I can't imagine of any scenario where PBGC MAKES money off of assuming UAL's pensions, in fact according to the experts it will be a heavy burden. According to PBGC estimates UAL's pension (with liabilities of $5.7 billion) are only 49% funded, leaving their pension underfunded by about $2.9 billion. This on top of the PBGC's already hefty defecit (in the neighborhood of $10 billion). The PBGC will not make money on this deal, and everyone involved (other than UAL) loses if they terminate their pension plan. PBGC will have a huge financial burden, the workers will see their benefits reduced (the PBGC will only be liable for $1.4 billion of the "guaranteed benefits" that are underfunded, not the entire $2.9 billion + under current PBGC rules the max payout per year is $44,386) , and new employees will have little or no coverage unless they can squeeze something out in the bankruptcy court (good luck).

As for your observation about pensions being dinosaurs and are unfair to older companies... companies make their own financial bed and at some point they have to take responsibility. At the very least the American taxpayers should not be made to bail out the injustices of a system that is outdated. If every company did that then taxpayers would still be supporting the Pony Express because other companies that use automobiles and airplanes have an unfair advantage.

Not trying to be confrontational ... just stating MHO.