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- Aug 20, 2002
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MEC CODE-A-PHONE UPDATE
March 17, 2003
This is Roy Freundlich with US Airways MEC update for Monday, March 17, with one new item.
The MEC convened its special meeting today at the in Herndon, VA and received a report from and R & I Committee, advisors, and the MEC’s independent actuary from Hewitt Associates on the analysis and verification of the Company’s actuarial model used to project pension-funding obligations. The actuary reviewed the Towers-Perrin actuarial model utilizing a comprehensive analysis of individual pilots, then performed comparative analysis to other pilots and then compared these results to the total pilot group analysis to assess the integrity and accuracy of the model. The results were within one percent of the Company’s projection. An additional random sampling is being conducted to verify the testing results.
MEC then received an update in closed session from its bankruptcy attorney on the US Airways confirmation plan hearing that will begin tomorrow.
The Legislative Affairs Committee also presented a report on a recent ATA study that discusses the impact that war with Iraq could have on the airline industry, and described four areas that the government could take action on to help stabilize the industry.
1. Aviation security: Repeal the passenger security tax and the air carrier security fee, and have TSA takeover all screening of passengers and property and the costs associated with them.
2. Aviation insurance: Extend the Aviation Insurance program indefinitely.
3. Taxes and Fees: Suspend certain taxes and fees on air transportation paid by passengers, shippers, and airlines.
4. Strategic Petroleum Reserve: Draw down the reserve in quantities sufficient to avoid interruption of the jet fuel supply and to moderate extraordinary jet fuel prices.
Airlines and ALPA are actively involved in the promoting this kind of government action. A grassroots effort may also be pursued in the future to support legislation that would help financially stabilize the industry.
The MEC recessed the meeting at 8:00 p.m. and will reconvene tomorrow at 9:30 a.m. at the Days Inn Conference Center Dulles Airport to receive a report from the Negotiating Committee on ongoing pension negotiations.
Please remember we have 1,827 pilots on furlough.
Thank you for listening.
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March 17, 2003
This is Roy Freundlich with US Airways MEC update for Monday, March 17, with one new item.
The MEC convened its special meeting today at the in Herndon, VA and received a report from and R & I Committee, advisors, and the MEC’s independent actuary from Hewitt Associates on the analysis and verification of the Company’s actuarial model used to project pension-funding obligations. The actuary reviewed the Towers-Perrin actuarial model utilizing a comprehensive analysis of individual pilots, then performed comparative analysis to other pilots and then compared these results to the total pilot group analysis to assess the integrity and accuracy of the model. The results were within one percent of the Company’s projection. An additional random sampling is being conducted to verify the testing results.
MEC then received an update in closed session from its bankruptcy attorney on the US Airways confirmation plan hearing that will begin tomorrow.
The Legislative Affairs Committee also presented a report on a recent ATA study that discusses the impact that war with Iraq could have on the airline industry, and described four areas that the government could take action on to help stabilize the industry.
1. Aviation security: Repeal the passenger security tax and the air carrier security fee, and have TSA takeover all screening of passengers and property and the costs associated with them.
2. Aviation insurance: Extend the Aviation Insurance program indefinitely.
3. Taxes and Fees: Suspend certain taxes and fees on air transportation paid by passengers, shippers, and airlines.
4. Strategic Petroleum Reserve: Draw down the reserve in quantities sufficient to avoid interruption of the jet fuel supply and to moderate extraordinary jet fuel prices.
Airlines and ALPA are actively involved in the promoting this kind of government action. A grassroots effort may also be pursued in the future to support legislation that would help financially stabilize the industry.
The MEC recessed the meeting at 8:00 p.m. and will reconvene tomorrow at 9:30 a.m. at the Days Inn Conference Center Dulles Airport to receive a report from the Negotiating Committee on ongoing pension negotiations.
Please remember we have 1,827 pilots on furlough.
Thank you for listening.
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