Fri, Sep 30, 2005
Senate Continues To Move Ahead With Reform Legislation
As the US Senate moves forward with comprehensive pension
reform, the three unions at American Airlines urged Congress to
ensure companies that continue to fulfill their pension funding
obligations are not disadvantaged by the final legislation.
Congress has been considering a special airline-specific provision
that would permit carriers that have frozen their defined-benefit
plans to extend the amortization period for full funding to 14
years, and it also includes the ability to use a "reasonable
interest rate" while doing so.
"As contemplated, this provision would withhold amortization and
interest-rate relief from companies such as American Airlines that
have continued to fund their defined-benefit plans and remained
solvent both as a result of employees' sacrifices and the
collaborative implementation of an effective business strategy,"
said Captain Ralph Hunter, Allied Pilots Association (APA)
President. "We believe our efforts at pension preservation should
be recognized, not punished. American Airlines should be accorded
at least the same consideration as companies that have determined
they cannot meet their funding obligations."
"American's defined-benefit plans
are the best funded in the airline industry," said Tommie L.
Hutto-Blake, Association of Professional Flight Attendants
President. "They have been managed prudently over the years and
have earned an average of well over 10 percent. We need legislation
that does not force us to freeze our plans."
"There should be a responsible alternative to a freeze for
companies and their employees that focused on maintaining their
plans' viability," said James C. Little, International Executive
Vice President & Director Air Transport Division, Transport
Workers Union. "It makes no sense to penalize us for taking a path
dedicated to maintaining our historically sound plans."
Maneuver Performed Aboard CVN 77 The Navy's X-47B Unmanned Combat Air System Demonstrator (UCAS-D) began touch and go landing operations aboard the aircraft carrier USS George H.W.>[...]
HTF7000 Series Surpasses 1.5 Million Flight Hours With Better Than 99 Percent Dispatch Reliability Honeywell has announced that its HTF7350, the latest engine to join its successfu>[...]
Also: PC-12 Record, Maule Nation, Cockpit Lockout, 34,000 Airliners Needed, Beechcraft Wins Big Contract You know you're having a bad day when a flight goes so bad that you feel yo>[...]
Four Buried As A Group May 2 A Navy Pilot, missing from the Vietnam War, has been accounted-for and was buried with full military honors along with his crew. According to the Depar>[...]
Forest Service Smoke Jumpers Smokejumping was first proposed in 1934 by T.V. Pearson, the Forest Service Intermountain Regional Forester, as a means to quickly provide initial atta>[...]