Statement from PBGC Director Josh Gotbaum on American Airlines Announcement of Plan Freezes
FOR IMMEDIATE RELEASE
November 01, 2012 - PBGC
WASHINGTON — Pension Benefit Guaranty Corporation Director Josh Gotbaum
released the following statement today on American Airlines' decision to freeze
all four of its pension plans, effective today:
"Today marks a mixed result for the people of American Airlines. We of course
are pleased that they will get to keep the pension benefits they have already
earned, but it is unfortunate that going forward their retirement benefits will
not provide the same level of security as a traditional pension."
About PBGC
PBGC protects the pension benefits of 44 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.
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PBGC No. 12-31