UAL Mechanics Call for an Investigation into the Loss of Pensions
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