Sponsor Message:
Civil Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
UAL Union Asks For Pension Probe  
User currently offlineScotron11 From United Kingdom, joined Feb 2004, 1276 posts, RR: 3
Posted (10 years 11 months 1 week 4 days 12 hours ago) and read 1922 times:
Support Airliners.net - become a First Class Member!

The Aircraft Mechanics Fraternal Assc, a union representing 16000 airline ground workers at UAL, are calling on the US government to investigate possible wrongdoing in the management of UAL's pension fund. The PBGC agreed to take over the pension plans of bankrupt UAL in April as partof an estimated $6.6Billion bailout, the largest in history.

The request came in a June 20 letter to U.S. Secretary of Labor Elaine Chao and Bradley Belt, executive director of the PBGC, the government body charged with taking over insolvent private pension plans--which has never conducted a forensic audit of any of the plans it has taken over.

UAL lists Russell Investment Group as its chief pension consultant. They also make investments for UAL with other money managers.

After the S&L crisis, the RTC (Resolution Trust Corp) conducted forensic audits and barred firms found to have misbehaved from further work. With taxpayers potentially on the hook for tens of billions of dollars in busted pension plans, the unions call for such an audit maybe the first of many.(Forbes)

Well, I guess someone made the wrong decisions somewhere, or they were relying on bad advice. Maybe another "scandal" is to be unfolded!

Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
Union Asks For Trustee At UAL posted Thu Aug 12 2004 10:56:47 by Scotron11
Air Canada's Biggest Union Set For Arbitration posted Fri May 5 2006 23:03:47 by Airwave
Delta Asks For Extension To File Plan posted Thu Dec 22 2005 20:16:44 by KarlB737
UA Asks For More Time (Again) posted Mon Jun 6 2005 17:35:18 by Aa777flyer
Airbus Asks For State Aid For A350 Launch posted Thu May 19 2005 18:26:27 by AirFrnt
United asks for another 2 months to get organised posted Sat Apr 9 2005 19:27:43 by Jayspilot
Northwest Chief Pushes For Pension Changes posted Tue Mar 8 2005 21:00:20 by KarlB737
Mesaba Mechanics Union Calls For Strike posted Thu Feb 17 2005 01:13:06 by KarlB737
UAL Pilots To Battle Pension Plan Take-over posted Tue Jan 4 2005 06:39:59 by Scotron11
Aloha Asks For More Concessions posted Sat Dec 18 2004 02:08:37 by Ha763