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
Founded in 1963, APA is headquartered in Fort Worth, Texas. APA represents the more than 13,000 pilots who fly for American Airlines, including 2,819 pilots on furlough. The furloughs began shortly after the Sept. 11, 2001, terrorist attacks. Also, several hundred American Airlines pilots are on full-time military leave of absence serving in the armed forces. The union’s Web site address is www.alliedpilots.org.
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.www.apfa.org.
INFORMATION ABOUT TWU
Founded in 1934, the TWU represents nearly 125,000 workers in the nation’s transportation industries, including 55,000 workers in the airline and government service industry in virtually all Class and Crafts. The Air Transport Division represents 42 Locals 59 labor contracts. The Airline Division website is www.twuatd.org.
INFORMATION ABOUT AA
American Airlines is the world’s largest airline, with a fleet of over 700 aircraft serving more than 250 cities in over 40 countries with more than 3,800 daily flights. American employs over 85,000 people worldwide.