The Pilots’ plan will be terminated as of December 30, 2004, and handed over to the PBGC, the announcement said.
After a bankruptcy court ruled in September of last year that United Airlines could terminate its Pilots’ plans, two pilots’ unions went to court seeking to have United forced to make required contributions (See UAL Pilots Ask Court to Force Pension Payments ).
The latest ruling clears the way for the PBGC to take over administration of the plan. “The PBGC will continue to ensure that current and future retired United Airlines pilots receive the maximum benefit allowed by law,” Vince Snowbarger, acting executive director of the PBGC, said in a statement.
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