Financial Services Industry
Industry: Email Alert RSS FeedAt Deadline; UAL termination nears.(United Air Lines Inc.)
Pensions & Investments, October, 2004
United Airlines could terminate its pension plans as soon as January and replace them with a defined contribution plan, said Jake Brace, executive vice president and CFO of parent UAL Corp. The company expects to present a plan in November to its unions and other stakeholders on ending its pension plans, Mr.
Brace said today after a hearing on UAL's Chapter 11 proceedings in U.S. Bankruptcy Court in Chicago. He said airline officials don't see any alternatives to termination. United would save $4.5 billion over the next five years by terminating the plans, he said. United owes $563 million in pension contributions for the rest of this year and faces $4 billion in pension obligations through 2008. United plans have $12.65 billion in accumulated pension...
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