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The ruling releases United, a unit of the UAL Corporation, from $3.2 billion in pension obligations over the next five years. The federal agency that guarantees pensions, the Pension Benefit Guaranty Corporation, will assume responsibility for the plans, which cover about 134,000 people.
Some retirees could see sharply lower pension payments as a result; others will see little change in benefits, depending on a variety of factors. Some retirees at US Airways, which has terminated its plans, have seen benefits drop by as much as 50 percent.
United said its top five executives received $25.7 million in the form of cash, stock or exercisable stock options. Of that, CEO Glenn Tilton received $9.3 million, the filing said.
"Throughout United's bankruptcy, 'shared sacrifice' was the mantra employees heard from upper management," the unions' statement said. "Executives have failed to lead by example, as employees have watched these individuals collect millions of dollars worth of stock, pay raises and bonuses.
