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United Airlines’ pension victory could have wide effect

This is a travesty of corporate greed and government complicity.  Those employees put in work to get what the corporation agreed to set aside for them.  I bet that the officers in the company didn’t have their pensions or continued compensation touched.

http://www.kasa.com/Global/story.asp?S=3329644

CHICAGO The effect of United Airlines’ court victory could extend far beyond its retirees—to those of other companies and even American taxpayers.
The company’s successful effort to dump its pensions clears the way for similar actions by other companies. The airline industry—buffeted by record fuel costs, low fares and stiff competition—has closely watched the case.

A U-S Bankruptcy Court in Chicago yesterday let United dump four pension plans. The federal government’s deficit-plagued pension agency now assumes responsibility.

And that has lawmakers warning again that taxpayers may end up bailing out that agency. Congresswoman Jan Schakowsky says companies now have a green light to “dump” pension plans on the Pension Benefit Guaranty Corporation.

Unions denounced yesterday’s ruling. A top official at the International Association of Machinists and Aerospace Workers says future retirees at United will see benefits fall more than a-fourth.


Posted by SPN on 05/11 at 10:40 PM in Blogging

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