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WEB PAGE INDEX
Includes recent updates

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Concerns from Working Men & Women // News for Retired Members

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Machinists Union Welcomes Pension Victory

Washington, D.C., April 8, 2004 - In an overdue victory for recession ravaged airline workers, the Senate passed legislation today that protects the pension plans of more than 100,000 transportation workers covered by defined benefit pension plans.

"Without this legislation, struggling airlines could be forced by investors to terminate employee pension plans to escape or avoid bankruptcy," said Tom Buffenbarger, international president of the International Association of Machinists and Aerospace Workers (IAM). "I credit the thousands of airline and non-airline workers who contacted their representatives and demanded action to protect these hard-won retirement benefits."

The Senate voted by a 78-19 margin to approve the bipartisan Pension Stability Act, establishing a two-year recovery period where companies with under funded plans would not be required to make 100 percent of the additional contributions required by current law. The additional contributions, called deficit reduction contributions, could force solvent companies into bankruptcy or encourage companies to dissolve otherwise healthy pension plans in order to exit bankruptcy.

"This measure protects employees' pensions in an industry that is struggling to overcome the worst travel recession in our nation's history," said IAM Transportation Vice President Robert Roach, Jr. "We commend Congress for taking this step and we encourage the President to sign this bill without delay."

The IAM represents nearly 90,000 active and retired airline workers covered by defined benefit pension plans. Click www.goiam.org more information about the IAM.

Home // About Lodge 1426 // Meet the E-Board // Notable Members of Lodge 1426 
 News From the I.P. // Shops Under IAM Contract // Shop Stewards // Delegate Reports & Events 
Union Links  // News from imail, Work in Progress, America at Work, Misc.  // Political Action  
  IAM History // Join the IAM // Union Plus Benefits // IAM Pension // Women's Dept. // Toon Ville   
Guide Dogs of America // Help for Stewards //  IAM Journal // Have You Heard // International Presidents  
General Secretary Treasurers // North West Iowa Labor Council // Iowa Federation of Labor News //  Noteworthy Men & Women 
News From Corporate America // Winpisinger Center // Speak Out! Be Heard! // Health Issues 
Concerns from Working Men & Women // News for Retired Members

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of Siouxland Lodge 1426 IAMAW
Greg Enright