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Mon, Jan 03, 2005

Feds Step Into Middle Of UAL Pension Flap

Accuses United Of Trying To Circumvent Pension Laws

United Airlines' hopes of rewriting its pension contracts with employees hit what could end up being a brick wall last week. The federal government, in the guise of the Pension Benefit Guaranty Corporation accused the carrier of trying to get around US pension laws and offering pilots now on the payroll a deal -- "at the expense of the federal government, its other employees and creditors."

In other words, the Guaranty Board believes United is going to default.

Thursday's pleading was the second time Thursday that the government had gone to the bankruptcy judge overseeing United's case, asking that the airline be stopped from dissolving its troubled pension fund. Earlier in the day, the New York Times reports, the government asked that it be named the sole trustee of the pension fund, a move aimed at keeping United's corporate hand out of the till.

FMI: www.united.com

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