Is our only choice a bankrupt contract?

you guys should be nice to 700 -- he is running out of people to blame for the IAM failures -- but then again not to worry the IAM never takes the blame for thier screw ups. after all did you forget they are not responsible for failures in representation - its the fault of the membership or the company or the judge - anybody but them
He can blame them on the TWU at AA if he likes. I'll give him all the support he needs.

They have no defined benefit or defined contribution plan.

No retirement, they only get a 401k match if they participate.

Don't let the facts get in the way of your misinformation.
From what I've heard from the TWA guys is that if you continue to work after retiring with the IAM pension you lose money. Whats the story with that?