MEC CODE-A-PHONE UPDATE
March 21, 2003
This is Roy Freundlich with US Airways MEC update for Friday, March 21, with one new item.
The MEC reconvened its special meeting in Herndon, today, and received reports from the Negotiating Committee throughout the day on the status of proposed LOA 85, Pilots Defined Contribution Plan and proposed LOA 86, Adjustments to Restructuring Agreements. Most issues in both proposed letters of agreement have been tentatively agreed to in principle; however, a final tentative agreement has not yet been reviewed by the MEC.
The PBGC has agreed to be available over the weekend to review an agreed to follow-on plan and advise of its acceptability. Recall that the PBGC reviews follow-on pension plans to determine if they are considered “abusive†according to their standards.
The proposed agreements stipulate MEC ratification prior to PBGC review. The MEC has not voted on the issue, but is expecting to consider the tentative agreement and MEC ratification this evening as soon final tentative agreement documents are reviewed.
Expect an update on this issue as soon as additional information becomes available.
Thank you for listening.
March 21, 2003
This is Roy Freundlich with US Airways MEC update for Friday, March 21, with one new item.
The MEC reconvened its special meeting in Herndon, today, and received reports from the Negotiating Committee throughout the day on the status of proposed LOA 85, Pilots Defined Contribution Plan and proposed LOA 86, Adjustments to Restructuring Agreements. Most issues in both proposed letters of agreement have been tentatively agreed to in principle; however, a final tentative agreement has not yet been reviewed by the MEC.
The PBGC has agreed to be available over the weekend to review an agreed to follow-on plan and advise of its acceptability. Recall that the PBGC reviews follow-on pension plans to determine if they are considered “abusive†according to their standards.
The proposed agreements stipulate MEC ratification prior to PBGC review. The MEC has not voted on the issue, but is expecting to consider the tentative agreement and MEC ratification this evening as soon final tentative agreement documents are reviewed.
Expect an update on this issue as soon as additional information becomes available.
Thank you for listening.
