Hi jeff,
Jeff I was a member of the Local Chairman's committee back in 2003 or whenever it was when the IAM brought the IAM pension plan on the property. Fleet service had a 401k in which the company put in up to 10% 'company' contributions if employees took full advantage of it. It was portable, could be used for college, mortgage, and other hard times. Then with the IAM pension, fleet took a terrible beating by allowing the company to restict its payments to 5% for full time, and the IAM agreed with the company that part time should only get about half of that. The IAM also agreed that the IAM pension would only count for 40 hours, unlike the 401k that forced the company to contribute on all hours including overtime. Fleet service felt great 'pain' to the tune of a 48.2 million dollar concession with the IAM pension alone. The IAM pension plan was a 48.2 million concession to the 401k. I thought it was a shame that the IAM officials didn't let the rank and file know that the IAM pension was the second biggest concession in that contract.
regards,