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|Pension Promise No Guarantee of Security: Bankruptcies Can Mean Sharply Reduced Payouts|
The Washington Post; subscription may be required
Oct. 12, 2004
Excerpt: With just eight years to go, Steve Derebey had been eyeing his mandatory retirement age with something close to relief. .... But last month, in a Chicago bankruptcy court, United Airlines almost certainly changed the rest of the Derebeys' life, warning that it will likely dump its pension plan onto the federal government. Under the rules of the federal Pension Benefit Guaranty Corp. (PBGC), Derebey would be left with $22,000 a year, a third of his expected benefit.
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