The Iam took a dollar an hour less , fleet service is in the IAM national pension fund.
next time they vote they should read the contract
http://www.iam141.org/us/index.html
did USAirways fleet service vote on this?
District 141 was informed on December 17, 2010 of planned changes to our Defined Benefit Retirement Plan by the Trustees of the IAM National Pension Fund. Although these future adjustments were determined by Trustee action at their meeting in October, we received the notice of change at the same time our members did. Due to the timing of the notice, it was not possible for us to communicate with you prior to your receiving your copy of the information.
he changes determined by the Trustees apply to certain participants of the IAM National Pension Fund, but not all. For example, our USAirways membership will be affected by future reduced accrual rates for their monthly pension benefits but our United membership will not.
These announced changes by the National Pension Fund were not negotiated with nor agreed to by District 141. We realize the impact this reduction of future accrued benefits will have on individual’s retirement planning. We also recognize the imperative need this places on our upcoming negotiations with the airline to find a contractual answer to mitigating the planned reduction. We will approach this issue with an open mind towards any and all options that will allow our members to obtain a safe, secure, and meaningful retirement.
The Iam took a dollar an hour less , fleet service is in the IAM national pension fund.
And no profit sharing
All USAirways front line employees pension have been going backwards some more that others the agents since 1992
One give back contract and two-bankrupisty contract
Here is what passengers service had 1999
The Company will contribute to the base account a percentage of the employee’s
pay (base pay, shift premium, shift differential, overtime, and bonuses) based
upon the following schedule:
4% for employees age 18 to 34
6% for employees age 35 to 44
8% for employees age 45 to 54
10% for employees age 55 to retirement
C. 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.
D. The Company will contribute to the company match account at a rate of 50% of
the employee’s 401(k) contribution up to a maximum of 2% (e.g. the employee
contributes 4% to the 401(k) account, and therefore the company contributes 2%
to the company match account). This account is only established if the employee
participates in the 401(k) account.
AND NOW
Article 28 – Pension A. Effective January 6, 2005, the company will implement a non-elective contribution of 3% of the employee’s bi-weekly pay (base pay, shift premium, and overtime, to a 401(k) account for each employee covered
by this Agreement. The 401(k) account also allows employees to defer pay on a pre-tax basis. The employee contribution is voluntary and is limited based upon Internal Revenue Service regulations.
The company will implement the following are additional features of the 401 (k) plan:
• Permit after-tax contributions to 401(k) plan.
• Establish brokerage account in 401(k) plan. 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).
• Increase pre-tax elective deferrals in 401(k) Plan to 22% for
non-highly compensated employees.
• Add periodic distributions to 401(k) Plan.
B. In order to be eligible for the Defined Contribution Retirement Program,
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.
Participation in the 401(k)is automatic.
SUX BIG TIME
