ATLANTA, April 8 /PRNewswire-FirstCall/ -- Delta Air Lines (NYSE: DAL) today announced the addition of $558 million on an accelerated basis to four pension funds covering most of the airline's U.S.-based employees. With the accelerated contributions, Delta will complete its required contributions to these plans for 2010 approximately seven months ahead of schedule. Delta's pension funding is normally distributed throughout the year, with the majority of contributions added near the end of the year.
"Putting this money into our pension plans earlier means it will start working for employees sooner, by earning returns that add to the plan assets," said Mike Campbell, Delta's executive vice president – Human Resources. "Delta is committed to funding these plans, which provide an important part of the retirement benefit for many of our employees."
By the end of this month, Delta will have contributed $665 million to its traditional pension plans in the first four months of this year, in addition to $100 million that has been contributed to employees' defined contribution 401(k) plans. With another roughly $200 million scheduled to be contributed to 401(k) plans during the balance of the year, Delta is on track to contribute nearly $1 billion towards employees' retirement security in 2010.
Delta Air Lines serves more than 160 million customers each year. With its unsurpassed global network, Delta and the Delta Connection carriers offer service to 355 destinations in 65 countries on six continents. Delta employs more than 70,000 employees worldwide and operates a mainline fleet of nearly 800 aircraft. A founding member of the SkyTeam global alliance, Delta participates in the industry's leading trans-Atlantic joint venture with Air France KLM. Including its worldwide alliance partners, Delta offers customers more than 16,000 daily flights, with hubs in Amsterdam, Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul, New York-JFK, Paris-Charles de Gaulle, Salt Lake City and Tokyo-Narita. The airline's service includes the SkyMiles frequent flier program, the world's largest airline loyalty program; the award-winning BusinessElite service; and more than 50 Delta Sky Clubs in airports worldwide. Customers can check in for flights, print boarding passes, check bags and review flight status at delta.com.
SOURCE Delta Air Lines