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Last month, American unveiled a restructuring proposal designed to cut costs by $2 billion a year that called for 13,000 layoffs, the termination of pension plans and closing of the maintenance base Belt Hermes Price
at Fort Worth's Alliance Airport. The company is trying to reach consensus on a plan with its unions Gucci Belt With Snake
The Association of Professional Flight Attendants union told its members on Wednesday that it has not responded to American's proposal to freeze its pension and is meeting internally to evaluate it.
PBGC Director Josh Gotbaum said the latest proposal was "great progress" and demonstrates that American recognizes it can reorganize without terminating its pension plans.
The pilots will not see their pensions frozen under this proposal. In a separate letter to pilots, Brundage said the airline is still working with the PBGC and the Allied Pilots Association union to come up with a solution to freeze the pilots' A Plan pension but is concerned about the lump sum payment benefit in that plan. Brundage said there are 5,207 pilots who are eligible to retire at age 50 as of Jan. 1.
"Freezing the defined benefit pension plans would mean that employees would retain the full value of benefits accrued for service prior to the date the plan is frozen, and those benefits would not be reduced to PBGC guarantee levels in retirement. It would also preserve for employees the ability to satisfy the requirements to obtain the frozen benefit under the early retirement options, which we know many employees value," Brundage wrote in the letter.
In a letter sent to employees by Senior Vice President Jeff Brundage, the parent of American Airlines said it made the decision after working with the unsecured creditors committee and the Pension Benefit Guaranty Corp., or the PBGC, the government agency that would have taken over the pensions if they were terminated as the airline originally proposed.
before seeking approval from creditors in bankruptcy court. AMR filed for bankruptcy on Nov. 29.
FORT WORTH, Texas AMR Corp. announced Wednesday that it is proposing to freeze its Buy Gucci Belt
"We would have preferred to keep the existing defined benefit plan in place but that simply was not possible," said TWU International President Jim Little. "We are not out of the woods, Gucci Belt Canvas and we can't implement the pension plan freeze until we reach an overall agreement."
AMR proposes freezing some pensions
non pilot workers' pensions instead of terminating the plans.
The freeze would affect the Fort Worth based company's unionized mechanics, ground workers and flight attendants.
"Bankruptcy forces tough choices, but that doesn't mean pensions must be sacrificed for companies to succeed," Gotbaum said. "We will continue to work with American and the other participants in the bankruptcy to ensure that success."
"Given the number of pilots who are eligible to retire, the company would be at significant operational risk if we emerge from Chapter 11 with a frozen plan that allows pilots to retire with a lump sum benefit," Brundage wrote to the pilots. "The departure of a significant number of pilots in a short period of time, incentivized by the availability of lump sum payouts, would have a severe, detrimental impact on our operations and is a risk that the company simply cannot afford to take."
The Transport Workers Union, which represents 13,000 American mechanics, store clerks and ground crew workers, said it has agreed to the pension freeze proposal, adding that American dropped its demand for an additional $600 million to $800 million in concessions if the pension was frozen.
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