"The balloting for the Vanguard Target Funds Letter of Agreement (LOA) is now open. Ballot information and voting instructions were mailed to all members in good standing on April 14th, 2008. In the interim, the LOA is available on the MEC homepage under the "Stay Informed" section along with voting instructions."

The above arrived as a part of an email from the MEC's latest message line.

Could someone please explain to me why it's important to vote for or against this LOA. The way I read the information on the ALPA site, this LOA "brings our defined contribution retirement plans into compliance with current regulations and also provides our membership with a wider array of funds to make choices from.

So my question is: If it brings us into compliance, and increases our array of available funds, isn't that all good, and if that's the case, why bother to incur the expense of voting. Can't the MEC just adapt this LOA, or does every LOA, regardless of impact, have to be voted upon? Am I missing something? Is there a downside to voting for this LOA?

Thanks,

JJ

 

Hello JJ, hope all is going well! I think Dave and the boys' are just a little gun shy lately. It does seem like a waste of the Union's time and money to me.
fbh

 

In the past at FedEx, and in more recent times at other carriers, pilots have complained when an MEC ratified a change to work rules without the input or approval of the pilots. In response to that, our MEC Policy Manual states the following:

8. Ratification of Agreements Collective Bargaining Agreements resulting from negotiations undertaken pursuant to the Duration Clause of the CBA in accordance with Section 6 of the Railway Labor Act, or Letters of Agreement (LOA) amending the CBA which have been approved by the FDX MEC, shall be subject to membership ratification.

So, in a word, YES -- it requires membership ratification.




I can't think of one.

You're welcome!






.

 

My theory, after the vote we will find more "hidden money" for the geezers in there someplace.

 

That, and it will be held up as a big WIN and how ALPA is doing great things for us!

 

I just want to know if I can still change my vote yet?

 

As Yoda would say,

Vote once, one must, before changing one's vote.

 

Tony,

I understand what you've said the contract states, but I'm still wondering if there were actually negotiations associated with these additional retirement plan options? Anyway, it does sound like a good thing, but that won't stop some here from bashing it. In fact, if they didn't bash it, I'd start to believe I'm on a different web site.

I don't spend that much time here anymore, but it's good to see you pop up here from time to time. Your responses are always so genteel and even better, are usually right on.

JJ

 

The good news is I finally get to vote yes for a change.
The bad news is if we voted it down the MEC would most likely override it because it was the right thing to do.

 

Yes JJ there were negotiations for these funds. Vanguard has scores of funds to choose from so the R&I guys looked into all of them, but since this is a default option they thought it best to choose age based funds to reduce risk of loss of funds as the pilot ages.