Unfriendly airline grounds its pension plans
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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.
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The cash-strapped airline 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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The government&#39;s pension agency moved to assume responsibility Thursday for United Airlines pilots&#39; pensions, acknowledging as unfortunate but inevitable the carrier&#39;s elimination of defined-benefit plans for its employees.
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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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The government moved in federal court yesterday to take over the pension fund for United Airlines&#39; pilots, an unusual step that it said was needed to prevent the airline and the pilots
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The ailing airline may end all of its pension plans, creating the biggest default in US history.
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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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US Airways yesterday asked a US Bankruptcy Court to wipe out the collective bargaining agreements of 20,000 employees, terminate the pensions of 53,000 existing
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Continental Airlines said Friday that it won&#39;t contribute to its pension plan this year. To conserve cash, the money-losing carrier will postpone its payment to the fund, which is hundreds
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Taking responsibility. The Pension Benefit Guaranty Corp. moved Thursday to take on the pensions of United Airlines pilots. The US federal agency is already groaning under a $23 billion deficit, and the PBGC
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In an effort to conserve cash, financially ailing US Airways Group Inc. said Monday that it plans to ask the Internal Revenue Service for permission to delay payments into the pension plans of two of its employee groups.
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The trustee firm representing employee pension funds at United Airlines sought a court order today that the carrier be required to make up hundreds of millions of dollars
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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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ALEXANDRIA, Va.  - US Airways Group Inc. UAIR.O,  trying to raise money and avoid liquidation, on Monday asked a  judge for permission to skip a big pension payment due this  week, in its first move since filing for protection against  creditors over the weekend.
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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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CHICAGO The trustee firm representing employee pension funds at United Airlines wants the carrier to make up millions in skipped pension contributions before exiting bankruptcy.
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U.S. pension insurers assumed  control of underfunded retirement plans covering more than  51,000 workers and retirees at bankrupt US Airways UAIRQ.OB,  a drastic money saving step the airline claimed was necessary  for it to survive, the government said on Wednesday.