The Pension Benefit Guaranty Corp. has settled a claim with retired US Airways pilots for $5.25 million.
The settlement derives from lump-sum retirement benefit payments the airline made to a group of pilots 18 years ago, in 1997.
Pilots who chose to take a lump-sum, or partial lump-sum payment, weren't paid until 45 days after the benefit commencement date, according to court documents. The total amount of affected lump sum payments exceeded $577 million.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
