<nobr>Jun 24, 2010</nobr>

ERIC Applauds Congress for Supporting Pension Funding Relief

ERIC Press Statement
For Immediate Release: June 24, 2010

Washington, D.C. -- Statement by ERIC President Mark Ugoretz on House Passage of H.R. 3962, the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010:

"ERIC applauds the House, as well as the Senate, for supporting pension funding relief and recognizing the urgency of this issue. While this bill is not perfect, it is an important step in providing urgent relief to plan sponsors -- many of whom continue to be strapped for cash and must choose between funding their plans or delay hiring and capital investments or even further cut back on jobs.

"As we have said all along, pension plan sponsors were not asking for a taxpayer bailout; we were not asking that the government provide plan sponsors with money or to take on plan sponsors' pension liabilities; nor were we asking that plan sponsors be excused from funding their plans; we were merely asking for more time to meet those obligations.

"We look forward to the President signing this bill, providing much-needed relief and certainty to help companies meet their long-term pension obligations and transition out of the recession and into the economic recovery. ERIC will continue to be actively engaged in monitoring how effective the relief is and advise Congress if further relief is necessary."

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