Reply #132: Maybe this will help:

[ronnie624]

United Airlines, which is operating in bankruptcy protection, received court permission yesterday to terminate its four employee pension plans, setting off the largest pension default in the three decades that the government has guaranteed pensions.

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The ruling releases United, a unit of the UAL Corporation, from $3.2 billion in pension obligations over the next five years. The federal agency that guarantees pensions, the Pension Benefit Guaranty Corporation, will assume responsibility for the plans, which cover about 134,000 people.
<http://www.nytimes.com/2005/05/11/business/11air.html?_r=1&oref=slogin>

The federal agency insuring private-sector pension plans that have promised benefits to about 44 million employees and retirees could see its own shortfall more than triple in the next decade, a congressional agency said Thursday.

Douglas Holtz-Eakin, the director of the Congressional Budget Office (CBO) testified before a House committee Thursday that the Pension Benefit Guaranty Corp. could face a $71 billion gap in the next decade between its assets and promised benefit payments by plans taken over by the agency. With the PBGC recently agreeing to take on the pension plans of bankrupt United Airlines, its largest pension plan takeover, the agency now faces a $23.3 billion gap.
<http://money.cnn.com/2005/06/09/retirement/pensions/index.htm>