We Need to Figure Out a Way to Print Money Faster
This is a lovely trend:
NEW YORK (CNNMoney.com) - Delta Air Lines will move to terminate its pilot pension plans Monday, attempting to shift responsibility for the future benefits to the federal agency that guarantees such payments.
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The government agency that could be stuck with plan, the Pension Benefit Guaranty Corp., did not have an immediate comment on Friday, nor did the Air Line Pilots Association, the union that represents 6,000 pilots at Delta.
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United Airlines’ pension plans, which were an estimated $10.2 billion underfunded when the PBGC took them over, is the largest underfunding to date. Because the PBGC did not have to pay the same level of benefits as promised by United, it took an $8.4 billion charge when it assumed the United plans.
After the announcement, Delta executives retired to the executive treehouse to discuss tax shelters, excessive government regulation of child labor, and how the country would be soooooo much better off if we just abolished the federal government and privatized everything.
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