Delta Airlines Proceeds With Termination Of Pilot Retirement Plan - Quick Facts
Delta Airlines (DALRQ.PK) announced that it is proceeding with the termination of the Delta Pilots Retirement Plan by filing a motion seeking U.S. Bankruptcy Court approval of the termination. The company said that it was seeking termination because the costs for the plans are unaffordable and would prevent the company from successfully reorganizing and emerging from bankruptcy.
The plan is not opposed by the Air Line Pilots Association, representing 6800 pilots.
The company provided its active and retired pilots with a Notice of Intent to terminate the pilot plan on June 19, 2006. The company noted that Delta’s other defined benefit pension plan, covering 91 thousand employees would not be affected by this action.