PUBLIC MARKS from democrattotheend with tags pensions & LaborNews

The Pension Benefit Guaranty Corp. said Friday it has formally taken over the pilots' pension plan at Delta Air Lines, and it expects to be responsible for paying out close to $1 billion in benefits not covered by the plan's assets. The move was approved by Delta's bankruptcy judge and the PBGC last year. It represents the sixth-largest pension liability the PBGC has taken on in its 32-year history, the PBGC said. The quasi-federal agency said the Delta pilots' plan is under-funded by about $3 billion, with $4.7 billion in obligations and $1.7 billion in assets.