PBGC receives Delta pilot pension termination notice

<p>The government's pension insurer said Tuesday it has received Delta Air Lines Inc.'s notice of its intention to terminate its pilots' pension plan.</p><p>The nation's third-largest carrier filed the notice by overnight mail and it was received by the Pension Benefit Guaranty Corp. on Tuesday.</p><p>A spokesman for the agency says financial disclosure documents attached to the notice will not be released to the public right away because they may need to be redacted to remove confidential information.</p><p>Atlanta-based Delta filed for bankruptcy protection last September.</p><p>Once the pilots' pension is terminated, the PBGC will be responsible for paying out benefits to the 6,000 pilots, who will receive a reduced amount compared to what they were entitled under the airline's pension plan.</p><p>Delta is seeking to terminate the pilot plan effective Sept. 2. A bankruptcy court judge would have to approve the request. The airline still hopes to save its other employees' pension plans.</p>

http://accesswdun.com/article/2006/6/122143