Viewing page 50 of 71

This transcription has been completed. Contact us with corrections.

-2-

I am in the middle of a plan now that will insure an education for my two adopted children regardless of what happens to me. I have provided ample insurance and other assets to insure my family's welfare regardless of what happens to me and, if given a chance, will have my own retirement pretty well taken care of in another few years. Take, or tax away ten percent of my salary right now and some portion of this plan has to be abandoned. For some people the proposed pilot pension plan may be fine. For me, I don't want it. I will fight against it. I will rally all the support I can assemble to fight it. I will spend all the money I can afford to stop it. 

There is another shortcoming in the proposed plan. If ten percent of my salary is taxed away from me without my consent, then I should be able to credit it as a deductible item in computing my income tax. 

These two features and these alone are enough to discredit the proposed pension plan in its entirety as far as many of us are concerned. 

Undoubtedly, many pilots think it is a good deal - somebody must think it fine or it never would have gotten this far. All right then, let them have it. Make it compulsory? No. Why not provide that it only applies to pilots working for companies which do not have a retirement plan as of a certain specified date? We have a good one here with Braniff, the best I ever saw. Drop it? Sure, the company can drop it any time they want to, but the people with the power to make that decision stand to lose as much as anybody else and they are the ones that spent money selling the plan to the employees in the first place. Cancel it? Sure, the insurance company underwriting the plan can cancel it anytime they want to, but they have to refund all the money we have contributed plus 2%. Did you ever hear of an insurance company cancelling a profitable policy simply because they were tired of carrying it? 

I am and always have been paying my ALPA dues and engaging and cooperating in ALPA activities for the protection and improvement of my working conditions, the maintenance of a reasonable pay scale and the promotion of safety in all phases of air line flying. There is plenty of work along these lines that is yet undone. I have hoped to participate in these activities always. Beyond that I cannot go along, especially if it costs me ten percent of my earnings. 

Frankly, I am mad about the whole thing. Sorry too that I have to feel that way but I cannot help it. We all realize that you have spent a lot of time working this pension thing up and that you have always had great hope of being able to father some kind of pension plan for your boys, but this is not it, Dave. I am afraid you are going to hurt yourself with this one. Don't do it. 

Respectfully yours, 
/8/ J. R. Armstrong 

J. R. Armstrong