At IAM represented Union carriers, THERE ARE NO SOCIAL SECURITY OFF-SETS. At Northwest Airlines, the pre-bankruptcy retirement is still in effect. On top of that, the IAM negotiated a second defined benefit pension, the IAM National Pension Plan. This is a guaranteed retirement that is paid for by the employer and not subject to the volatility of the company and its business. The IAM has negotiated this replacement pension for many of the carriers they represent. The National Pension Plan is growing and independent from the carriers. It is protected and fully funded. In fact it is over funded!
If the acquisition of Northwest by Delta is approved, the new Delta will be saddled with a crushing $7 billion in debt on just the frozen pension plans it inherits. Even if the merger is not approved, the precarious situation in the airline industry puts all of our employer pensions at risk. But unlike Northwest's IAM represented employees, no one-Northwest flight attendants and pilots nor the employees of Delta-have a secure replacement pension plan as mentioned above.
Even after the Northwest company sponsored pension plan was terminated, IAM members at Northwest are the only employees that still have a defined benefit pension plan. Those of us represented by the IAM are the ONLY employees who are eligible to bargain to be part of the IAM National Pension Plan, a joint union-employer run pension program that is rated at 113% funded.
Soon we may be faced with a choice. The only way we will keep this secure, employer funded and growing pension, and the only way to get it for our potential Delta co-workers, is to be represented by the IAM. If the acquisition is approved, we will be faced with an election to keep our union...and to keep our pension and get it for our Delta co-workers.
WE ALL BENEFIT WHEN WE SAY UNION YES!!!
