Union employees of US Airways have approved new labor agreements that secure increased annual contributions to the IAM National Pension Fund, the multiemployer pension fund for the International Association of Machinists and Aerospace Workers.
Three classifications of workers negotiated wage increases. One classification — the fleet service workers — will see an increased contribution rate of $0.10/hour for full and part time union members, effective immediately.
The IAM National Pension Fund is the fifth largest multi-employer pension fund in the country, with about $10.7 billion in assets covering over 90,000 retirees and beneficiaries. The fund has more than 100,000 active participants.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
