Agency takes reins of pilots' pensions
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The government's pension agency moved to assume responsibility yesterday for United Airlines pilots' pensions, acknowledging as unfortunate but inevitable the carrier's elimination of defined benefit plans for its employees.
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The Air Line Pilots Associations (ALPA) and Delta Air Lines Inc. have a tentative agreement to stave off early retirements by Delta pilots.
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Delta Air Lines Inc.'s pilots union on Tuesday directed its negotiators to work out an agreement to address the early retirement of a large number of pilots, which threatens to push the No. 3 U.S. airline into a Chapter 11 bankruptcy filing.
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A federal agency said Wednesday that it has taken responsibility for a pension plan covering nearly 1,900 workers and retirees of Oneida Ltd., a designer and distributor of tableware.
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U.S. pension insurers on Wednesday  assumed control of underfunded retirement plans covering flight  attendants, machinists and other non-union workers at bankrupt  US Airways, the government said.
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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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WASHINGTON  - The US agency that insures corporate pension funds said it had reluctantly agreed to assume responsibility for bankrupt United Airlines&#39; underfunded pilots&#39; pension plan.
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Pilots at US Airways on Thursday  ratified a concession package that includes pay cuts of 18  percent, a decrease in company contributions to their  retirement plan and increased productivity.
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The Federal Aviation Administration hiring plan was designed as part of an effort to replace nearly three-quarters of the agency's workforce that will be eligible for retirement.
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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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The US 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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Delta Air Lines Inc., the number three US carrier, said yesterday it has agreed to give its retired pilots an extra $719 million in unsecured claims in its bankruptcy case to help them recoup losses from the termination of the pilots' pension plan.
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Federal authorities on Tuesday unveiled a plan to hire 12,500 new air traffic controllers to offset an expected wave of retirements, but the controllers union says the proposal came too late
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The union that represents pilots at United Airlines said Friday that it had struck a deal that would allow the airline to terminate the pilots' ailing pension plan.
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Pensions secretary John Hutton is to take over a revamped Department of Business and Enterprise.
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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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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.