Agency to Assume Eastern Pension Plans: The...
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From Times Staff and Wire Reports
Agency to Assume Eastern Pension Plans: The federal agency that insures private pensions agreed to take control of Eastern Airlines’ under-funded pension plans while the airline’s parent pledged to eventually bring the plans back to financial health. The Miami-based airline, which is in bankruptcy proceedings, said it reached an agreement with the Pension Benefit Guaranty Corp. to assume responsibility for the plans, which are to provide retirement benefits for thousands of workers.
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