Anomaly
Veteran
- Jun 2, 2012
- 1,220
- 218
Benefits Committee Update
On Thursday July 12, 2012, the Benefits Committee convened in LAX to receive a presentation on the WCTPT, (Western Conference of Teamsters Pension Trust), from administrator Walter Pentz. Much information was given, and the plan administrator had some questions of his own. Through the Q&A process it was revealed our combined work group, s-CAL & s-UAL, has an average age of 51.1 yrs, posing a potential problem with the group being accepting into the Plan.
Later in the day the presentation was shared with the entire committee followed by another Q&A session.
As discussed in past updates, the multiemployer WCTPT is only ONE type of pension option being looked into as a viable negotiating position. Many factors will be taken into consideration before the committee will make a recommendation to all the members.
The Benefits Committee will be meeting to discuss the information gathered and make sure consultant, Pete Hardcastle has all the up to date info so an accurate comparison, including the WCTPT, can be completed.
Thanks for this post. You can learn more about the plan here. http://www.wctpension.org/
I spoke with one of the few Airline Division Teamsters on the plan to get an accurate perception of the program. He is a mechanic at Continental Micronesia and has been in the plan for a number of years. There are many points to the plan he found favorable, one of which is the funding level even while most other plans were wavering. Another bonus is the safety of the plan. At UAL, our plan was essentially Monopoly money. The company would always tell us what they were contributing to the plan, but at the end of the day, it meant nothing and we were all screwed. The WCT plan has real contributions paid by the company. After payment, the money is invested within the plan and can not be touched or accessed by either the company or the union. Your retirement funds are secured and can only be accessed under the options selected by each individual when at the appropriate age. You don't loose it in bankruptcy. The company can't use it when they are cash strapped. The union can not invest it or redirect it. Nobody can touch it but the individual in the plan.
However, just because a group like UAL may show interest in the plan does not automatically mean we will be accepted. In our case, the average age of the group may be too high and the liabilities become greater. This is the concern with our group. Because our average age of the combined company is 51, we may not qualify to join the WCT. There may be other options with other plans, but the WCT has so far shown to be one of the most stable.