United Airlines
"UNITED AIRLINES PENSION PLAN WOES"
An event in the headlines today that will require human resource involvement is United Airline's decision to most likely terminate all of its employees pension plans due to bankruptcy and turn them over to the PBGC or Pension Benefit Guaranty Corporation. The PBGC is a federal agency that insures traditional pensions in case companies go "belly up". Basically what this amounts to is that United Airlines worker's retirement plans could be cut by up to 75 percent. The decision to end the pension plans by United Airlines is stated as "creating the biggest default in U.S. history and forcing a possible bailout" (The Christian Science Monitor, Alexandra Marks).
This issue is not exclusive to United Airlines workers but to any employee who works for a company suffering from financial troubles. If United goes through with ending the pension plans, it is feared that the other airlines currently suffering financial troubles will soon follow suit.......
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