WASHINGTON—Pension Benefit Guaranty Corporation Director Josh Gotbaum released the following statement today on AMR's employee letter on pension plans:
"It is great progress and good news that American recognizes it can reorganize successfully and preserve its employees' pension plans. We're also glad the company is willing to work with us to preserve their pilot plan too.
"Bankruptcy forces tough choices, but that doesn't mean pensions must be sacrificed for companies to succeed. We will continue to work with American and the other participants in the bankruptcy to ensure that success."
PBGC protects the pension benefits of 44 million Americans in 27,500 private-sector pension plans. The agency is directly responsible for paying the benefits of more than 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums and with assets and recoveries from failed plans.