement
C. The 401(k) account is established to allow employees to defer pay on a pre-tax
basis. The employee contribution is voluntary and is limited based upon Internal
Revenue Service regulations.
D. The Company will contribute to the company match account at a rate of 50% of
the employee’s 401(k) contribution up to a maximum of 2% (e.g. the employee
contributes 4% to the 401(k) account, and therefore the company contributes 2%
to the company match account). This account is only established if the employee
participates in the 401(k) account.


AND NOW



Article 28 – Pension A. Effective January 6, 2005, the company will implement a non-elective contribution of 3% of the employee’s bi-weekly pay (base pay, shift premium, and overtime, to a 401(k) account for each employee covered
by this Agreement. The 401(k) account also allows employees to defer pay on a pre-tax basis. The employee contribution is voluntary and is limited based upon Internal Revenue Service regulations.
The company will implement the following are additional features of the 401 (k) plan:
• Permit after-tax contributions to 401(k) plan.
• Establish brokerage account in 401(k) plan. All administrative
costs associated with the brokerage account will be borne by the
employee.
• Permit catch-up contributions to 401(k) Plan pursuant to IRC
Section 414(v).
• Increase pre-tax elective deferrals in 401(k) Plan to 22% for
non-highly compensated employees.
• Add periodic distributions to 401(k) Plan.
B. In order to be eligible for the Defined Contribution Retirement Program,
the employee must be 18 years of age or older with at least 90 days of continuous service. This includes part-time and full-time employees.
Participation in the 401(k)is automatic.


SUX BIG TIME

 

[usa1]

Is the 1999 deal part of the snap back?

 

[Dont call me Shirley]

Is the 1999 deal part of the snap back?

No.
snap backs are
5 option II holidays
1 more week vaca for 25 years +
shift premiums.

Did I miss anything?
Payscale in 2011 will still be below 2002.

401 match should be part of the new contract negotiations. Along with scope, scope, scope.

 

[LD3]

Are they? .... or do they plan on taxing us more to cover you. Guess what, we're broke.

Cover me? I contribute to my pension not the state, they administrate it.....if anything their probably using MY money to cover YOU!!!!! You sure as hell didn't have a problem bragging about your friends working for the DOD and living like big cats....

I have a bunch of friends that have civil service jobs for the Navy (DOD) and a bunch of public school friends and they are living BIG

 

[usa1]

I also contributed to my "defined" pension plan here, or at least that is what I was lead to believe. ..... then one day US Airways declared to a BK judge that the money was gone, and guess what ..... so was my "defined" pension.

Realizing that I was screwed I started dumping money into the new 401k right away. I saw a report yesterday that I would have to have 375,000.00 in my 401k to retire equal to you. I have about 1/3 of that. I wonder if the government on average has 375,000.00 per employee put away. Last I heard, it is as broke as US Airways was a few years ago, in fact more so.

What state do you live in, is it broke? Is the money in the bank or just a promise note.

Best of luck in the future ..... sounds like you have it made though! Wish we could say that?

 

[LD3]

I also contributed to my "defined" pension plan here, or at least that is what I was lead to believe. ..... then one day US Airways declared to a BK judge that the money was gone, and guess what ..... so was my "defined" pension.

Realizing that I was screwed I started dumping money into the new 401k right away. I saw a report yesterday that I would have to have 375,000.00 in my 401k to retire equal to you. I have about 1/3 of that. I wonder if the government on average has 375,000.00 per employee put away. Last I heard, it is as broke as US Airways was a few years ago, in fact more so.

What state do you live in, is it broke? Is the money in the bank or just a promise note.

Best of luck in the future ..... sounds like you have it made though! Wish we could say that?

Believe it or not, I know how you feel, my wife has spent 26 years with US and to retire with virually nothing sucks to no end...I see it every day driving around the ramps that most of these people out here should be enjoying retired life but can not afford to because of what has been taken away from them....I do not want to retire just to sit there and see her putting on a f'in uniform and stomping off to work instead of traveling and enjoying what time we have left...It's a criminal act that these companies are getting away with and it must stop now! I wish I could say I have made it through, but I still have ten years to go and hoping that some dimwit with the NC retirement system doesn't blow my future.....


Best of luck to you also, you are at least being proactive planning for your future.....Good Luck...