UAL Mechanics Call for an Investigation into the Loss of
Pensions
Take action. Sign on to the petition calling on
Deborah Stover-Springer, Acting Inspector General of the Pension Benefit
Guaranty Corporation, to immediately investigate the actions taken by
the PBGC during the negotiations with United Airlines that resulted in
an agreement to shift United’s pension obligations to the PBGC without
restoration rights. When $9.8 billion in unfunded pension liabilities
were shifted from United to the PBGC, the PBGC guaranteed $6.6 billion
of this shortfall but, for the first time in its history, waived its
rights to seek the restoration of the terminated pension funds if it
determines this would be appropriate. United has announced
plans to spin off its Mileage Plus frequent flier program, which
industry analysts recently valued at up to $7.5 billion. This raises the
question of whether United correctly evaluated the value of Mileage Plus
assets during the bankruptcy proceedings and whether this would have
prevented saddling the PBGC and Raise your voice and
call for the investigation into the loss of UAL mechanics’ pensions! To sign on to the
petition go to:
www.pensioninvestigation.com |