<nobr>Dec 22, 2009</nobr>

ERIC Urges President Obama and Members of Congress to Support Pension Funding Relief

ERIC along with 73 other trade associations, unions, and non-profit organizations on December 22 wrote to President Obama and all Members of Congress urging them to enact legislation as soon as possible to provide much needed pension-funding relief for both single and multi-employer pension plans.

In pointing out that funding relief is directly related to improving the economy and employment, the letter states that "[u]nexpectedly large funding requirements will continue to require many employers to lay off workers, close plants, and postpone investments in order to fund their pension plans, which are long-term obligations."

The letter further explains that, even with the relief provided by the Worker, Retiree, and Employer Recovery Act of 2008 and the Treasury Department, minimum contributions requirements for 2010 and 2011 will still far exceed the minimum contribution requirements for 2008; moreover, many companies are not eligible for the relief and face daunting contribution obligations for 2009.

ERIC during the past year has been urging Congress and the Administration to enact urgently-needed pension funding relief, and will continue to push for action early next year.

A link to the letter appears below.

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For more information:
Ted Godbout
Manager, Communications
The ERISA Industry Committee
1400 L Street, NW, Suite 350
Washington, DC 20005
Phone: 202-789-1400
Fax: 202-789-1120
tgodbout@eric.org
www.eric.org

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The ERISA Industry Committee (ERIC) is a non-profit association committed to representing the advancement of the employee retirement, health, and compensation plans of America's largest employers. ERIC's members provide benchmark retirement, health care coverage, compensation, and other economic security benefits directly to tens of millions of active and retired workers and their families. ERIC has a strong interest in proposals affecting its members' ability to deliver those benefits, their cost and their effectiveness, as well as the role of those benefits in the American economy.

Text Files:

Letter to President and Members of Congress

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