elag777
Well-known member
- Joined
- Mar 12, 2003
- Posts
- 407
I think Splert means this part:
"Notwithstanding the foregoing, and in accordance with the terms of the Plan, the Airline reserves the right to amend the Plan or any future plan at any time and from time to time, or to terminate the Plan or any such plan, consistent with applicable legal requirements."
What say you Elaq?
I would have to say that they (the company) would have to terminate the plan in its entirety to avoid an individual pilot from signing a new amendment. The agreement renews every five years unless amended. As far as I recall pilots were not required to sign the latest amendment and are still covered by the language in the old one. “At any time” still has to be documented in an amendment and subsequently signed, or unless immediately terminated the agreement must be honored until its term is complete. I do believe it gives latitude in the event that the company enters significant financial distress and can no longer fund said 401K without throwing the entire PEA in the trash.