ALPA MEC CODE-A-PHONE UPDATE - March 5, 2003
This is Roy Freundlich with a US Airways MEC update for Wednesday, March 5, with one new item.
The MEC reconvened its special meeting today at the ALPA offices in Herndon and received reports in closed session from ALPA's bankruptcy attorney on the court's rulings on the Company's motion to distress terminate the pilots' pension plan and from the Negotiating and R&I committee on pension issues. After receiving these reports the MEC unanimously passed the following resolution:
WHEREAS the bankruptcy court judge has determined that the financial requirements set forth in ERISA for a distress termination of the pilots' DB Plan have been met, and
WHEREAS considerable evidence was submitted during the bankruptcy court hearing concerning the actuarial assumptions utilized in relation to the pilots' DB plan, and
WHEREAS the bankruptcy court hearing on the Company's motion for confirmation of the plan of reorganization will commence on March 18, 2003,
THEREFORE BE IT RESOLVED that the Negotiating Committee is charged with reviewing, with all appropriate professionals, the actuarial assumptions utilized in relation to the pilot's DB plan, and
BE IT FURTHER RESOLVED that should our analysis show that the Pilots DB plan is viable, the Negotiating Committee shall determine a structure to preserve the Defined Benefit Pilot Pension Plan with the identified savings, and
BE IT FURTHER RESOLVED that the Negotiating Committee is charged with investigating with management, and designing on an expedited basis, a follow on retirement plan that achieves the maximum level of benefits, on an equitable basis, for the greatest number of US Airways pilots, and
BE IT FINALLY RESOLVED that the Negotiating Committee is charged with investigating with management what additional terms may be available for settlement.
Negotiations between ALPA and the Company are scheduled for tomorrow.
The MEC is scheduled to reconvene its special meeting tomorrow at 8 a.m. at the ALPA Offices in Herndon.
Please remember we have 1,827 pilots on furlough.
Thank you for listening.
P.S. - The March 5 Airline News Update has been posted at www.chipsplace.com under Rumor Control.
This is Roy Freundlich with a US Airways MEC update for Wednesday, March 5, with one new item.
The MEC reconvened its special meeting today at the ALPA offices in Herndon and received reports in closed session from ALPA's bankruptcy attorney on the court's rulings on the Company's motion to distress terminate the pilots' pension plan and from the Negotiating and R&I committee on pension issues. After receiving these reports the MEC unanimously passed the following resolution:
WHEREAS the bankruptcy court judge has determined that the financial requirements set forth in ERISA for a distress termination of the pilots' DB Plan have been met, and
WHEREAS considerable evidence was submitted during the bankruptcy court hearing concerning the actuarial assumptions utilized in relation to the pilots' DB plan, and
WHEREAS the bankruptcy court hearing on the Company's motion for confirmation of the plan of reorganization will commence on March 18, 2003,
THEREFORE BE IT RESOLVED that the Negotiating Committee is charged with reviewing, with all appropriate professionals, the actuarial assumptions utilized in relation to the pilot's DB plan, and
BE IT FURTHER RESOLVED that should our analysis show that the Pilots DB plan is viable, the Negotiating Committee shall determine a structure to preserve the Defined Benefit Pilot Pension Plan with the identified savings, and
BE IT FURTHER RESOLVED that the Negotiating Committee is charged with investigating with management, and designing on an expedited basis, a follow on retirement plan that achieves the maximum level of benefits, on an equitable basis, for the greatest number of US Airways pilots, and
BE IT FINALLY RESOLVED that the Negotiating Committee is charged with investigating with management what additional terms may be available for settlement.
Negotiations between ALPA and the Company are scheduled for tomorrow.
The MEC is scheduled to reconvene its special meeting tomorrow at 8 a.m. at the ALPA Offices in Herndon.
Please remember we have 1,827 pilots on furlough.
Thank you for listening.
P.S. - The March 5 Airline News Update has been posted at www.chipsplace.com under Rumor Control.
