Delta Will Terminate Pilots' Pension Plan

Delta Air Lines, which has lost more than $14 billion in the past five years, will file a request Monday to terminate its pilots' pension plan effective Sept. 2, CEO Gerald Grinstein said in a letter to more than a dozen members of the U.S. Congress. While the move was not unexpected, Delta says it's necessary to preserve jobs and notes that it still wants Congress to pass pension reform legislation in hopes of preserving the pension plan for other employees. But Grinstein wrote in the letter that even if such a pension reform bill containing airline relief passes, unless the pilot plan is terminated, Delta couldn't successfully restructure and emerge from bankruptcy. Once the notice is made to the Pension Benefit Guaranty Corp. on Monday, and then Delta will seek approval by a judge. Objections are possible, but the pilots have agreed in negotiations not to object.

Read more on

Suggested Articles

A new ranking of social media check-ins from Socialbakers could provide insights as to where travelers are headed this summer. More here.

Airbus says it has the technology to fly passenger planes without pilots at all — and is working on winning over regulators and travelers to the idea.

Delta is travelers’ best bet in terms of U.S. airlines, according to a new analysis by AIrHelp. More here.