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A federal bankruptcy judge approved United Airlines plan to terminate its employees pension plans 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 r <a href=https://www.stanley-cup.pl>stanley polska</a> esponsibility for United s four defined-benefit plans to the government s pension agency.That will save <a href=https://www.stanley-cup.pl>stanley cups</a> cash-strapped United an estimated $645 million a year, part of the $2 billion in annual savings it says it needs to line up enough financing to emerge from <a href=https://www.cup-stanley.us>stanley cup usa</a> Chapter 11 bankruptcy as soon as this fall. The company s pension system was as much as $10 billion in the hole, CBS News Correspondent Jim Axelrod reports. And that s why it asked a federal judge to exempt it from the promise of paying workers by digging that hole deeper.But, United workers stand to lose as much as one third of what was promised to them. The federal program taking over the affected workers pension plans is itself $23 billion dollars underwater, Axelrod reports. That one-third figure for employees translates to an annual loss of thousands of dollars off their pensions, once they are assumed by the Pension Benefit Guaranty Corp.The PBGC, the government s pension insurer, initially opposed United s plan. But it agreed to drop that resistance last month in exchange for up to $1.5 billion in notes and convertible stock in a reorganized UAL Corp., United s holding company.United s pensions Qaat Doing The Right Thing With Stolen Art
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