IAM Pension Plan

December 20, 2009, Dave Atkinson, Secretary-Treasurer — Members have begun receiving letters from the IAM National Pension Fund regarding their application for an extension for a waiver for funding pension liabilities incurred during the year 2009. This waiver is called for under the Employee Retirement Income Security Act (ERISA). This waiver would permit the IAM National Pension Fund to fund the pension plans to 100% levels over a 5 year period. The decision to grant or reject the waiver is expected to occur in early January 2010.

Since all of the members of District Lodge 141 have experienced first hand the devastating effects of critically underfunded pension funds we are especially sensitive to this type of announcement. By conference call today representatives of all IAM airline members discussed this situation and were given an explanation of the purpose of the waiver request and the current state of our plans.

It is important to note that the current temporary underfunding of the IAMNPF is due exclusively to the condition of the stock market and the return on investments for the Plans and in no way are due to a failure to make required contributions to the Plans. Although the Plans suffered loss of value due to depressed stock prices, the Plan is recovering faster than the market in general. In fact, the recovery rate is almost twice that of the market.

Pension benefits are a priority concern for all members and District Lodge 141 will continue to monitor this process as it moves forward.