United crashed into the history books last week when a judge ruled that the airline, operating under bankruptcy-court protection, could dump its pension plans ON THE FEDS, relieving the airline of $9.8 billion in unfunded obligations. Here's the lowdown on the U.S.'s largest pension collapse.
Who's picking up the tab?
A federal agency called the Pension Benefit Guarantee Corp. (PBGC) is slated to administer United's pension plans. Lower-paid workers will probably receive most of the pension money they are owed since the PBGC insures annual benefits up to $45,614. Pilots and senior execs with six-figure pensions could take a heftier hit.
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