<nobr>Dec 9, 2005</nobr>

ERIC Letter to Speaker Urges Sound Pension Reforms

In a letter to Speaker of the House Dennis Hastert dated December 8, ERIC reiterated our long standing position with regard to reforms for pension funding and hybrid plans. The letter was requested by House Education and Workforce Committee Chairman John Boehner who had asked all organizations concerned about pension reform to make their views known to the House Leadership. The letter, which was reviewed by and approved by the Board of Directors on December 8, exclusively reflects ERIC's position. A copy is attached.

The question of whether H.R.2830 will be brought up the week of December 12 remains in flux as House leaders count votes. House Democrats have indicated almost total opposition to the bill although several, particularly those who are concerned about airline relief, are reported to have indicated that they may support it. At the same time, a number of Republicans have indicated that, for varying reasons, they may not support the bill. Republican leaders have indicated reluctance to bring up the bill without some bipartisan support.

Chairman Boehner and Ways and Means Committee Chairman Bill Thomas have expressed optimism that H.R.2830 will be brought up next week. House Leadership, however, has indicated qualified optimism: according to today's BNA Daily Report for Executives, an unnamed leadership aide said that they would bring up the bill "if the unions can bring over at least 20 Democrats to help us pass this bill. . . ." The bill is opposed by the Democratic Leadership including House Minority Leader Nancy Pelosi, who was quoted in the same BNA/DER article as saying that the Republicans "should start from scratch . . . ."

Meanwhile, the President in at least two statements, has indicated an intention to veto a bill that was not as strong as his original proposal.

It is not likely that a decision to consider H.R.2830 will be made until the last minute during the week of December 12 during which the House is in session for a limited number of days. While the House had intended to adjourn for the year by December 16, they reportedly may return the week of December 19. It seems unlikely that, even if H.R.2830 were to pass the House this year that a conference could be convened and concluded before early 2006. ERIC members should be prepared to weigh in with conferees at any time.

Mark J. Ugoretz, President
The ERISA Industry Committee
1400 L Street, NW Suite 350
Washington, DC 20005
Tel: 202.789.1400 Fax 202.789.1120
http://www.eric.org

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ERIC Letter to Speaker Urges Sound Pension Reforms

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