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PBGC Takes Over The Delta Pilots Pension

delta17story.jpgLooks like the PBGC, the federal government agency that insures pensions became the trustee of the Delta plan on December 31.  The PBGC took over 94 pension plans last year including plans at Aloha Airlines, Oneida, and Plymouth Rubber Company.

Pension benefits are owed to more than 13,000 active and retired pilots. A separate plan, the Delta Air Lines Retirement Plan, is still run by Delta for its ground employees and flight attendants.

The plan, which ended on Sept. 2, has $1.7 billion in assets to cover more than $4.7 billion in benefit liabilities for pilots at Atlanta-based Delta, the largest U.S. airline in bankruptcy, the Pension Benefit Guaranty Corp. said today in a statement.

Bloomberg provides an update on Delta pension plan.

Posted on Saturday, January 6 by Registered CommenterWise Owl in | Comments Off