Again, speaking only for myself.
Yes, when the ibt first came onboard at UAL I secured a copy of the WCTPT plan.
I have two major problems with it, work restrictions, and lack of participation guarantees.
The problem with work restrictions is simple, I plan to do occasional work in the industry after retirement and I'm not interested in any plan that would halt my pension payments if I did.
As for participation, the Gegare video I've posted is it in a nutshell. At one time Central States was a great plan, check out the video and listen to the time it was established and the benefits it paid out. That said, what good does it do to get into say the WCT and 5+ years from now Hoffa or someone else allows another company or companies to pull out just like he has done in Central States, and put my retirement in danger just as I'm ready to go out the door?
TSH
You know, as much as you and I disagree, I can at least count on you to come up with some educated answers.
Your first complaint on the work restrictions is one of mine as well and I made a few phone calls to get more information.
-For those of you who are unfamiliar, basically, if a person retires and is on the WCT pension plan he is not allowed to get another job of the same type. So if I work for UAL as a line mechanic, I retire and decide I want to get a job at Southwest, my retirement payments will stop as long as i work at SWA. Now if I wanted to get a job say in Boeing, or at a small private airport maybe like one near my home in San Carlos, working on private aircraft, the work would have to be approved first through the trustees. If approved, I will continue my benefits. If I take a job at dinner slopping soup, no problem.-
Now I am not planning on working at any other airline after I retire, but working small aircraft would be fun. I felt much better after i learned there is a process for appealing different types of continued work that may be considered similar, but still? The idea that I am restricted at all does not sit too well with me either.
I asked why they came up with this and I was told that the idea came from several suggestions from members themselves who did not want to see a person retire and then work for a competing company and jeopardize the jobs of others in the plan. OK...? To me, this is a stretch, and I have a hard time accepting the rational, but like I said, at least there is an appeal process and in the end, if I can at least still work on private AC, at least for me it is not a game stopper. For others, however, I can see the problems brewing.
As for the participation issue, like I said, at least you offer legitimate concerns. I do not have an answer for that one but it is something worth sinking my teeth in to. I know the withdraw liabilities for the WCT are very high, but you question as to what other protections there are and what is to stop another Central States scenario is valid.
