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Delta appoints new investment manager for Stock Fund, ESOP 08/03/04

 

 Delta has appointed U.S. Trust Company, N.A., as the independent fiduciary investment manager for the Delta Stock Fund and the Employee Stock Ownership Plan (ESOP).  The Stock Fund and the ESOP are components of the Delta Family-Care Savings Plan.  Previously the Benefit Funds Investment Committee (BFIC), a working committee of Delta's Board of Directors, was the named fiduciary of the Plan and was responsible for overseeing the Stock Fund and the ESOP.

 

"Delta has taken this very prudent action to ensure that the company continues to be in compliance with ERISA [the Employee Retirement Income Security Act of 1974]", said Rob Kight, managing director-Worldwide Benefits & Health Resources.  "The decision will ensure that investment decisions regarding Delta stock held in the Stock Fund and ESOP plans are made solely in the interests of plan participants.  It is intended to avoid any possibility of a conflict of interest in connection with these decisions.  Delta's board believes this is the wisest course of action given the company's current challenges."

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