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Information for US Airways'
Pension Plan Participants |
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UPDATED October 27,
2004 |
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Fiduciary
Counselors Inc. was appointed as an independent fiduciary to represent
the interests of participants and beneficiaries in the US
Airways’ pension plans with respect to the US Airways’
obligations to make legally required contributions to the Plans.
We will provide information as soon as it becomes available to
plan participants through this web site. Here is the information
we have at this time:
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Paying current pension
plan benefits |
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At this time (October 27, 2004) the US Airways Plans have sufficient
assets to pay current pension benefits to those who are already
retired and receiving benefits.
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Making pension plan
contributions |
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When US Airways filed for bankruptcy, it told the bankruptcy
court that it did not intend to make all of its pension contributions
in 2004. In fact, US Airways did not make its pension payments
that were due on September 15 and there are additional payments
due October 15, 2004.
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Arguments on behalf
of plan participants |
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Arguments on the motion before the bankruptcy court are scheduled
to be heard on October 7, 2004. We will file a brief on October
1, 2004 arguing that all contributions should be made.
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Collective
bargaining agreements |
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US Airways has indicated it wants to terminate its defined benefit
pension plans covering International Association of Machinists
and Aerospace Workers (IAMAW) and Association of Flight Attendants
(AFA) represented employees, as it did with the pilots' plans
during the first bankruptcy. US Airways cannot terminate the plans
under its current collective bargaining agreements. However, US
Airways is attempting to renegotiate those agreements or have
the bankruptcy court change the agreements if renegotiation is
unsuccessful.
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If the plans are terminated |
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If the defined benefit pension plans are terminated, benefits
will be guaranteed by a federal agency, the
Pension Benefit
Guaranty Corporation (PBGC). You can find a list of frequently
asked questions about PBGC here.
There is no guaranty for benefits from the defined
contribution plans.
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401(k)
plan contributions |
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US Airways has deposited the 401(k) contributions that have
been withheld from employees' paychecks. However, matching contributions
and other Company contributions have not been made. We will argue
to the bankruptcy court that these contributions should be made
as well.
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Plans
guaranteed by PBGC if terminated: |
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US Airways Defined Benefit
Plans |
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Pension Plan for Employees of US Airways,
Inc. Who are Represented by the International Association of Machinists
and Aerospace Workers |
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Retirement Plan for Flight
Attendants in the Service of US Airways, Inc |
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Allegheny Defined Benefit
Plans |
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Piedmont Defined Benefit
Plans |
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Retirement Plan for Pilots of Piedmont
Airlines, Inc. |
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Retirement Plan for Employees of Piedmont
Airlines, Inc. |
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Plans
NOT guaranteed by PBGC if terminated: |
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US Airways Defined Contribution
Plans |
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Retirement Savings Plan for Pilots of
US Airways, Inc. |
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US Airways, Inc. 401(k) Savings Plan |
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US Airways, Inc. Employee Savings Plan |
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US Airways, Inc. Employee Pension Plan |
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Allegheny Defined Contribution
Plans |
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Allegheny Airlines, Inc. 401(k) Savings
Plan |
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Allegheny Airlines, Inc. 401(k) Savings
Plan for Flight Attendants |
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Piedmont Airlines, Inc. 401(k) Savings
Plan |
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Pennsylvania Commuter Airlines, Inc.
401(k) Savings Plan for Pilots |
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Jetstream International Airlines, Inc.
401(k) Savings Plan |
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Piedmont Defined Contribution
Plans |
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Piedmont Airlines, Inc. Employee Savings
Plan |
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Piedmont Airlines, Inc. 401(k) Savings
Plan for Pilots |
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Pennsylvania Commuter Airlines,
Inc. Defined Contribution Plans |
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Retirement Plan for Pilots of Pennsylvania
Commuter Airlines, Inc. |
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Questions |
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I hope this answers your
immediate questions. If you have other questions or would like to
be on an email list to receive notice of new information, please
let us know. |
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