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AFFILIATED WITH THE
A.F. of L.

"SCHEDULE WITH SAFETY"

Air Line Pilots Association
INTERNATIONAL
3145 WEST SIXTY-THIRD STREET
CHICAGO 29

TELEPHONE
GROVEHILL 2200

398

February 6, 1948

TO ALL ALPA CHAIRMEN AND OFFICERS

Dear Member:

Headquarters has received a number of comments relating to various parts of ALPA's proposed pension law. Several councils are critical of parts of the plan. In many instances, the critical nature of those comments is obviously due to lack of understanding.

On January 28, 1948, I sent a letter to out Pension Committee, a copy of which is enclosed. They are now working on the suggested pamphlet describing this law. Obviously, it would be poor strategy to give this legislation the green light, then later find that we had opposition in our own ranks, although there will always be some objection to any plan.

I believe one of our principal difficulties in question with this program is that a number of us apparently are confusing the word "pension" with "annuity". The annuity approach is one of systematic saving, interest values, etc. Pension is the security approach. There is a vast difference. If we are interested in an annuity savings plan, that is one thing, and if we are interested in old age security - in other words, a pension - that is another matter entirely. It will be impossible to secure federal legislation covering any approach except the one involving a pension.

At any rate, I am sure Mr. Latimer's brief will describe ALPA's proposed pension law in detail and will answer all the questions most commonly asked by our members relative thereto.

Another important angle to remember is the one again dealing with security. During the recent trouble with an air line, its president stated, "If our back actually goes to the wall, the first thing that will be done away with is the company's pension plan." Personally, I wouldn't depend on any air line company for security, particularly the kind one needs when he can no longer toll and may be an invalid. The reasons immediately become obvious when all these angles are considered. Things don't look too bad when we are young and working, but when we get old and decrepit and helpless, it is another matter. That's when the word "security" really takes on its full meaning -- to have something for sure when we really need it.