Stop The Teamster Pension Grab

We, the undersigned United Airlines Mechanics and Related, have grown seriously frustrated with our Teamster Representatives who, despite our protests are still attempting to fast track a Teamster Pension Plan upon this membership.  At this point, we feel our only option is to present this petition to our National Teamster Officers and to the United Airlines Management Team so that all parties concerned are fully aware of the discontent that will be created by any attempt to take our pension from our individual control.  We have already suffered through the 401K related losses due to the inability to contribute during the ESOP debacle, the ESOP loss itself, and the serious damage done to each of us when the previous defined benefit plan was terminated during bankruptcy.  It is not safe, in our interest, nor prudent to allow OUR retirement to be once more shifted to someone elses control, whim, and choice of risk assumptions.

We are informing you that growing discontent over the pension issue exists.  However, far worse lies ahead because our own union will use the same tactics they did when they campaigned for representation at United Airlines a year ago:  unrealistic promises, outright lies, and exaggerated claims - anything to obtain what they want!  After the sell is complete and the truth is known the Mechanic and Related at United will be further disillusioned and focusing that anger at both the union and the company.  The only result of this pension grab to feed the IBT Pension Plan will be an angry and further disconnected work force whose individual future is less secure in todays economy the implications of that type of workforce is not merely a competitive disadvantage, a short term rough spot in operations, but spells sure doom for any business.

We are aware that once we are shanghaied into a Teamster Plan we will no longer have ownership of our investment.  It will be controlled by others just like the ESOP where our investment was made virtually worthless by the inaction and/or the separate agenda of the plan trustees.  

We are filled with a mix of anger and anxiety that once we retire we may be unable to collect our pension because of Teamster Retirement Rules - some that we know of now, others that may not be fully revealed during the campaign, and others that they may institute without our consent at any time in the future.

We are rightfully leery that the Teamster Pension Plan is nothing but a ponzi scheme in order to back fill the deficits in the now existing Teamster Pension Plans.  Placing us at risk of another plan failure or benefit cut, that numerous IBT Plan participants have suffered through, fills us with animosity.

Here are the facts per the WCTpension.org site.  In January 2008 the pension was 97.1% funded.  In January 2009 the plan was funded down to 84.7%.  That is over a 12.4% decrease.  If funded under 80% then the plan would be considered in the red zone.  Also per the WCTpension.org site, the projected credit balance at the end of 2009 is $1.9b and is projected to be down to $1.1b in 2015.  Down almost 50%!  Every other IBT Plan is far worse than that!

Therefore, we wish to remain in the current, individually controlled and owned, 401k plans.  The Union should instead seek to enhance benefit levels by raising the Company contribution and / or 401K match percentage that exist in our current contract to reflect the levels of our peers now that the PBGC limitations are no longer in effect.

The IBT Pension grab decision was made without the members consent or input and is not in the best interest of the membership who has already lost so much of our retirement security we have earned.

The undersigned agree and insist that our Teamster Representatives freeze negotiations on this subject and return to the members who fund the organization for more guidance.