Former Bethleham Steel chief executive Robert S. Miller is becoming known as a master of the pension removal. He unlocks hidden value in floundering Rust Belt companies by jettisoning their pension plans. His approach, copied by executives at airlines and other troubled companies, can make the people who rely on him very rich. But it may be creating a multibillion-dollar mess for taxpayers later.
See "Whoops! There Goes Another Pension Plan", Mary Williams Walsh, The New York Times, September 18, 2005