<nobr>Jan 20, 2010</nobr>

ERIC Continues Urging Congress to Enact Pension Funding Relief

ERIC along with 239 other signatories, representing individual companies, trade associations, charitable organizations, pension funds and unions on January 19 wrote to 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 December, ERIC along with 73 other trade associations, unions, and non-profit organizations wrote a similar letter to President Obama and all Members of Congress urging them to enact pension-funding relief legislation as soon as possible.

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.

Questions or comments on the letter should be addressed to Kathryn Ricard (kricard@eric.org).

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Websites:

Pension Funding Relief Letter to Congress

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