American Airlines Announces Additional $100 Million Pension Contribution
Posted on: Tuesday, 12 December 2006, 12:00 CST
FORT WORTH, Texas, Dec. 12 /PRNewswire-FirstCall/ -- American Airlines, Inc., a wholly owned subsidiary of AMR Corp., today announced that it has made an additional $100 million contribution to its employees' defined benefit pension plans. The contribution announced today is in addition to the $223 million that American has already contributed to satisfy minimum required pension funding obligations for 2006, bringing its total contributions to these pension plans to $323 million this year.
"This additional contribution is a strong example of our commitment as a company to invest in the future of our employees," said AMR Chairman and CEO Gerard Arpey. "It is a reflection of the progress we have made under our Turnaround Plan and a prudent use of our cash resources to meet our obligations. By continuing to work together to improve our financial results, we can strengthen our defined benefit pension plans for the future."
Arpey noted that, including the $100 million contribution announced today, American has contributed more than $1.5 billion to its defined benefit pension plans since 2002.
"Earlier this year, Congress passed -- and President Bush signed -- pension reform legislation affecting companies with defined benefit plans," added Arpey. "We still need an adjustment to the legislation's interest rate provision, as was provided to airlines that, unlike American, chose to freeze their plans, and we remain heartened that more than 75 members of Congress have pledged to continue working on this issue."
About American Airlines
American Airlines is the world's largest airline. American, American Eagle and the AmericanConnection(R) airlines serve 250 cities in over 40 countries with more than 4,000 daily flights. The combined network fleet numbers more than 1,000 aircraft. American's award-winning Web site, AA.com, provides users with flexible fare-search options, the ability to check in for flights and a lowest-fare guarantee. American Airlines is a founding member of the oneworld(R) Alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members serve more than 600 destinations in over 135 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation . AmericanAirlines, American Eagle, AmericanConnection, AA.com and AAdvantage are registered trademarks of American Airlines, Inc.
American Airlines(R) We know why you fly(R) Current AMR Corp. releases can be accessed on the Internet. The address is http://www.aa.com/
American Airlines, Inc.
CONTACT: Andy Backover, Corporate Communications of American Airlines,Inc., +1-817-967-1577, or corp.comm@aa.com
Web site: http://www.aa.com/
Source: PRNewswire-FirstCall
Related Articles
- American Airlines and Association of Professional Flight Attendants Announce Beginning of Aviation Safety Action Program
- American Airlines Takes Major Fleet Renewal Step By Announcing Plans to Acquire Boeing 787-9 Dreamliners
- Boeing, American Airlines Finalize Deal for 26 Next-Generation 737s
- American Airlines Accelerates Fleet Renewal Plan
- CitiBusiness(R) Credit Cards and American Airlines Introduce Double Miles Benefit for CitiBusiness / AAdvantage(R) Cardmembers
- American Announces a $22 Million Contribution to Its Defined Benefit Pension Plans; Contribution Completes 2005 Payments, Totaling $310 Million
- Airline Pension Bill Would Aid the Solvent
- Continental Airlines: Pension Plan Would Help Rivals
- Airlines' Pension Plans in Limbo
 |
 |
User Comments (0)
RSS Feeds