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A federal bankruptcy judge approved United Airlines’ plan to terminate its employees’ pension plans on Tuesday, clearing the way for the largest corporate-pension default in American history.
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MSNBC
Can someone explain to me what this means. Does it mean that noone will get any pension money from the corporation? If so, how on earth can that be legal? If pension is part of my benefits, how can the company back out? I know they could not do it around here.
Or does it just mean that no more money will be put into the pension fund? And if so, doesn't your employment contract specify how much pension money you should receive?