NEW YORK (CNNMoney.com) -- A group representing retired pilots is asking for a delay in a bankruptcy court hearing into whether the airline can dump its pension plans on a federal agency, saying new legislation may allow the troubled airline to hang onto its retirement plan.

The group, the the Delta Pilots Pension Preservation Organization, had previously agreed not to object to bankrupt airline's plan to turn over its pilots pension plan to the federal Pension Benefit Guaranty Corp. A hearing on that motion is set for Sept. 1.

But the retired pilots group group filed a motion with the bankruptcy court that said recently passed pension reform may negate the need to terminate the pension plan.

"A determination of the debtors' financial distress may be premature, given that the law which created the very problem of which the debtors complain is in flux," said the filing by the group.

Delta had argued that it needed to turn the pilots pension plan over to the PBGC because pilots had the right to get lump-sum payments under the plan. Those payments could create a $2 billion cash drain on the airline as well cause waves of retirements that would deprive the carrier of the pilots it needed, the airline argued in filings.

But the retired pilots group, known by the name DP3, argues in its filing that the new law could prohibit such payments for pension plans at bankrupt companies, and therefore it could negate the need for the PBGC taking over the plans.

"The impact of this newly enacted, extensive pension reform is still being analyzed DP3 and the trustees contend that no finder of fact can determine whether the debtors can show sufficient financial hardship without fully vetting the effect of the [new pension law] on the retirement plan," said the filing.

But even the DP3 filing concedes that the new provision does not take effect until 2010, although it holds out hope that the legislation could be further amended to take effect more quickly.

A spokeswoman for Delta told the Atlanta Journal Constitution that the delay in the effective date of the provision means that the airline has no choice but to terminate its pension plans now.

"We believe that the new pension law clearly does not relieve the Delta pilot retirement plan of the requirement to make lump sum payments," Delta spokeswoman Gina Laughlin told the paper.

The Air Line Pilots Association, which represents active pilots at Delta, agreed not to object to the airline's proposal to terminate the pension plan as part of the labor agreement it reached with the airline in April. As part of that agreement, the airline agreed to give the union a $650 million note that can be used to pay pilots promised retirement payments lost due to PBGC benefit limits.

Union spokeswoman Kelly Collins said ALPA has not taken a position on the DP3 motion.

Northwest faces Aug. 25 strike