According to an AFA Press Release today, they reached a tentative agreement with United Airlines for a defined contribution pension plan.
United flight attendants will vote on the replacement pension plan by the end of February.
Some details:
- The agreement includes a 3% company match effective January 1, 2006 coupled with a 2% direct contribution effective on the same day, escalating to a 2.5% direct contribution effective January 1, 2007 and a 3% direct contribution effective January 1, 2008 - for a total of 6% defined contribution plan, double the amount of the company's original proposal.
- The agreement also includes $20 million in convertible notes and immediate vesting for all flight attendants currently employed by United.
Full Press Release >