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US Airways obtains court OK to terminate pilots' pensions.(News)(Brief Article)
Business Insurance, March, 2003 by Geisel, Jerry
Byline: Jerry Geisel ALEXANDRIA, Va.-A federal bankruptcy court judge has approved the termination of the US Airways Inc. pilots' pension plan, bringing termination of the massively underfunded plan one step closer. Judge Stephen Mitchell of the U.S. Bankruptcy Court of the Eastern District of Virginia in Alexandria ruled last week that US Airways met the financial standards for a distress termination of the plan.
However, Judge Mitchell left for an arbitrator to decide whether termination of the plan would violate US Airways' collective-bargaining agreement with its pilots. That matter will be presented to an arbitrator next week. In addition, the federal Pension Benefit Guaranty Corp., which would take over the plan and assume about $500 million of its...
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