Pilots' Retirement Plans to Land at Schwab
18 June 2005 - 2:30AM
PR Newswire (US)
Pilots' Retirement Plans to Land at Schwab Plans Represent $650
Million in Assets for Continental Pilots SAN FRANCISCO, June 17
/PRNewswire-FirstCall/ -- The Air Line Pilots Association, Int'l,
(ALPA) representing the pilots of Continental Airlines (CAL), has
selected Schwab Corporate Services as the service provider for the
pilots' 401(k) plan as well as a new defined contribution plan. The
plans cover 5,500 pilots and represent more than $650 million in
assets. "Schwab presented us with the best solutions to help our
pilots get to and through a comfortable retirement. By providing
custom education services, superior investment options, open
investment architecture, and a great culture of service, the Schwab
team demonstrated a true understanding of our pilots' needs," said
Capt. Jay Panarello, chairman of the CAL Master Executive Council,
a unit of ALPA. "We are delighted that the pilots at Continental
have placed their trust in Schwab. We are looking forward to
providing the retirement and financial planning resources they need
during their working years and in retirement," said Trish Cox,
chief operating officer, Schwab Retirement Plan Services. The
existing Pilots' 401(k) Savings and Investment Plan and the new
Pilots' Defined Contribution Plan are scheduled for implementation
in September at Schwab. About Schwab Corporate Services Schwab
Corporate Services (SCS) provides services to retirement plans,
retirement plan sponsors and participants through Schwab Retirement
Plan Services, Inc. (SRPS), The Charles Schwab Trust Company
(CSTC), Schwab Retirement Technologies(R), and Charles Schwab &
Co., Inc. SCS also provides equity compensation plan services and
other financial and retirement services to corporations and
executives. SRPS provides recordkeeping and related services with
respect to retirement plans. CSTC, a California state-chartered
trust company, provides trust and custody services with respect to
retirement and other benefit plans. Schwab Retirement Technologies
is engaged in developing and licensing proprietary retirement plan
recordkeeping systems to independent third party administrators.
Charles Schwab & Co., Inc. (Member SIPC) is a registered
broker/dealer, offering the Schwab Personal Choice Retirement
Account(R) (PCRA), as well as other brokerage and custody services
to its customers. These entities are affiliates of each other and
are wholly owned subsidiaries of The Charles Schwab Corporation.
Total client assets in employer-sponsored retirement plans at
Schwab equaled $129 billion at the end of March 2005. The Charles
Schwab Corporation (NYSE / Nasdaq: SCH), through Charles Schwab
& Co., Inc. (member SIPC), U.S. Trust Corporation (member
FDIC), CyberTrader(R), Inc. (member SIPC) and its other operating
subsidiaries, is one of the nation's largest financial services
firms. (0605-3613). DATASOURCE: Charles Schwab CONTACT: Mike
Peterson of Charles Schwab & Co. Inc., +1-330-908-4334, or ; or
Jim Moody of Air Line Pilots Association, +1-281-987-3636, or Web
site: http://www.schwab.com/
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