Underfunded pension plans are a symptom of the financial ills facing the airline industry. Since 2000 the financial performance of established “legacy” airlines has deteriorated. Because of their considerable debt, many legacy airlines have begun to consider terminating their Defined Benefit pension plans. The pension crisis facing the airline industry and the Pension Benefit Guaranty Corporation illustrates the need for comprehensive pension reform that tackles the full range of challenges crossing all industries and not just airlines.

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