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August 25, 2004
All Business: Pension crisis: headed for a wallet near you?
By RACHEL BECK
AP Business Writer
AP Business Writer
NEW YORK — The corporate pension crisis seems to be going from bad to worse. First, companies struggled to come up with the money to cover their benefit obligations, and now they want to ditch their plans altogether.
The latest twist in this mess comes from UAL Corp.'s United Airlines. It wants to terminate its employee pension funds in order to secure the loans it needs to get out of bankruptcy — a drastic move that would represent the largest pension default ever by a U.S. company.
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