U.S. Takes Over Three US Air Pension Plans
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From Associated Press
The federal Pension Benefit Guaranty Corp. formally assumed responsibility for three pension plans terminated by US Airways Group Inc. that provide benefits to more than 51,000 workers and retirees.
The PBGC estimates the cost of administering the canceled plans will be $2.3 billion. That is in addition to a $726-million claim in 2003 when US Airways terminated the pension plan for its pilots.
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