Delta Air Lines pilots today ratified an agreement with the Atlanta-based airline over termination of the pilots' pension plan, according to a press release from the Air Line Pilots Association International. The airline last month agreed to pay ALPA $650 million plus a $2.1 billion general unsecured claim to compensate working pilots for unfunded benefits and termination of the pension plan, according to court documents in U.S. Bankruptcy Court in New York. The PBGC filed an objection to the proposed agreement, saying it could violate ERISA.
ALPA said that 95% of eligible pilots voted; 61% of voters favored ratification.
The U.S. Bankruptcy Court will consider approving the agreement at a hearing later today. If approved, the agreement will run from June 1 through Dec. 31, 2009.
ALPA spokeswoman Kelly Collins was not available for comment at press time.