United Airlines has told the bankruptcy court that the "likely result" will be a decision to terminate all of its pension plans. ... That would precipitate the biggest pension default in history ... The move is expected to
destabilize the already struggling airline industry, prompting other old-line carriers like Delta to eventually follow suit ... It would also put additional pressure on the Pension Benefit Guaranty Corporation (PBGC,) the federal agency that insures traditional pensions in case companies go belly
up.
Why not allow all pension plans to convert to defined-contribution plans? Then dissolve the PBGC.
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