apologies if should be in Newsstand or already covered but just saw this:

Excepted from Reuters press release, "A source familiar with the report said the four most egregious cases cited by the GAO involved UAL Corp's (UAUA.O) United Airlines, U.S. Airways Group Inc (LCC.N), electronics
company Polaroid and insurer Reliance Motors and Drivers."

http://www.reuters.com/article/gover...16977520091119

PRIVATE PENSIONS
Sponsors of 10 Underfunded Plans Paid Executives
Approximately $350 Million in Compensation Shortly Before Termination

What GAO Found

GAO found that 40 executives for 10 companies received approximately $350 million in pay and other compensation in the years leading up to the
termination of their companies’ underfunded pension plans. GAO identified salaries, bonuses, and benefits provided to small groups of high-ranking executives at these companies during the 5 years leading up to the termination of their pension plans. For example, beyond the tens of millions in base salaries received, GAO found that executives also received millions of dollars in stock awards, income tax reimbursements, retention bonuses, severance packages, and supplemental executive-only retirement

Specifically about UA, the GAO found:

Pension details
122,556 participants $7.8 billion underfunded

Compensation details
Company missed nearly $1 billion in required pension contributions while awarding its top 3 executives over $50 million in salary, bonuses, stock, and supplemental retirement benefits.

The GAO Report can be found at http://www.gao.gov/highlights/d1077high.pdf