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Senior Pilots Battle American Airlines Over Whether Pensions Can Be Cashed Out in Lump Sum
Dallas Morning News Dec. 17, 2012
"The pilots' A Plan, a defined-benefit plan, gives pilots the option to take their pension as a lump sum rather than as an annuity. That option has been on hold since American filed for bankruptcy Nov. 29, but would again be available when American emerges from bankruptcy. American has asked U.S. Bankruptcy Judge Sean Lane for the right to kill that option.... But the senior American Airlines pilots, all hired before Nov. 1, 1983, are objecting, saying the change isn't needed and that they have an ironclad promise from 1983 -- Supplement B to their contract -- that the airline would never touch their benefits.... Both the PBGC and the unsecured creditors committee have filed motions supporting American's proposal to cut out the lump sum."
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