Monthly Archives: June 2018
This letter concerns a final distribution of equity from the TWU AE Equity Distribution 402(b) Trust to American Eagle/Envoy employees represented by TWU.
As part of the Eagle Equity Distribution Plan, TWU set aside 5% of the shares in a reserve account (the TWU AE Equity Distribution 402(b) Trust) as assets available to be used to correct any errors, to satisfy any appeals that were resolved in favor of distribution, and to make distributions to employees whose right to participate in the distribution was somehow contingent (such as those who had been discharged but were awaiting the outcome of a grievance or arbitration). As a result of corrections, appeals and resolution of grievances, there were distributions from the reserve account 402(b) Trust. Since there was still equity held in the Trust, the Trust periodically received cash dividends. The time for any requests for corrections or appeals has passed, as has any period for resolution of grievances. TWU has determined that it is now appropriate and prudent to distribute the remaining assets in the 402(b) Trust. At present there are 8,579 shares in the Trust with an approximate value of $365,000. There is also about $12,000 in cash from dividends. Continue reading