US Airways Update 11/22/2002
Follow-up to our meeting with Labor Relations on Nov. 14, a Local Presidents' conference call was conducted on November 21 in order to formulate a response to the Company on issues that were raised at last week's meeting.
The following information has been relayed to the Company:
1. In trying to get timelier grievance hearings, each Local will have a regular pre-scheduled monthly date for Third Step hearings with Labor Relations.
2. Changes were proposed to the Company's back-to-back swap proposal, which would eliminate discipline as a reason to deny swaps.
3. Since management has delayed issuing a voluntary separation (early out) package, we submitted a proposal for them to review.
4. There will be another round of Global Settlements scheduled between the Union and Labor Relations on December 3 and 4.
5. We are still awaiting a response to several requests and proposals, which we had raised at the meeting last week.
6. We need information concerning the rumor of more furloughs in January.
7. We asked that management notify Sky Cap operations at BOS, LGA and DCA that US Airways does not want Sky Caps attempting to assist passengers with the operation of kiosks.
8. Still awaiting a breakdown of the CSS/CSA ratio at airports.
The Company has requested a meeting with all unions on Tuesday, November 26 at 10:00am. Dave Siegel will be at this meeting; no agenda has been received, no further information. We will update you as soon as we have information.
US Airways' SEC form 10-Q indicates billions needed to fund defined benefit pension plans for pilots, mechanics, and F/A's...
US Airways has substantial cash funding requirements related to its employee defined benefit pension plans. Based on current forecasts, US Airways will be required to contribute approximately $3.1 billion for the years 2003 through 2009, including $52 million in 2003 and $900 million to $1.0 billion in 2004.
Future funding requirements are dependent upon factors such as interest rate levels; changes to pension plan benefits, funded status, regulatory requirements for funding purposes and the level and timing of asset returns as compared with the level and timing of expected benefit disbursements. As a result of these variable factors, actual future contributions may differ materially. US Airways believes its defined benefit pension plans are currently in compliance with all U.S. government funding requirements. US Airways Quarterly Report (SEC form 10-Q).
Follow-up to our meeting with Labor Relations on Nov. 14, a Local Presidents' conference call was conducted on November 21 in order to formulate a response to the Company on issues that were raised at last week's meeting.
The following information has been relayed to the Company:
1. In trying to get timelier grievance hearings, each Local will have a regular pre-scheduled monthly date for Third Step hearings with Labor Relations.
2. Changes were proposed to the Company's back-to-back swap proposal, which would eliminate discipline as a reason to deny swaps.
3. Since management has delayed issuing a voluntary separation (early out) package, we submitted a proposal for them to review.
4. There will be another round of Global Settlements scheduled between the Union and Labor Relations on December 3 and 4.
5. We are still awaiting a response to several requests and proposals, which we had raised at the meeting last week.
6. We need information concerning the rumor of more furloughs in January.
7. We asked that management notify Sky Cap operations at BOS, LGA and DCA that US Airways does not want Sky Caps attempting to assist passengers with the operation of kiosks.
8. Still awaiting a breakdown of the CSS/CSA ratio at airports.
The Company has requested a meeting with all unions on Tuesday, November 26 at 10:00am. Dave Siegel will be at this meeting; no agenda has been received, no further information. We will update you as soon as we have information.
US Airways' SEC form 10-Q indicates billions needed to fund defined benefit pension plans for pilots, mechanics, and F/A's...
US Airways has substantial cash funding requirements related to its employee defined benefit pension plans. Based on current forecasts, US Airways will be required to contribute approximately $3.1 billion for the years 2003 through 2009, including $52 million in 2003 and $900 million to $1.0 billion in 2004.
Future funding requirements are dependent upon factors such as interest rate levels; changes to pension plan benefits, funded status, regulatory requirements for funding purposes and the level and timing of asset returns as compared with the level and timing of expected benefit disbursements. As a result of these variable factors, actual future contributions may differ materially. US Airways believes its defined benefit pension plans are currently in compliance with all U.S. government funding requirements. US Airways Quarterly Report (SEC form 10-Q).
