Pensions & Investment Daily - September 17, 2004

United Airlines Inc., Elk Grove Village, Ill., appointed Independent Fiduciary Services as independent fiduciary for its pension plans. Judge Eugene R. Wedoff, overseeing the bankruptcy case of United parent UAL Corp., Chicago, today concurred with the appointment in U.S. Bankruptcy Court in Chicago, saying the company has the discretion to make such an appointment without court approval. IFS will pursue claims regarding pension contributions owed to the plans with authority to initiate litigation or other action if there appears to be any breach of fiduciary duty related to funding and contribution issues. It will also recommend funding policies to United's board. IFS can use consultants without court approval and at the airline's expense. However, the fiduciary's duties will not include overseeing investment management of pension assets.