Latest blastmail summary makes the LOA sound much more appealing. I stand by "call your rep," but I lean yes now:

"This week management announced a Company-wide change to the profit sharing formula. Management will offset this reduction by implementing an across the board “8% pay increase” to all non-unionized employees effective January 1, 2017, and offered the same increase to ALPA represented pilots.

Our PEAs explicitly state that profit sharing is at the sole discretion of the Company and we have no contractual or legal basis to challenge this change. However, signing of this LOA secures a contractual protection that no other changes will occur. If you choose to ratify this, the profit sharing formula will become a part of our employment agreement and cannot be altered while we are in negotiations. Your MEC believes there is no logical reason not to accept the LOA.

The agreement clearly states that we are not waiving arguments in collective bargaining. We are well aware that this “pay increase” is in no way equivalent to the AIP’s, TA’s and collective bargaining agreements that have been negotiated throughout the industry. Even though it denigrates the contribution that we make to the success of the airlines we see no reason to deprive the membership of additional pay and holidays while we are bargaining. This means that our choice is not whether to refuse the reduction in profit sharing; our choice is only whether we should refuse the increase in pay that is being made available along with the other benefits we have obtained."