The financially troubled American Airlines has finalized the demise of its employee pension program, the assets of which will be frozen Nov. 1. Future retirees will also receive less paid benefits.
The Dallas Morning News reports that a bankruptcy judge approved contracts Wednesday with eight of the company's nine bargaining units, allowing American officials to go ahead with plans to terminate the existing DB plan.
The Allied Pilots Association did not work out a deal with the airline and arrangements with its members will be finalized in the future.
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