ECONOMICS REPORT - U.S. Agency Moves to Take Over Pilots' Pe

ECONOMICS REPORT - U.S. Agency Moves to Take Over Pilots' Pension at United Airlines
By Mario Ritter

Broadcast: Friday, January 07, 2005

I'm Gwen Outen with the VOA Special English Economics Report.

Last week, a government agency in Washington announced that it wanted to take over a retirement¹ plan for pilots at United Airlines. This pension plan is supposed to hold nearly six thousand million dollars. But it has about half that, and United is in financial trouble.

Retired² Americans get some money each month from Social Security. This is a federal program financed by employment taxes. But millions also depend on retirement plans offered by employers.

One such plan is called a four-oh-one-k, named after part of the tax law. Both the employee and the employer pay into the plan. The money they put in is not taxed. It is invested in stocks and other products. How much a retired worker gets depends on how much the investments return.

But a pension guarantees the amount that a person will receive. Pension plans are no longer very common.

Federal law requires employers to keep enough money in pensions to meet expected payments in the future. In the nineteen nineties, many companies did not need to pay into their pensions. A strong economy meant that pension-plan investments were enough. But since then, employers have had to make big payments. Some have found this difficult.

United Airlines says it can no longer pay into the pension for its pilots. The company also says it does not know if it can continue to pay into three pension plans for thousands of other employees. United is under bankruptcy³ protection from its creditors⁴.

The Pension Benefit Guaranty Corporation is a government agency. It has insurance programs paid for by employers. It also earns money from investments. This agency takes control of pension plans that fail or are in danger of failing. Its job is to make sure workers receive their money.

Now the agency wants to block an agreement between United and its pilots union. That agreement would end the current pension plan. In return, the pilots would get an interest in the company once it leaves bankruptcy.

The Pension Benefit Guaranty Corporation says it is trying to protect United employees. The agency also wants to limit how much it might be responsible for if United cannot pay its pensions.

Creditors of the airline support the move. But the pilots union opposes it. The pilots could lose one hundred forty million dollars if a court approves an immediate⁵ takeover of their pension.

This VOA Special English Economics Report was written by Mario Ritter. I'm Gwen Outen.

1 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

2 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

3 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

4 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

5 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。