By Edward Siedle, Forbes
Captain Dave Westberg, Chairman of the Pension Investigation Committee at the US Airline Pilots Association, says the airline’s pilots won’t be satisified until they get answers to serious questions about their failed pension. Believe it.
Recently my firm, Benchmark Financial Services, Inc., was retained by the USAPA to investigate potential conflicts of interest, undisclosed fees, and wrongdoing involving firms providing investment-related services to the Retirement Income Plan for Pilots of US Airways. The pilots’ pension fund sponsored by US Airways was terminated in 2003 and since then has been overseen by the Pension Benefit Guaranty Corporation, a federal agency created to protect private pension benefits.
While my firm has investigated over $1 trillion in pension plans, this US Airways Pilots review represents the first-ever fiduciary breach investigation undertaken of any of the thousands of terminated pensions (including mega-plans such as United Airlines, Delphi, Delta Air Lines, Bethlehem Steel, and Delphi), trusteed by the PBGC.