A federal bankruptcy judge approved United Airlines' plan to terminate its employees' pension plans on Tuesday, clearing the way for the largest corporate-pension default in American history. The ruling, which carries broad implications for U.S. airlines and their workers, shifts responsibility for United's four defined-benefit plans to the government's pension agency. Tuesday's ruling will save United an estimated $645 million a year and sets the stage for similar actions elsewhere.
May 11, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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