The benefits review committee met on June 5th & 6th at IBT Headquarters in Washington DC. The committee was accompanied by Hemant Berry, a benefits specialist with the IBT Benefits department, and pension analyst Peter Hardcastle from Cheiron.
The committee worked on comparing and contrasting the medical benefits from both carriers to identify the differences in the plans, so the best of both plans can be identified. Different ideas where brought up on ways to control the premium costs, with further investigation into some wellness programs being needed.
On Wednesday, June 6th Peter Hardcastle gave a presentation to the committee that explained the differences as well as the pros and cons of the different types of pension plans; Defined Benefit (DB), single payer and multi-employer, Defined Contribution (DC), as well as 401(k)'s and hybrid type plans. The committee will be determining what pension plan would be the best choice to recommend to the members.
The committee reconvened in EWR on June 18th and 19th to continue working on opening proposals for Articles 10 and 11 as well as continuing discussions on what pension plan would serve the members best.
The committee began a side-by-side comparison of plans, as it relates to benefit issues of the two Collective Bargaining Agreements (CBA’s) to identify the differences, similarities and changes that may be needed in each article. Although there is still much work to be done the committee has built a good foundation that they will continue to improve on.
On Tuesday June 19th, the day started with an update, via conference call, from the company on the “wellness plans” they are examining. Research will be done to see if this is a valid way to keep premiums lower. The committee also received its first side-by-side pension comparison presentation by Jim Holland from Cherion. Side-by-side comparisons have been requested on all the different types of pension plans being investigated. This first presentation showed a comparison of the Continental Airlines Retirement Plan (CARP) and the Western Conference of Teamsters Pension Trust. The committee will update everyone as the different comparisons are completed and presented to them. After both presentations the committee continued its’ work on contract language proposals relating to benefits.
The committee will reconvene in SFO during the same week as the National System Negotiating Steering Committee meetings. While in SFO the committee will continue its’ research of the different plans and attend a presentation from the West Coast Pension Trust, to see if this plan should continue to be considered in any comparisons.
The committee’s ultimate goal is to explore all options and share that information along with a recommendation, to the National System Negotiating Steering Committee, on benefit language to be incorporated into an opening proposal in Joint Collective Bargaining. Updates will follow the July meetings.