CAL MEC pulls out of joint CAL/UAL MEC Meetin
03-12-2012, 03:35 PM
#41
Gets Weekends Off
Joined APC: Nov 2010
Posts: 1,785
United Continental Holdings, Inc. and Subsidiary Companies
United Air Lines, Inc. and Subsidiary Companies
Continental Airlines, Inc. and Subsidiary Companies
Report on Form 10-K
For the Year Ended December 31, 2011
Notice there is no more UAL Corp. Here are the contractual provisions for United profit sharing.
3-L-2 Profit Sharing Program
3-L-2-a Eligibility - All domestic employees of UAL Corp. or United Airlines Inc. (including all pilots) who have completed one year of service as of December 31st of the year for which Pre-Tax Earnings are being measured.
3-L-2-b Pre-Tax Earnings: UAL consolidated net income as determined in accordance with GAAP, but excluding (i) consolidated federal, state and local income tax expense (or credit); (ii) unusual, special, or non-recurring charges, (iii) charges with respect to the grant, exercise or vesting of equity, securities or options granted to UAL and United
UNITED AIRLINES REWRITE 2003
ALPAPage 42
Section 3-L-2-c
UNITED AIRLINES
REWRITE 2003 ALPA
employees, and (iv) expense associated with the profit sharing contributions.
3-L-2-c Profit Sharing Pool - In the event that the Company has more than $10 million in Pre-Tax Earnings in the relevant calendar year, 7.5% of Pre-Tax Earnings in 2005 and 2006 and 15% of Pre-Tax Earnings in each calendar year thereafter.
3-L-2-d Relationship to Other Programs - Incremental to the Success Sharing Plan.
3-L-2-e Allocation - For each eligible employee, a pro rata share of the Profit Sharing Pool for each calendar year based on the ratio of the employee's Considered Earnings for the year to the aggregate amount of Considered Earnings for all eligible employees that year.
3-L-2-f Payment Date - Profit Sharing payments will be made by no later than April 30th of the following year.
3-L-2-g Distribution - Profit Sharing payments will be paid to the pilot in cash, subject to applicable 401(k) deferral election, withholding and taxes.
3-L-2-h Considered Earnings - As currently defined in the Company's Success Sharing Plan (i.e., base pay, overtime, holiday pay, longevity pay, sick pay, vacation pay, shift differential, premiums, pre-tax contributions to a 401 (k) plan, pre-tax medical plan contributions, and flexible spending account contributions but not expense reimbursement, incentive or profit sharing payments, imputed income or other similar awards or allowances).
Notice there is no mention of any Continental Airlines Inc. employees.
03-12-2012, 04:50 PM
#42
Line Holder
Joined APC: Mar 2012
Posts: 41
If this is true, look at the numbers: First of all, what is the duration of the contract? Let's assume 4 years. The contract has been open for 4 years with another 4 attached to that. A 12% pay increase equals a whooping 1.5% pay increase per year! Wow! Food stamp recepients get more of a raise than that. Then there is a $20,000 signing bonus? Again, divide 20,000 by 8 = $2500 per year. Of course that does not include taxes and ALPA's chunk of the proceeds. Jay Pierce a hero? He's a hero for management and that's why they are thanking him. Next time let the F/A's negotiate for the pilots. At least they have cajones.
03-12-2012, 08:16 PM
#44
Gets Weekends Off
Joined APC: May 2009
Position: The GF of FUPM
Posts: 3,073
But based on what I've seen so far, more years of effluent are going to be dumped upon our heads. So, back to drinking.
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