Who Wants 401k or IAM National Pension Fund? Mx & Rlt'd
- Thread starter Mr. Quade
- Start date
Since your on the NC you should be answering that, not the board members.
Ask Tom Regan, he is the expert.
The IAMNPF is a multiemployer plan, so your money will always be there and it is not money out of your paycheck, the 401K is your own money out of your check with a company match.
The IAMNPF is probably a better plan in the long run as it does not cost you any out of pocket money.
Ask Tom Regan, he is the expert.
The IAMNPF is a multiemployer plan, so your money will always be there and it is not money out of your paycheck, the 401K is your own money out of your check with a company match.
The IAMNPF is probably a better plan in the long run as it does not cost you any out of pocket money.
brokenwrench
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How in the H&*LL is the IAMNPF NOT money out of your paycheck?
brokenwrench
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It is money that the company has to pay out one way or the other. They do not care if it is to you or to the "IAM". I for would rather invest my money in a K plan.
The IAM has a pretty horrible track record of planning for its members future. I.E. 1994 United ESOP, you will all be rich BS!
Give me the 3 to 4 bucks an hour extra and I will plan for my own future, thank you very much.
The IAM has a pretty horrible track record of planning for its members future. I.E. 1994 United ESOP, you will all be rich BS!
Give me the 3 to 4 bucks an hour extra and I will plan for my own future, thank you very much.
No they dont have to pay it out.
Right now they dont contribute to a DBP.
They do a 401K match, if you have a DBP, it is not money out of your check.
The IAMNPF is a total seperate entity from the IAM it is run by Trustees selected by the IAM and the Companies who contribute to the plan.
And you can thank ALPA for the EFLOP at UA.
Right now they dont contribute to a DBP.
They do a 401K match, if you have a DBP, it is not money out of your check.
The IAMNPF is a total seperate entity from the IAM it is run by Trustees selected by the IAM and the Companies who contribute to the plan.
And you can thank ALPA for the EFLOP at UA.
brokenwrench
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My mistake then, I did not realize that the IAM joined the Flight Attendant union in listening to its members and rejecting the ESOP.
BrutallyHonest
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Well 700, I am so sick :angry: of the WRONG information you spread to us REAL Usairways employees on this forum.
We, that is current IAM M&R employees have a 2% match on our 401K if you put in the minumum of 4% of your own money. In addition, Mr. 700, the comany gives us 3% for a DBP. I'm sure you will argue that it is not a DBP, but whatever you want to call it, we get it for free from Usairways towards our retirement.
It is this 2% match, and 3% extra that will be used to negotiate the IAM pension plan. In my opinion I think it will be a good thing for the members.
700, If you were a current employee, with a current contract you would know that. But since you were TERMINATED by Usairways for [modified - incorrect reason given], you are out of the loop, on the outside looking in.
I am glad that you have this forum to spread your LIES and fill the emptyness in your life since Usairways kicked you to the curb.
Maybe get yourself a current contract book and educate yourself so at least some of your 10 to 15 posts a day will be somewhat truthful.
Tim Nelson
Veteran
The 401k plan would be much better as far as you having access to the 'same' money, portability, etc. It won't be so restrictive as the IAM pension plan.
For those who are educated on the matter, no way would you give your money to another institution [IAM Pension fund] and not be able to get it in times of need. And when you retire, you better make sure you don't work because the IAM pension plan stops 'your' payments if you get gainful employment after retirement in a similar industry. How many mechanics are going to give up their trade????? If you retire, you can kiss your pension goodbye since the IAM penalizes you if you work after you are 'due' your pension. BE VERY CAREFUL OF THIS IAM PENSION MESS.
Further, the new plan scale is 'atrocious' with a significant reduced payout due to the plan's operating in the red. It's one of only 5 or 6 of the top 22 MUltiemployer plans that are in the red according to independent pension sites that have the public information about the finances of the plan.
When I was on the committee that had a review of the plan presented to us, the IAM pension plan represented a 48.2 million concession to the fleet service 401k.
At United, the IAM screwed those employees over worst of all by forcing the IAM pension plan in negotiations. Many of the Local Presidents were made aware of how awful it was and that has provided a very strong reaction against DL141. Remember, the IAM pension plan charts has changed and the new chart is pathetic. How anyone in their right mind could say it is better to put your money into the IAM Pension plan and have all these fences up in getting your money back, is beyond me.
