In a terse rebuttal to a series of management statements made to American Airlines employees regarding their pension plans, a federal pension protection agency says its coverage is not a back-up solution.
The Pension Benefit Guaranty Corporation is informing American's employees they may be on the hook if the airline cancels its pension plans as part of its Chapter 11 proceedings, as the PBGC doesn't insure retiree health benefits.
"American Airlines is telling their workers and retirees not to worry, but they should," said J. Jioni Palmer, PBGC's director of communications.
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