Originally Posted by
e6bpilot
Yep. All this.
They announced yesterday that the regular plan is going away in 2026 for non contract and some contract employees that negotiated it away for "enhanced" 401k match (10 percent). They have to fund those stock buybacks somewhere.
You had better believe they are going to start finding ways to operate around the margins of our contract. Having a good team in place is 100 percent in all our self interests. Dwelling on things like covid is counterproductive at this point.
The regular plan was negotiated away. That means both agreed to it. Of course the company will try to get rid of it in section 6 negotiations. Again, that’s business. If their membership thought it’s a better deal to get a 10% match on their 401k, they agreed to it. Doesn’t mean SWAPA will unless the membership wants to. Non contract employees, that’s a different story.
Buybacks are now the thing again. UAL just announced theirs. But when you read the fine print, the BOD has total discretion on when they can do it. It is mind boggling that a company(UAL) that has 25 Billion in debt would do that with on 17 billion in cash. Totally upside down. But for us to take precious cash at the moment with all that capex to be spent on the 800 airplanes to be redone is also reckless. Moody’s just lowered their outlook on some of SWA’ senior unsecured debt. Still investment grade but some on Wallstreet are not impressed.
JR was the NC chairman. He helped write this current CBA. Which by the way, I voted for. Those who are entrenched with negotiating for four plus years have some idea what to expect from leadership at HQ. It doesn’t mean they agree with it. Doesn’t mean they sleep with the enemy. SWAPA doesn’t exist without SWA. SWA can’t fly airplanes without SWAPA’s CBA. I voted for him.