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Tennessee Members Balk at Vought Pension Proposal

In the midst of the most serious financial crisis in years, with banks and investment companies falling like dominoes, company negotiators for Vought Aircraft in Nashville, TN, stated their intention to propose replacing junior workers’ defined benefit pension plans with a 401(k) plan that is keyed to the very industry that is now coming apart at the seams.

“Billions of dollars invested in 401(k) accounts are dissolving at this very moment,” said IAM President Tom Buffenbarger. “This is the worst possible time to replace a secure defined benefit pension plan with a risky substitute that places significant risk on the workers themselves.”

Nearly 1,000 members of Local 735 in Nashville, TN, work at the Vought facility which performs aviation subcontracting for Airbus, Cessna, Lockheed and others. The current five -year contract at the plant expires on September 27, 2008.

"The highly skilled workers at Vought are worthy of an industry-leading contract," said Southern Territory GVP Bob Martinez. "They deserve the IAM aerospace standard, which is a defined benefit pension plan and a 401(k)."

"District 711 leadership and the Local Lodge Negotiating Committee are courageously taking on the fight against this attack upon their retirement security," said Aerospace Coordinator Ron Eldridge. "This local has made many sacrifices for this company in past years, and they are standing with their membership to secure a world-class contract, with absolutely no takeaways."

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