United set to drop pension plans
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United Airlines has said it will very likely terminate its four employee pension plans and replace them with less generous benefits. United said the drastic move was needed to attract the financing that would allow it to emerge from bankruptcy.
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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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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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WASHINGTON : Bankrupt United Airlines has agreed to appoint an independent party to manage its employee pension funds prior to September 15 in an agreement with the US Labor Department.
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United Airlines, which has said it  plans to miss nearly $500 million in pension contributions this  fall, said in bankruptcy court papers it likely will be  necessary to cancel and replace all of its pension plans.
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English football (soccer) team Manchester United has reported a nearly 30 percent fall in its annual profits and warned that future results would be affected by a drop in media revenues.
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The world&#39;s richest soccer club, Manchester United (MNU.L: Quote, Profile, Research) , has called off talks with US sports tycoon Malcolm Glazer over his proposed
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Manchester United have announced that they&#39;ve broken off talks with US tycoon Malcolm Glazer over a potential takeover of the Old Trafford club.
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United Airlines is mulling plans to cut 6,000 jobs -- or 10 percent of its work force, according to the Financial Times. The move would allow the bankrupt carrier to cut annual operating costs by $655 million.
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CHICAGO - A federal bankruptcy judge approved United Airlines' amended financing plan Friday, rejecting union arguments that United didn't try hard enough to come up with an alternative that would continue company contributions to employee pension funds.    The hearing came a day after the release of court papers in which United warned it likely will have to terminate those pension funds in order to secure the loans it needs to emerge from Chapter 11 bankruptcy...
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United Airlines parent UAL (UALAQ:OTC BB - news - research) set plans to cut nonunion workers&#39; pay as part of an effort to slash costs and emerge from bankruptcy protection.
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The Bush administration expressed fresh concern on Wednesday about the possibility bankrupt United Airlines (UALAQ.OB) might scrap its employee pension plans, which would shift the burden of paying benefits to the government.
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A federal agency on Thursday sought to terminate and take over the troubled United Airlines pension plan that covers more than 14,000 active and retired pilots.
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United Airlines pilots would drop their opposition to the carrier's much-decried plan to eliminate traditional pensions under a tentative contract agreement approved by union leaders.
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Bankrupt United Airlines (UALAQ.OB: Quote, Profile, Research) said on Friday it needs labor cost cuts on top of any gains from terminating employee pensions and expects to move toward voiding its labor contracts in early November.
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The government's pension guarantee agency said yesterday that it will seek immediate termination of the pension plan of the pilots of United Airlines, a move the agency estimated would save it $140 million over the timetable proposed by the carrier and its pilots.
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United Airlines has signaled that it may terminate and replace employee pension plans, a move its parent company says is needed before it can emerge from Chapter 11 bankruptcy.