Pension Agency to Take on United Funds
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The government&#39;s pension agency moved Thursday to assume responsibility for the pensions of United Airlines pilots, an action it already faced next year when the bankrupt carrier dumps its defined-benefit pensions.
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SAN FRANCISCO (CBS.MW) -- The US government&#39;s pension agency said Thursday that it will assume responsibility for the pension plan set up on behalf of United Airlines&#39; pilots.
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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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United Airlines will have its pension scheme for pilots underwritten by the US agency created in 1974 to protect workers&#39; retirement rights.
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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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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 agreed yesterday to hire an outside consulting firm to review its pending new business plan, a step requested by two unions in exchange for dropping legal action against United.
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The US agency that insures the pensions of 44 million workers said Thursday it will seize the retirement plans of United Airlines&#39; 14,000 active and retired pilots.
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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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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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For the first time, United Airlines has acknowledged that it is &quot;likely&quot; to terminate its pension plans, a move the carrier said it needs to attract financing to emerge from bankruptcy.
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The Pension Benefit Guaranty Corp. moved Thursday to assume responsibility for the pensions of United Airlines pilots, the Associated Press reported.
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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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Continental Airlines Inc. and Northwest Airlines Corp. pilots might offer to revamp their pensions after a United Airlines threat to terminate its pension plans to save money sparked worker fears that a trend might be starting.
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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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As United Airlines faces the possibility of ending its pension plan, thousands of employees and retirees face futures as uncertain as the survival of the world&#39;s second-largest airline.
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Fidelity Investments yesterday said it is set to administer the University of California&#39;s multibillion-dollar retirement plans, in a deal that for the first time has a public university using a single retirement record ...