OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Pension Legislation Substance

Date: June 9, 2005
Issues: Transportation Employment and Affirmative Action


Pension Legislation Substance

Sen. Chuck Grassley, chairman of the Committee on Finance, today made the following comment on the substance of the pension legislation he is drafting. Grassley is refining the pension bill he introduced in January in light of recent developments.

"As the Finance Committee's investigation of United Airlines' pension default and the GAO's recent report on the pension crisis have made painfully clear, we need completely new rules requiring accurate measurement of pension liabilities and full funding of all pension plans. The legislation I'm drafting will do just that. It'll adopt the Administration's yield curve proposal and
eliminate the so-called ‘smoothing' techniques that let companies hide massive pension losses from their employees and the public at large."

http://finance.senate.gov/press/Gpress/2005/prg060905.pdf

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