AMO Pension

[cmjeff]

I can guess which one you are.

Which one are you Lee?

Transocean's "pension plan" ain't what it use to be... how's Seadrill's?

[cmjeff]

Pensionless,

What about "donating" $10,000 to the Political Action Fund? Might that not help you get your pension money?

I understand things are different post-indictments but there was a time when a 10k PAC "donation" paid in cash would solve any problem you had in the union!

[Pensionless]

$10,000,you have must have been living under a rock for quite a while. The AMO top guys will get that a month with their Matching 401K, MPB and what will surely be a huge Defined Contribution Benefit. If the administration various retirement funds are in line with sea going members, why aren't they disclosed? Try and ask what they are.

[JAFO]

Well the new plan outline is out in the AMO Currents. Did I miss something or are we all just supposed to work for ZERO contributions in 2010 and not say anything?

[Pensionless]

Well, I just ran the numbers. Much worse than I could imagine. This is a slap in the face and a big"We don't care about you or your families" from the AMO administration. The clear way above winners are the "buyout" members and AMO administration. They do not suffer at all, yet AMO officials call this fair and reasonable? Every member with less than 20 years at the end of 2010 is getting thier future ruined by this administration. They have left no doubt.
On the other hand there is no dues increase and we have the lowest dues out of all the officers unions, nothing mentioned about the worst pension plan out of the unions either. The union executives should spend less time at various dinners and award ceremonies and more time taking care of the people they are paid big money to take care of. VOTE OUT any union official that has a buyout or "shelved pension"

[iwassoldout]

Pensionless here is something for you thoughts. Remember the 65% funded status for filing in the red or critical? Look at this www.dol.gov/ebsa/pdf/c-notice11100901.pdf

[rawdeal]

iwassoldout, I checked out the link you mentioned ,seems things are not as stated by our administration.An independant actuary determined the plan to be 71% funded when they filed in the criticle zone WTF??? While I was looking at the Department of Labor web site i found a few more interseting links to check out. hard cold facts on wages and the present administration. I need to quit sailing and get that secretary assistants job that pays 133k in a union hall that was closed and sold 2 years ago.

1.office of labor management www.dol.gov/olms/regs/compliance/rrlo/lmrda.htm
2.department of labor search engine US DOL
www.kcerds.dol-esa.gov/query/getorgqryresult.do highlight pay scales and select UNNAF-AMERICAN MARITIME OFFICERS,SIUNA
3. www.dol.gov/ebsa/publications/wyskapr.html
4. www.dol.gov/ebsa/publications/how_to_obtain_doc.html
5. www.dol.gov/ebsa/consumer_info_pension.html

[jjpjr58]

Hello,IWASSOLDOUT. Great link. Interesting how little information the members have about how THEIR money is spent.
Just so you know, I want the job of 'assistant to the union president'. That's what you call livin' large.

[Pensionless]

vote out all buyout and shelved pension amo executive board members in 2010!!!

[awulfclark]

Interesting posts in this thread...I'm trying to find out from Plans why, exactly, those members who have taken buyouts are going to get a SECOND pension. I don't seriously expect an honest answer, or even a coherent one, but at least I put it out there. I'll post their reply (if any) here.

Thank goodness the election is this year. There really needs to be a strong slate put together. Whoever runs, needs to basically get down and dirty, take it down to street level, pick your idiom. They need to expose these administration officials for who they really are. God love Jack Hearn, but he tried to take the high road and that didn't work. Naturally, there will always be that AMO bloc who's going to side with the incumbents, basically because they realize they'll never have a better paying job and they don't want to upset the apple cart. I'm just hoping enough people get pissed off that we can vote these clowns out.

We all know the games they play--we just need to be them at their own game! It's time for them to realize they work for/represent US, not the companies!

[RkyMtn Paul]

Is Black Jack running again? Best damn skipper I ever sailed for.

[awulfclark]

I'm almost 100% certain that Jack is not going to run. Kind of sucks, he would have been a very fine president.

[iwassoldout]

Wow where have you guys been? Nice to see some other AMO members chime in on this matter. Anyone hear that the 401K plan is under the microscope as well?

[Pensionless]

I believe the reason "buyout" members are getting the second pension, while all others have to wait or only get whatever they earned by 12/09 is because most if not all AMO Officials have the "buyout" they want MORE!!!

I believe the reason why the new defined contribution plan is set up the way it is, only helps AMO officials. I believe their "benefit base" is their full wage, so their contributions will be roughly twice as much as sea going members. Same goes for members that work in the office who have never worked one day on a ship.

Why wont the AMO officials disclose their retirement package? Matching 401K, full benefit base, huge Money Purchase benefit ect.. By law you have a right to all this information, if it was in line with sea going members why wont they disclose it?

As far as not being able to work in the industry after getting a monthly from AMO, when they changed the rules is hogwash, never fly.

VOTE OUT ALL AMO OFFICIALS

[JAFO]

I think this whole shelved pension for the 20 and out crowd is just a delaying tactic to get us to stay until its too late to leave and get anything significant.

[Pensionless]

The membership MUST vote only for members that DO NOT have the "buyout" or "shelved pension"

Officials with buyouts or shelved pensions are not in the same "boat" as 2/3's to 3/4's of the rest of the membership.

"VOTE OUT ALL OFFICIALS WITH A BUYOUT OR SHELVED PENSION IN 2010"

[JAFO]

Why is it that AMO can not give us a concrete determination of the amount we could receive? How are we supposed make an informed decsion about staying or leaving the union if Plans will not tell us how much we are entiled to receive for our time worked?

[Pensionless]

Probably trying to figure out how much to carve out for themselves and all the office workers that vote for them but have never even been on a ship

[lorriefauver]

I think you all get the picture, what is the comman denominator? The AMO administration, almost the same people, different positions.


Business Law Temecula

[JAFO]

Waiting until 2011 to vote the current officals out does nothing to solve the current problem those of us with 20/20+ years of service this year.

The only solution is to take your 20 and go elsewhere.

Then when they try and hold your annuity payment get a laywer and SUE.

First sue for the right to work.

Then sue the Plan and Each and every member of the AMO Board of Trustees for failure of their fiduciary responsibility to the plan and plan members for not insuring that the plan was properly funded 2-3 years ago when they first recognized that there was a “bubble” of members reaching 20 and out and their magic number for the buyout.

AMO Plans and the Executive Board knew they needed more money in the plan before the economic collapse and the Trustees failed to come to an agreement to increase em-ployer contributions – the economic downturn is just coincidentally occurred to cover the tracks of failed leadership by the Board of Trustees and allow them to dismantle the plan after the top guys got their money out of the plan