Word: pensioneer
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United crashed into the history books last week when a judge ruled that the airline, operating under bankruptcy-court protection, could dump its pension plans ON THE FEDS, relieving the airline of $9.8 billion in unfunded obligations. Here's the lowdown on the U.S.'s largest pension collapse...
...federal agency called the Pension Benefit Guarantee Corp. (PBGC) is slated to administer United's pension plans. Lower-paid workers will probably receive most of the pension money they are owed since the PBGC insures annual benefits up to $45,614. Pilots and senior execs with six-figure pensions could take a heftier...
...PBGC is running a $23 billion deficit following a wave of pension defaults by bankrupt steel and aviation firms. The agency is funded primarily via premiums paid by employers, and proposals are floating around Washington to shore up its finances. But with a few more big pension defaults ... can you say "taxpayer bailout...
...pension secure...
More turbulence. United should emerge as a leaner, more competitive carrier. But workers have threatened to strike over lost benefits. And rival carriers may lobby for a pension bailout, arguing that United is getting an unfair advantage. --By Daren Fonda