Airlines work on congress for pension relief
Continental Airlines and recently bankrupt Northwest Airlines and Delta Airlines are independently seeking their own pension relief program on Capital Hill.
Northwest wants more time to pay off its pension debts; it has teamed up with Delta Air Lines Inc. to push for the relief. Continental – whose pension plan also is under funded – has asked for an exemption from proposed new rules barring lump-sum payouts to retirees covered by under funded plans, reported Dow Jones Newswire.
Northwest and Delta are pension plans are under funded by $5.7 billion and $10.6 billion, respectively want Congress to allow them to pay this off over 25 years.
Continental’s pension plans are estimated to be under funded under $2 billion.
While there are those in Congress who believe pension relief would place these airlines’ pension at further risk down the road, under bankruptcy Northwest and Delta could follow bankrupt United Airlines’ move to default on their pension in the near future and put the pension liability on the taxpayer, through the government Pension Benefit Guarantee Corporation (PBGC).
It is expected Congress will grant a 14 year pay off period, to forestall Northwest dumping its pension on the PBGC, employees and retirees who stand to lose $ 2.9 billion of $11.5 billion in promised benefits.
Charles Kao
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