I'm not sure why you mention the 401k unless you are talking about the passenger service group.
NO, I’m NOT talking about the Passenger Service Group. Unlike you, I inform based on facts not self serving lies.
The following was taken from the term sheets furnished by the IAM to all employees during the 2002 restructuring talks. This language was voted on and accepted by the US Airways Fleet Service Group and has NOT changed since!!! Notice, a pension plan + a 401 (k) account.
Nelson, we can all plainly see you’ve lied and continue to lie…keep posting your comments (lies) we’re lovin’ it!!!
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Effective January 1, 2003, US Airways shall contribute to the I.A.M. National Pension Fund, National Pension Plan in accordance with the following terms:
Participation – All full-time and part-time Fleet Service personnel who are represented by the International Association of Machinists and Aerospace Workers shall be eligible to participate in the Plan effective January 1, 2003 or beginning on the first day of employment if later. Notwithstanding the above, contributions on behalf of probationary employees will be made retroactively after the ninety (90) day probationary period has been completed.
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The 401(k) account is established to allow employees to defer pay on a pre-tax basis. The employee contribution is voluntary and is limited based upon Internal Revenue Service regulations.
In order to be eligible to participate in the 401(k) plan, the employee must be 18 years of age or older with at least 90 days of continuous service. This includes part-time and full-time employees.
The following enhancements to the 401 (k) were agreed to as part of the August 2002 Restructuring Agreement:
• Permit after-tax contributions to 401(k) plan. US Airways will implement six (6) months from date of signing.
• Establish brokerage account in 401(k) plan pending approval from the Pension Investment Committee whose approval shall not be unreasonably withheld. All administrative costs associated with the brokerage account will be borne by the employee.
• Permit catch-up contributions to 401(k) Plan pursuant to IRC Section 414(v). US Airways will implement during the second half of 2003.
• Increase pre-tax elective deferrals in 401(k) Plan to 22% for non-highly compensated employees. Implementation will be effective January 1, 2003.
• Add periodic distributions to 401(k) Plan. US Airways will make this change effective January 1, 2003.