<nobr>Oct 4, 2005</nobr>

DeWine-Mikulski Amendment (S. 1783)

Attached is the amendment sponsored by Senators Mike DeWine (R-OH) and Barbara Mikulski (D-MD) to the pension reform bill S.1783 that is likely to be considered in the Senate as early as tomorrow night or Thursday. The amendment replaces the 12-month averaging and smoothing currently in S.1783 with three-year averaging and smoothing as in the bill approved earlier by the Senate HELP Committee. The amendment also rejects the use of a company's credit rating to determine "at risk" liability, imposing extra liability on the basis of a plan's funded status (i.e., on plans less than 60% funded).

DeWine and Mikulski, the chair and ranking Democrat on the relevant HELP Committee Subcommittee, are attempting to get their amendment included in the "managers' amendment" -- which would virtually assure its acceptance by the full Senate. The next 24 hours are essential. Please contact Senate offices and urge them to support the DeWine-Mikulski amendment. If their effort fails, it is far more likely that final legislation will include a short averaging and smoothing period and some form of "at risk" liability on companies that are below investment grade.

For questions, contact:
Janice Gregory, Senior Vice President
jgregory@eric.org

Text Files:

DeWine-Mikulski Amendment

Back to Previous Page