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ELK GROVE VILLAGE, Ill., July 28 (UPI) -- United Airlines CEO Glenn Tilton says the bankrupt carrier will discuss any halt in pension plan contributions with the airline's unions and shareholders.
In a recorded message to employees, Tilton acknowledged Tuesday that United's decision last week to stop funding its four pension plans caused anxiety among workers, the Chicago Tribune said.
United has 58,000 retirees and 76,000 active employees.
The pension plans are under-funded by $7.5 billion and the Pension Benefit Guaranty Corp., the agency that insures defined-benefit pension funds, Monday warned missing required contributions would violate federal law.
United will meet with the PBGC Thursday.
"Any possible changes will be discussed thoroughly and openly with our union leadership and other stakeholders, and those meetings are now being arranged," Tilton's message said.
United said it would halt pension fund payments to make itself more attractive to potential lenders as it exits bankruptcy.
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