United Airlines Says It May Terminate Pension Plans
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Aug. 19 (Bloomberg) -- UAL Corp.&#39;s United Airlines, trying to attract financing to exit bankruptcy, said it probably will terminate and replace all its pension plans.
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A federal agency that insures pensions said yesterday that it will take over retirement plans for active and retired pilots at United Airlines, saving the nation&#39;s second-largest carrier
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UAL Corp.'s United Airlines, trying to attract financing to exit bankruptcy, said it probably will terminate and replace all its pension plans.
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CHICAGO United Airlines, which has been threatening to end its pensions, has sent contract proposals to its employee unions. United wants to replace future pension plans with a defined contribution plan.
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CHICAGO Aug. 19, 2004  United Airlines warned that it likely will have to terminate its employee pension funds in order to secure the loans it needs to get out of bankruptcy a drastic step that would represent the largest pension default ever by a US ...
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In CHICAGO story headlined &quot;UPDATE 1-United Airlines seeks $500 mln more in cost cuts&quot; please read in paragraph 4 ... The $500 million figure would be over and above savings realized if United terminates and replaces its pension funds ... instead of .
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The U.S. pension agency on Thursday  said it was moving to take over United Airlines' pilot pension  plans, which are underfunded by $2.9 billion.
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US Airways yesterday asked a US Bankruptcy Court to wipe out the collective bargaining agreements of 20,000 employees, terminate the pensions of 53,000 existing
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CHICAGO - United Airlines&#39; workers are getting formal details on how the bankrupt company wants to replace their traditional pension with a 401(k)-style benefit plan - plus further steep reductions in pay and other benefits.
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United Airlines formally raised the possibility of throwing out union contracts on Friday, asking a bankruptcy judge for permission to discuss the matter at an upcoming court hearing.
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CHICAGO, Jan. 8 -- United Airlines reached a tentative contract agreement with its flight attendants union Saturday, but the deal did not address the employee pension plans that have become a key point of contention.
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US Airways Group Inc.  told a bankruptcy court on Monday it would skip a &#36;110 million pension payment due Wednesday as it looks to slash costs and avoid liquidation after filing for protection from its creditors over the weekend.
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United Airlines says it likely will end funding for employee pension plans, a move that would be the largest ever default by a US company and could lead to a taxpayer-funded bailout rivaling the savings-and-loan fiasco of the 1980s.
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UAL Corp., parent of United Airlines, asked a bankruptcy court Wednesday to terminate its union contracts if the carrier can&#39;t get an additional $725 million in cost savings from employees by mid-January.
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The union that represents pilots at United Airlines said yesterday that it had struck a deal that would allow the airline to terminate the pilots&#39; ailing pension plan and partly compensate them for the loss.
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United Airlines' workers are getting formal details on how the bankrupt company wants to replace their traditional pension with a 401(k)-style benefit plan &#151; plus further steep reductions in pay and other benefits.
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United Airlines, trying to revamp its business after nearly two years in bankruptcy, has told its unions it must terminate and replace their pensions as part of its drive to cut costs by an additional $2 billion a year.