United Warns It May Jettison Pension Plans to Stay Afloat
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United Airlines said the termination of its four employee pension plans was needed to attract the financing that would allow it to emerge from bankruptcy protection.
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CHICAGO - United Airlines would be within its rights to terminate its employee pension plans but hasn't yet decided to do so, an attorney for the carrier said Friday, as two unions urged a judge to block a financing plan they say is predicated on the airline halting fund contributions.    The hearing came a day after the release of court papers in which United warned it "likely" will have to end those pension funds in order to secure the loans it needs to get out of bankruptcy...
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ASHINGTON, Aug. 17  - A legal overseer will be appointed to represent participants in United Airlines&#39; pension plans now that the company has halted contributions, the Labor Department said on Tuesday.
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With three major airlines now in a fiscal tailspin, concern is growing not only that this industry may be facing a large-scale pension funding crisis, but also that all defined benefit plan sponsors could wind up paying for these companies&#39; failures.
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nited Airlines said yesterday that it would most likely terminate its four employee pension plans and replace them with less generous benefits, a drastic move that United said was needed to attract the ...
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The U.S. pension agency on Thursday  said it would take over the retirement plans of pilots at  bankrupt United Airlines, which are underfunded by $2.9  billion.
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October 8, 2004 -- The longer-term solvency of the US agency that insures pensions is at risk, threatened by troubled airlines and other companies failing to fund their retirement plans, the agency&#39;s director said yesterday.
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The trustee firm representing employee pension funds at United Airlines sought a court order Tuesday that the carrier be required to make up hundreds of millions of dollars in skipped pension contributions before exiting bankruptcy.
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The TUC has warned of more industrial action unless the government acts to ease the growing pension crisis. What do you think?
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Chicago, IL, Aug. 19 (UPI) -- A spokesman for the International Association of Machinists says the union will fight if Chicago&#39;s United Airlines tries to terminate all its pension plans.
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United Airlines hopes to complete a new business plan within two months, including a decision on whether to terminate its pension plans, the company told employees yesterday.
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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 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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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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Cash-strapped United Airlines said in a bankruptcy court filing today that it "likely" will be necessary to terminate and replace its employee pension plans.
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Bankrupt United Airlines said on Friday  it needs more 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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âFly the friendly skiesâ may be United Airlinesâ slogan. But employees of Americaâs largest carrier wonât be so convinced this weekend, on the heels of it filing court documents saying it is âlikelyâ to scrap its pension plans.