U.S. to Take Over UAL Pilots' Pensions
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The U.S. pension agency on Thursday  said it had filed a motion in court asking for permission to  take over the retirement plans of pilots at bankrupt United  Airlines, which are underfunded by $2.9 billion.
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The pilots and flight attendants at  bankrupt UAL Corp. on Monday ratified wage-cut deals worth $311  million annually to United Airlines, possibly moving the  carrier closer to a Chapter 11 exit.
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Cash-strapped UAL Corp., parent of United Airlines, yesterday said that it would &quot;likely&quot; terminate its four pension plans as part of its efforts to further cut costs and emerge from bankruptcy.
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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 is moving to obtain another $725 million in labor concessions and eliminate employees&#39; traditional pensions as it seeks the financing to come out of bankruptcy.
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WASHINGTON  United Airlines agreed to appoint an independent trustee to protect the interests of participants and beneficiaries of the carrier&#39;s pension plans, the Labor Department said yesterday.
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Delta Air Lines agreed Monday to partly compensate the Pension Benefit Guaranty Corporation for taking over its pilot pension plan.
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The union that represents pilots at United Airlines said Friday that it had struck a deal that would allow the airline to terminate the pilots' ailing pension plan.
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CHICAGO: The agency that guarantees US corporate pension plans lashed out at United Airlines over an agreement with its pilots&#39; union that would allow the carrier to dump one of its employee pension funds with the union&#39;s blessing.
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UAL Corp. on Monday won court approval  for wage cuts for United Airlines' pilots and flight attendants  worth $311 million annually, clearing a hurdle in its bid to  exit bankruptcy protection by the year-end.  The rulings by U.S. Bankruptcy Court Judge Eugene Wedoff move  United UALAQ.OB a step closer to achieving $725 million  in  annual labor savings it says it needs to exit Chapter 11.
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The government moved in federal court today to take over United Airlines&#39; pension fund for its pilots, saying the unusual step was needed to keep the airline and the pilots&#39; union from
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United Airlines, seeking cost cuts to help it get out of bankruptcy, has reached a tentative agreement with its pilots union, the first labor accord on additional concessions the carrier proposed last month.
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United Airlines parent UAL Corp. and leaders of its pilots union have agreed on a deal under which the pilots will not oppose termination of their pension plan but will receive a $550 million note convertible into company stock when the airline emerges from bankruptcy protection.
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The union representing the pilots at  UAL Corp. UALAQ.OB, parent of bankrupt United Airlines, on  Thursday said its members had ratified a contract agreement  with the airline.
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ARLINGTON, Va. - US Airways&#39; pilots union ratified a new labor contract that will cut their base pay by 18 percent and save the airline $300 million a year.
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Pilots at UAL Corp. UALAQ.OB,  parent  of bankrupt United Airlines, on Thursday overwhelmingly  ratified a new contract which will allow the airline to cut  wages and get rid of traditional pensions but will give the  pilots future financial concessions.
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The leaders of United Airlines pilots union have agreed to accept a 15 percent pay cut and not oppose the elimination of their pension plan, setting a precedent