Government
Apr. 12, 2003
Juggling Act
Forum Column - By Kenneth J. Theisen - The Pension Benefit Guaranty Corp., the quasi-governmental pension protection agency, assumed control April 1 of U.S. Airways' pilots' pension plan. According to the agency, the plan, which has $1.2 billion in assets, was underfunded by $2.5 billion. The agency will add only $600 million to help pay pension benefits. The pilots will receive only a portion of their expected pensions. What happened to these pilots could happen to anyone with a pension plan.
By Kenneth J. Theisen
The Pension Benefit Guaranty Corp., the quasi-governmental pension protection agency, assumed control April 1 of U.S. Airways' pilots' pension plan. According to the agency, the plan, which has $1.2 billion in assets, was underfunded by $2.5 billion. The agency will add only $600 million to help pay pe...
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