Avaya Bargaining
Update #3
May 3, 2006
At today's session the Company presented proposals on Supplementary Life, Accidental Death, Disability Insurance Plans, and Proposals for the 401K Savings Plan. The Life Insurance Proposal included additional Supplementary Insurance options at the employees’ expense. The Savings Plan changes were additional options with mandatory payment of fees by our members regardless of whether or not they used the options. In addition there were some changes proposed that the
Companies stated were required by the IRS. The Union acknowledged the proposals and will respond at a later date.
The Unions again challenged Avaya on the data presented yesterday on the Pension Plan. The change in funding of the Plan from 108% in 2003 to the Companies current 83.6% funding is of great concern to the Unions. Although Avaya stated the reduction in the funding percentage was not a result of mismanagement, they have provided no supporting documentation related to the $114 million drop in pension fund assets from January 2004 to January 2006.
The Company also proposed to eliminate the IBEW Trust option now available under the Plan.
Tomorrow the Company plans to present proposals on Active Employee Benefits.
Updates will be posted at the end of the session.
If you have members that have a private non Avaya email address and want to receive these updates please have them send their address to mikecl44@yahoo.com <mailto:mikecl44@yahoo.com> .
In Unity,
Your Bargaining Team
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