PBGC And UAL Reach Pension Plan Agreement

The Pension Benefit Guaranty Corporation (PBGC) has reached a settlement with United Airlines over the termination of the company's pension plans. "We believe that this agreement, under the circumstances, is in the best interests of the pension insurance program and its stakeholders," said PBGC Executive Director Bradley D. Belt. "The PBGC has an obligation to reduce its losses for the protection of workers and retirees, other companies that pay insurance premiums, and taxpayers. By reaching a settlement now, we further that goal." In the agreement, which still has to be approved by the bankruptcy court, the PBGC would terminate and become trustee of the company's four pension plans and the agency's claims against the company would be settled. An Assoicated Press latest ebusiness news