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On 2/21/2003 1:32:26 PM chipmunn wrote:
The difference between terminating the pilot pension and other employee group pensions is that ALPA has taken three cuts to fund its pension whereas every other group has taken just one retirement cut to solve their underfunding problem. ALPA took a 26 to 33 percent pay cut in August, another 8 percent pay cut in December, and executed a third cut with LOA 83. The LOA eliminated future lump sum payments, reduced the multiplier from 2.4 to 1.8 percent, and capped FAE at 50 percent, resulting in an additional $77 million savings earmarked for the pilot pension restoration funding.
How many other employee groups have taken three retirement cuts and have been asked for a fourth?
I'll naswer that question. None.
The pilot group has stepped up to the plate for three cuts to fund its pension, but the other employee groups have each taken just one cut.
In fact, the February 7 ALPA code-a-phone said, “The MEC today issued a joint 12-page letter that discusses the status of the pilots’ pension plan and the reasons for the MEC’s opposition of the termination of the pilots’ defined benefit plan. The letter includes detailed reasons why management’s alternative proposed defined contribution pension plan is unacceptable, an explanation of the impact of the plan termination and how it would affect your benefits,
graphs that show how the Company plans to transfer funding from the pilots’ pension plan to cover the other employee pension plans’ cost increases, and charts that demonstrate how the pilots will lose substantial accrued benefits that have already been earned.â€
The pilot group has taken its fair share of cuts and according to the MEC is in no mood to fund other employee pensions.
Chip
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I'm sorry Chip, but get for real...
that 26% to 33% wage cut was the pariety increases the pilots received over 13 month time frame from 2001 to 2002. Infact, the 16% raise you guys got in May of 2002 you held for only one month. Keeping in all our minds, that the 33% wage cut bought you guys a 19.4 stake in U; Four times higher than the IAM and 10 times higher than CWA and AFA. AFA's pay cut in the summer took us to 1995 and with now a soon loss of 5%, will take us back to 1989. I can not even conceptualize what that 5% will do to CWA. This management told us in the summer, that with the wage decreases, that our pension liability was not an issue. And as greedy as this management is, you know damn well, that it must be unbelievably "benign", as they would have snatched it in a minute. May of 2000 agreement was where we changed our multiplier, and KEEP IN MIND WE STILL HAVE A SOCIAL SECURITY OFFSET!
With all due respect, the IAM and AFA, took cuts deep within our agreements because we didn't have enough "cash" to buy our way out. AFA, for example, gave up the "no furlough" language for fear of bankruptcy abrogation, and GOT NO CREDIT FOR THAT. As you know, that piece of language was the impedus to the 4,800 f/as who are off our property. You speak of your 1800 pilots job losses...ours is 2 1/2 times your furlough, and again, none of the labor groups got credit for that. The company takes that savings and "pockets" it.
Your aim here should be to put aside the "arrogance", and attempt to win support from the other groups. Not to walk around like a "know it all". I am trying to maintain my support for the pilots, but you make it difficult when you speak in the "plural", and when you make statements that "siegel has changed". Siegel has always been a man with a "vision" and that is to use this company to satisfy his own greedy appetite. We all saw this in the summer, and your just "seeing" for the first time.
