WASHINGTON — Pension Benefit Guaranty Corporation Director Josh Gotbaum released the following statement today on the announced merger agreement between American Airlines and US Airways.
"From the beginning, PBGC worked long and hard to ensure that the employees of American have both jobs and pensions, and we're glad that's going to happen."
PBGC protects the pension benefits of more than 40 million Americans in 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. For more information, visit PBGC.gov.