<nobr>Feb 12, 2010</nobr>

ERIC Statement on Decision to Not Include Pension-Funding Relief in Senate Jobs Bill

ERIC Press Statement

For Immediate Release: February 12, 2010

Washington, D.C. -- Statement by ERIC President Mark Ugoretz on the decision to not include pension-funding relief in the Senate jobs bill:

<cite>"The failure to include pension funding relief in the jobs bill is both disappointing and short sighted. With broad bipartisan support and a direct impact on jobs, funding relief is an obvious winner, particularly if you are looking for more investment to spur economic growth and at no cost to taxpayers.

"Employers are not asking for a financial bailout or to be relieved of their pension obligations -- only for more time to meet the pension funding increases that resulted from the recession.

"Most employers were well on their way to meet the increased funding demands of the 2006 Pension Protection Act when they got slammed by the market fallout in 2008.

"Relief for America's pension plans is an absolute necessity, and we strongly encourage Majority Leader Reid and the Senate to include meaningful relief in the jobs package.

"This is an urgent issue for employers -- many of whom are strapped for cash and must choose between funding their plans and hiring delays or even further cutting back on jobs. Failure to include relief will only further delay the economic recovery and put retirement security at risk."</cite>

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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.

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