American Airlines released details of its last proposal to the Allied Pilots Association which the union will continue to discuss next week.
Included in the offer is:
-the company support of the pilots unsecured claim for a 13.5 percent equity stake in the new company when American's parent company, AMR Corp., emerges from bankruptcy
-no pilot furloughs, not the 400 pilot layoffs previously proposed
-four percent raise on the date of signing and then two percent pay raises at the end of year one and two, four and five; and industry pay rate adjustment will be considered in year three of the contract or a two percent increase which ever is greater
-change monthly average hours from 72 to 84 hours
-profit sharing plan that awards employees 5 percent of pre-tax income each year from 2012 to 2017
-increases the number of regional jets that can be flown by third-party carriers
-the termination of the pilot's "B" retirement plan, replacing it with a defined contribution plan. the "A" plan will be frozen
Click here to read the 54-page proposal American is offering the pilots.