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He didn't believe the carrier's pension plan could long continue to pay out lump sums. US Airways Pilots Still Fight for Pension Payouts, 11 Years After An S&P index of the five biggest U.S. airlines was little changed at 2:38 p.m. Tuesday, leaving it down 6.1% this year. Northwest Airlines was founded in 1926 as Northwest Airways and initially served as an airline focused on mail service before expanding into passenger service in 1927. The couple paid off their house and cars, and his wife later went back to work. Based on the record before the court, Ericksen concluded that the committee did not reasonably interpret the plan and denied the defendants motion with respect to the plaintiffs ERISA Section 502(a)(1)(B) denial of benefits claim. expressed concern about a flood of requests from companies, and some union-run plans, to waive or postpone their mandatory annual contributions. "It's going to be tight living off of no income for a year and a half." The aviation industry Northwest Airlines was faced with as it emerged from bankruptcy was one of high fuel costs and many competitorsnot unlike the environment which had contributed to its bankruptcy filing in the first place. A bankruptcy judge on Tuesday approved United Airlines' landmark plan to dump its underfunded pension plans on a federal agency, a move United said it needed to survive but could trigger a damaging strike against the airline company. An official website of the United States government. But the number of pilots who got zeroed out was larger than many expected, and the requirement to pay Delta for health benefits makes the pill even more bitter. Kight said that while about 1,300 ex-pilots' monthly pension checks were wiped out, a slightly larger number of the carrier's oldest pilot retirees saw no reduction. Will ETFs Ever Break Into the Retirement Plan Space. That means Northwest hopes to bypass the Pension Benefit Guaranty Corp., a federal agency that takes over when employers default on their pension obligations. 612-726-3774. The Pension Benefit Guaranty Corporation insures private-sector traditional pension plans and pays out benefits up to certain limits if the plan fails. "Several hurdles remain in constructing retirement plan options," Bill Bartels, chairman of the Air Line Pilots Association unit at Delta, said in a separate note to members. Some of these plans are overseen by the Pension Benefit Guaranty Corp. Because American was created by the merger of several companies, some pilots there had pensions terminated or frozen, while others never even had a plan.