US - American Airlines has announced that it has made a US$75 million contribution to its defined benefit pension plans.
The payment is in addition to the US$138 million American contributed to the defined benefit plans earlier this year, bringing its total contributions to the plans in 2005 to more than US$200 million.
American remains strongly committed to its pension plans and to restructuring our company in ways that will allow us to continue to afford our pension obligations, said Gerard J. Arpey, the airline's Chairman and CEO.
The contributions we have made to the defined benefit pension plans this year underscore the progress we, our people and our unions have made -- working together -- in helping the company build the financial stability it needs to maintain the plans and work toward a secure retirement for our employees.
Arpey noted that American has been working closely with its employees and its unions on pension-reform legislation.
A large group of American employees and union officials will be rallying on Capitol Hill in Washington, D.C. today in support of measures that would make funding employees pensions more affordable and more flexible, without transferring these obligations to the government.
With its defined benefit pension plans currently funded at about 80 percent, American has the best-funded defined benefit plans in the industry.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.