Business Services Industry
Airlines' pension woes help reforms take off; Financial troubles of one business sector spark rethink for all.(News)
Business Insurance, July, 2007 by Geisel, Jerry
Byline: JERRY GEISEL As the nation's airlines fight battles on many fronts, one huge issue that had been hanging over them-how to fund their enormous pension plan liabilities-is virtually gone. Over the past four years, all of the nation's major airlines with defined benefit plans have either terminated or frozen at least one of those plans, except for American Airlines (see box).
Two airlines, US Airways Inc. and United Airlines, no longer offer defined benefit plans. As part of their bankruptcy reorganizations, they jettisoned the plans and stuck the federal pension insurance agency with a multibillion-dollar tab for some of the plans' promised but unfunded benefits. Other airlines, such as Delta Air Lines Inc. and Northwest Airlines Inc., have kept...
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