United Airlines' bid to terminate and replace its pension plans was approved by a US Bankruptcy Court judge late Monday. According to the Associated Press, United will save roughly $645 million a year with the move, which is part of the $2 billion in annual savings it repeatedly has said it needs to emerge from Chapter 11. Late last month, the carrier reached an agreement with the Pension Benefit Guaranty Corp. that would allow it to terminate all of its defined benefit pension plans. Under ...
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