What many members may not know is that Labor Unions must file form 5500 which is available to anyone who wants it from the DOL.
All you have to do is request a copy from the DOL and you can do so through their web site ot contact ;
Raymond Wilkins
Senior Disclosure Clerk
Public Disclosure Room.
US Dept of Labor
Employee Benifits Security Administration
200 Constitution Ave N.W.
Washington D.C. 20210
While the actual forms are quite dull is in the Appendix's where things get interesting. The appendix is where they try to explain away irregularities that dont fit neatly into columns and where they hide all the good stuff.
In addition to the 5% per year increase, compounded annually, the normal retirement age is 60, but they can enjoy a larger pension the longer they work. They can also retire at 55 with no penalty.
Participation in the plan begins after 1000 hours of service.
They also dont have to participate in LTD, as the plan includes disability insurance after 10 years of service.
Amount of pension;
Normal
2-1/2% of compensation paid to a participant by the union in the last twelve moths of service for each year of benifit Service up to 20 years, plus 1-1/2% of such compensation for each year of Benifit service in excess of 20 years.
Late(as with Sonny Hall)
Determined in accordance with the above frmula, based on Benifit Service and compensation at late retirement date.
So Sonny Halls pension is based upon over $200,000/year
So .025 x $210000=5250 x 20=105,000 + (3150 x 20=63000)=$168,000
So Sonny Hall is looking at around $168,000 a year now.
Next year he gets a 5% raise, $8400 , $ 176400 for 2005
2006= $185220
2007= $194481
2008= $204420
2009=$214630
So before we get a new contract Sonny Hall will have seen his retirement pay surpass his 2003 working pay, in the meantime we will still be working for 15% less than what we were in 2003!
In order for the TWU to continue to grant themselves such generous retirements they have to keep the dues flowing, no matter what. The money that we pay to the TWU in dues is not going to get us a better life, but it will get those in the International a better one!
All you have to do is request a copy from the DOL and you can do so through their web site ot contact ;
Raymond Wilkins
Senior Disclosure Clerk
Public Disclosure Room.
US Dept of Labor
Employee Benifits Security Administration
200 Constitution Ave N.W.
Washington D.C. 20210
While the actual forms are quite dull is in the Appendix's where things get interesting. The appendix is where they try to explain away irregularities that dont fit neatly into columns and where they hide all the good stuff.
In addition to the 5% per year increase, compounded annually, the normal retirement age is 60, but they can enjoy a larger pension the longer they work. They can also retire at 55 with no penalty.
Participation in the plan begins after 1000 hours of service.
They also dont have to participate in LTD, as the plan includes disability insurance after 10 years of service.
Amount of pension;
Normal
2-1/2% of compensation paid to a participant by the union in the last twelve moths of service for each year of benifit Service up to 20 years, plus 1-1/2% of such compensation for each year of Benifit service in excess of 20 years.
Late(as with Sonny Hall)
Determined in accordance with the above frmula, based on Benifit Service and compensation at late retirement date.
So Sonny Halls pension is based upon over $200,000/year
So .025 x $210000=5250 x 20=105,000 + (3150 x 20=63000)=$168,000
So Sonny Hall is looking at around $168,000 a year now.
Next year he gets a 5% raise, $8400 , $ 176400 for 2005
2006= $185220
2007= $194481
2008= $204420
2009=$214630
So before we get a new contract Sonny Hall will have seen his retirement pay surpass his 2003 working pay, in the meantime we will still be working for 15% less than what we were in 2003!
In order for the TWU to continue to grant themselves such generous retirements they have to keep the dues flowing, no matter what. The money that we pay to the TWU in dues is not going to get us a better life, but it will get those in the International a better one!
UAL_TECH
