US Acts to Take Over Faltering Pilots&#39; Pension Plan at United
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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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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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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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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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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
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The Pension Benefit Guaranty Corp. files to take over pensions for United's pilots. Sound good? Not so fast.
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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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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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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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The US halts plan to give foreign investors more control over its airlines, probably delaying an open skies treaty.
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US Airways Group Inc., acting under Chapter 11 bankruptcy protection, has proposed a 19.5% pay cut for its pilots, The Wall Street Journal reports.
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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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The leadership of the pilots&#39; union at US Airways voted late Friday night to hold last-ditch talks with the airline on its bid for wage and benefit cuts.
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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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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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NEW YORK - US Airways Group Inc.&#39;s pilots union leaders on Monday said they proposed new contract terms to management, which in turn made a counteroffer, after the union last week refused to endorse a company plan for $295 million of concessions.
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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.