A settlement that preserves the pension benefits of more than 3,000 Hawker Beechcraft machinists was approved by a federal bankruptcy judge in New York. The move also guarantees the continuation of existing 401(k) savings plan and maintains pension benefits for retired workers. "Preventing the termination of a defined benefit pension for thousands of active and retired workers at a bankrupt company is a remarkable, but all too infrequent outcome," said Tom Buffenbarger, president of the International Association of Machinists and Aerospace Workers.

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