| 11.16.05 - Passage Of Senate Bill On Pension Reform |
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AMERICAN AIRLINES, THE ALLIED PILOTS ASSOCIATION, THE ASSOCIATION OF PROFESSIONAL FLIGHT ATTENDANTS AND THE TRANSPORT WORKERS UNION ISSUE JOINT STATEMENT REGARDING PASSAGE OF SENATE BILL ON PENSION REFORM FORT WORTH, Texas - Today, American Airlines - on behalf of its independent employees - and the presidents of the three labor unions representing AA pilots, flight attendants, aircraft maintenance technicians, plant maintenance employees, fleet service employees, ground service employees, technical specialists, flight dispatchers, stock clerks, flight simulator technicians, ground school, flight simulator and pilot simulator instructors at American jointly issued a statement regarding the Senate passage of pension reform legislation: "We are very pleased by today's overwhelming, bipartisan vote by the U.S. Senate which recognizes the efforts of American Airlines, its unions and it employees to take a different path - working together to preserve our defined benefit plans. Passage of the Senate's pension bill is a huge step forward, and we urge the upcoming Senate/House Conference Committee to include the Senate's provisions in the final legislation." The Isakson amendment to the Senate pension reform bill includes provisions that provide for longer amortization periods, more favorable interest rates, while not requiring companies to freeze their defined benefit plans. Despite difficult economic challenges, American continues to meet its pension funding obligations, contributing in excess of $1 billion to the plans over the past four years. In 2005, American has contributed a total of $310 million to its defined benefit pension plans. With its defined benefit pension plans currently funded at 80 percent, American has the best-funded defined benefit plans in the industry. INFORMATION ABOUT APA INFORMATION ABOUT APFA The Association of Professional Flight Attendants (APFA) is the largest independent Flight Attendant union in the nation. It represents more than 22,000 Flight Attendants at American Airlines, including more than 4,000 furloughed Flight Attendants. Visit online at www.apfa.org. INFORMATION ABOUT TWU INFORMATION ABOUT AA |
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