Delta On The Brink Of Terminating Pilot Pensions

Law360, New York (June 20, 2006, 12:00 AM EDT) -- The Pension Benefit Guaranty Corp. received an official form Tuesday notifying it of Delta Airlines’ intent to terminate its pilots’ pension plan on Sept. 2, 2006, confirming long-standing worries that the plan is beyond salvation.

The form says Delta plans to terminate the pensions of 7,091 fully vested employees, 6,160 retirees or beneficiaries and 33 separate vested participants, meaning that a total of 13,284 Delta employees will be affected.

However, Delta still needs U.S. Bankruptcy Court approval to void the plan.

"Delta must demonstrate that it...
To view the full article, register now.