Government takes over United's pension for ground employees - Mar. 11, 2005
So let me get this straight. George Bush wants to turn Social Security over to corporations, yet this corporation fucked it up so bad that the government has to take it over? I don't get it.
Government takes over United's pension for ground employees - Mar. 11, 2005: "Government takes over United pension
Says airline funded only 30% of plan; will give $2.1B to 36,000 active and retired ground workers.
March 11, 2005: 3:33 PM EST
WASHINGTON (Reuters) - The agency that backs corporate pensions said Friday it was taking over United Airlines' pension plan for ground employees, saying the plan operated by the bankrupt airline was only 30 percent funded.
The Pension Benefit Guaranty Corp. said it would guarantee payment of an estimated $2.1 billion in benefits out of the plan's $2.9 billion shortfall. The plan has more than 36,000 active and retired employees, the agency said.
The union representing machinists at bankrupt United Airlines said its members may strike if the airline fails to reach a deal that preserves the workers' pensions.
The warning from the International Association of Machinists and Aerospace Workers followed news the agency that backs corporate pensions was moving to take over the pension plans of ground workers for United, a unit of UAL Corp. (Research).
"United's deliberate course of action and absence of concern for its employees is directly responsible for the pension crisis we are facing today," a union spokesman said in a statement.
Government takes over United's pension for ground employees - Mar. 11, 2005: "Government takes over United pension
Says airline funded only 30% of plan; will give $2.1B to 36,000 active and retired ground workers.
March 11, 2005: 3:33 PM EST
WASHINGTON (Reuters) - The agency that backs corporate pensions said Friday it was taking over United Airlines' pension plan for ground employees, saying the plan operated by the bankrupt airline was only 30 percent funded.
The Pension Benefit Guaranty Corp. said it would guarantee payment of an estimated $2.1 billion in benefits out of the plan's $2.9 billion shortfall. The plan has more than 36,000 active and retired employees, the agency said.
The union representing machinists at bankrupt United Airlines said its members may strike if the airline fails to reach a deal that preserves the workers' pensions.
The warning from the International Association of Machinists and Aerospace Workers followed news the agency that backs corporate pensions was moving to take over the pension plans of ground workers for United, a unit of UAL Corp. (Research).
"United's deliberate course of action and absence of concern for its employees is directly responsible for the pension crisis we are facing today," a union spokesman said in a statement.
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