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According to Senator Grassley, "our pension laws tell these companies, take off the green eyeshades and put on rose-colored glasses." Some maintained that United had operated within the law.
Although the hearing focused mainly on the airline industry, more than half of the nation's 100 largest pension plans have less than the promised benefits on deposit. Some 34 million people, or 20 percent of the nation's work force, expect to get payments from their employers' benefit plans. Capt. Duane Woerth, head of the Air Line Pilots Association (ALPA), warned other airlines would follow United's path...
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