Alot of ignorance out there. More importantly, why are we even talking about a 401k or a goofy union pension [dinasourland] that has incredible restrictions and suspensions? The IAM should be hoping on the bandwagon by introducing plans that are more current than 401k's and the prehistoric Defined benefit plan that is senseless nowadays.
regards,
Tim Nelson
IAM Local Chairman, 1487, Chicago
Once again BH you lie, I never abused my lost time go ask Giammarco or Tom Belmont, I was out sick and never returned when requested.
But hey keep Lying.
And you dont have a DBP, you have a 3% non-elective employer contribution to the 401K on top of the match.
Which is a DCP.
And the 401K match is 50% up to 2% of your contribution into the 401K, not a 50% match of what you put into it.
But hey dont let the facts get in your way.
Maybe you need to learn how to read the CBA, as I can read it and comprehend it.
But hey keep Lying.
And you dont have a DBP, you have a 3% non-elective employer contribution to the 401K on top of the match.
Which is a DCP.
And the 401K match is 50% up to 2% of your contribution into the 401K, not a 50% match of what you put into it.
But hey dont let the facts get in your way.
Maybe you need to learn how to read the CBA, as I can read it and comprehend it.
Which one is better will depend on your investment beliefs.
PENSION: Guaranteed structured payout, for every dollar put in for you, you know what you will get out.
401K: No guarantee. Not forced to contribute. YOU decide how you want to invest and/or risk your contribution. Some access at all times for various needs.
Some say pension fans are old school and 401k are new school. Sort of. Pensions, in theory, are guaranteed money, whereas 401ks are not. They are dependant on the market. If the pension is mismanaged, loses too many contributors, or has unexpected claimants the fund will lose value, which may cause shortfalls. The 401k doesn't have this problem, but investment choises can cause losses as well. Thirty years ago (before 401ks) having a pension was great. You could work for decaades and know that you would retire to a guaranteed income. My Dad has a pension from IBM and it's sweet. A 401k has the potential to make FAR more then you would ever get from a pension. Theoretically you could make enough to make more interest monthly then you would recieve from the pension.
THERE IS NO SURE THING!!! Personally I prefer the 401k, simply because I can plan around that. I can't tell if the pension managers are seeing shortfalls or making bad decisions. Some can, but not me. Would I like a pension? Sure. But I wouldn't personally take a pension from IAM or US Airways over the 401k match.
PENSION: Guaranteed structured payout, for every dollar put in for you, you know what you will get out.
401K: No guarantee. Not forced to contribute. YOU decide how you want to invest and/or risk your contribution. Some access at all times for various needs.
Some say pension fans are old school and 401k are new school. Sort of. Pensions, in theory, are guaranteed money, whereas 401ks are not. They are dependant on the market. If the pension is mismanaged, loses too many contributors, or has unexpected claimants the fund will lose value, which may cause shortfalls. The 401k doesn't have this problem, but investment choises can cause losses as well. Thirty years ago (before 401ks) having a pension was great. You could work for decaades and know that you would retire to a guaranteed income. My Dad has a pension from IBM and it's sweet. A 401k has the potential to make FAR more then you would ever get from a pension. Theoretically you could make enough to make more interest monthly then you would recieve from the pension.
THERE IS NO SURE THING!!! Personally I prefer the 401k, simply because I can plan around that. I can't tell if the pension managers are seeing shortfalls or making bad decisions. Some can, but not me. Would I like a pension? Sure. But I wouldn't personally take a pension from IAM or US Airways over the 401k match.
Theo Corner
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Timmy,
This is the one case in which I do not agree with you. DBP plans are a great thing and 401k's are a great thing and the two of them together is a windfall. Remember, those of you who were in the frozen US pension. It still exists (now government funded but I digress). When you retire, you WILL get at least some of that money. When you attain retirement age at US you will still get it. And since it is multi-company the money will be there. Contractually, I believe the Union made the company pay it share into the fund annually before anything else. If I am correct, that is the ONE thing they did right.
If you leave and go to another company, you will still get the monies from the IAMPF as long as you are vested. Those who were "grandfathered in" are vested now. The little cards you get telling you your amounts at retirement age will tell you if you are vested.
Any financial professional will tell you that a Pension is usually fairly safe, especially since they are government protected, whereas the 401k is market driven. If you have all your retirement money there and the market takes another dump like it did in 2001 right when you retire, you are screwed. Pensions are safer for the most part, but 401k's are POTENTIALLY a much better investment.
Just my humble opinion...
😛h34r:
