- Jul 7, 2004
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United And Union Try To Beat Deadline
- Thread starter mrfish3726
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Don't worry - if they don't make it the judge will extend it.
50 years from now my great-grandchildren will fly United off to college and they will STILL be in Chapter 11 protection.
50 years from now my great-grandchildren will fly United off to college and they will STILL be in Chapter 11 protection.
These guys negotiate the same way I did term papers in college -- don't do a darn thing until the night before, then pull an all-nighter and show up to class 20 minutes late with a completed paper.mrfish3726 said:
How much you wanna bet at about 1PM they'll ask the judge to delay his ruling 'cause they're this close to an agreement, and they'll announce one at around 3 in the afternoon.
Of course, the mechanics could announce a no vote sometime in the morning, rendering most of this discussion moot.
Last, apparently the sticking point is that UAL wants a defined contribution pension, while IAM wants their members included in the overall IAM defined benefit pension plan. Anyone (US Airways employees, for example) know much about that plan? How much of a kickback...er..."management fee" goes to IAM for administering and/or managing the plan? And on another random note, I'd love to hear the specifics of the two offers (I know, I'm not on a negotiating committee, but to be a fly on the wall) and run the numbers to see which one would actually be better for my wife.
-synchronicity, doubts there'll be a strike, but ya never know.
If the IAM is fighting for its membership to become part of the IAM "pension plan" that may be a no-go whether UAL management wants it or not. I don't know the legal details, but I DO know that part of the "legal catch" of the PBGC taking over any unions' pensions plan is that a company can't turn around and start a new pension the next day. I know that AMFA and ALPA had to structure the bond deal very, very carefully in order to get around the legalize surrounding that requirement in order to not appear as if they're starting a "replacement" plan for the cancelled plan. So I think it would be very difficult for the IAM to have UAL contribute to a "new" plan if the PBGC just took over the "old" plan. But if the IAM can negotiate around that legalize, more power to them.
synchronicity said:
From the past actions from the IAM over the last 4 or 5 years I would have to agree with this statement. They are just blowing hot air, postering etc. They come back from the table at the 11th hour with "look what we got for you at the last minute after all our HARD work"... probably the same deal that's been on the table for weeks but by putting it out at the last minute they look like heros to their members....
From what I read about the IAM pension program it is pretty much a scam and a 401k would be a much better deal for their members. There is a bunch of fine print in their plan that doesn't allow retirees to work in the same line they retired from to supplement their pension income.
I don't even think the members want the IAM plan (or they don't understand all the fine print fully)... the IAM wants the plan to cushion their own wallets. It has nothing to do with the members. If it is able to get into the T/A I hope the judge kills it and makes them do something else.
And another question I have. If UAL got rid of their own pension plans why would they do the IAM pension plan funding??? What exactly would be any different than the one they just dumped? This I don't understand... Please fill me in what I am missing...
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- Jul 7, 2004
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- Jul 7, 2004
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- Jul 7, 2004
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Hey Fish...mrfish3726 said:
We're glad to hear that you know how to tell time.
Sadly for you, most of us learned how to do that long ago, and aren't impressed that you finally figured it out.
-synchronicity
who has already posted that this will likely be a "last minute" deals.
casual rat
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- Aug 25, 2002
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I just hope Fish isn't 'multi-tasking' with his 'Hustler' magazine again...with the anticipation that something great will happen for him...
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- Jul 7, 2004
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- Jul 7, 2004
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- Thread Starter
- #13
Less than 30 mins and NO NEWWWWWWWSSSSSSS!!! Gusee we will see just how tuff the IAM is now LOL! 
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