San Francisco, CA (PRWEB) May 2, 2005
Following United Airlines' petition to have the U.S. government take over its pension obligations, Retirement-4-U, a retirement planning consultancy, is calling upon American taxpayers to voice their opposition to this move.
ÂWe at Retirement-4-U urge the American public to write to the U.S. Bankruptcy Court and their legislators, strongly expressing their opposition to United's bailout,Â says Stephen B. Carkeek, Founder of Retirement-4-U (http://www.retirement-4-u.com). ÂThe American taxpayer should not have to foot the bill for United's incompetence and mismanagement.Â
United Airlines has petitioned the U.S. Bankruptcy Court to stop making its pension payments as of June 30, 2005, and wants the U.S. government to fulfill those pension obligations. Already the Pension Benefit Guaranty Corporation (PGBC) has announced its settlement with United to become trustee of the companyÂs four pension plans. This is awaiting approval by the Bankruptcy Court, and a ruling is expected from the Court in the Northern District of Illinois on May 4.
The bailout, points out Carkeek, will set a dangerous precedent, because other airlines in financial difficulties will expect similar treatment, further burdening the American taxpayer. And it's not just the taxpayer who suffers; United's own workforce will too. Even as it is unable to fulfill its present obligations, United is promising its current employees even greater pension benefits. According to the terms of the bailout and the PGBC's partial guaranty, United's host of pensioners will not be receiving their benefits in entirety.
ÂUnited should not be allowed to run away from its obligations,Â says Carkeek. Even if United goes bankrupt, its asset sales should fund the pension payments, and it should not be allowed to promise greater benefits to its current employees.
ÂFor long, United has claimed that it has been flying the friendly skies, but these moves on its part make it a very unfriendly airline indeed,Â says Carkeek. ÂBy being pro-active and speaking out, we can ensure that United Airlines does not push the burden of its own obligations onto the hardworking, taxpaying American.Â
Retirement-4-U is a consultancy for successful retirement, providing accurate, unbiased retirement plans for a simple one-time fee. Since 2001, Retirement-4-U has been putting its 80 years worth of combined experience and its proprietary retirement planning software to the service of thousands of clients across the United States, ensuring that their post-retirement days are comfortable and secure. For more information, please visit http://www.retirement-4-u.com/.
Stephen B. Carkeek
601 Van Ness Ave., Suite E3-513
San Francisco, CA 94102
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