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Defined Contribution

KLM, pilots union agree on move to DC plan

KLM Royal Dutch Airlines, Amstelveen, Netherlands, reached a final agreement with the Dutch airline pilots association, Vereniging Nederlandse Verkeersvliegers, on the terms of its new defined contribution plan, KLM said in news release Monday.

Starting in January, KLM's cabin staff will be transferred to a collective defined contribution plan from the existing €1.5 billion ($1.8 billion) defined benefit plan. As part of the deal, KLM agreed to contribute a one-time lump sum of €194 million.

A spokesman could not be reached by press time to provide further details.