The US Pension Benefit Guaranty Corp. announced Friday that it has moved to assume responsibility for the pensions of United Airlines' 36,000 active and retired ground employees. According to PBGC, the pensions are only 30% funded and the company has missed $363 million in legally required contributions. In addition, management previously has declared its intention to terminate the plan. "This action was necessary at this time to protect the pension insurance fund against further losses," ...

Subscribe to Access this Entire Article

"PBGC takes over pensions for UAL ground workers" is part of ATW Plus, our online premium membership. Subscribing will provide you access to exclusive news, carefully researched airline financial, fleet and traffic data, plus the option to receive our popular, award-winning print magazine. To learn more, click here. If viewing via ATW Mobile, please login and click "Read web article" to view fully. Questions? ATWPlus@penton.com.