<nobr>Sep 9, 2003</nobr>

ERIC Urges House Defeat of Sanders Amendment in H.R. 2989

WASHINGTON, D.C. -– The ERISA Industry Committee (ERIC) is urging members of the House of Representatives to defeat an amendment to the Transportation/Treasury Appropriations bill (H.R.2989) that would hurt the pension plans of millions of workers in the United States.

The amendment is expected to be offered on Tuesday, September 9 by Rep. Bernie Sanders (I-VT) and would prohibit publication of regulations regarding age discrimination that take a position contrary to the Cooper v. IBM district court decision.

In Cooper v. IBM Personal Pension Plan, the court held that IBM's cash balance pension plan violates the provisions of ERISA prohibiting age discrimination in retirement plans. If the amendment passes and ultimately becomes law, the publication of anticipated final age discrimination regulations could be delayed beyond October 2004 creating further uncertainty regarding the rules surrounding hybrid plans as well as traditional plans.

In a recent letter to House members, ERIC assailed the Sanders amendment stating that it abrogates the federal court process, the federal regulatory process and the federal legislative process.

That letter can be found on ERIC’s web site, ERIC OnLine at: http://www.eric.org/forms/uploadFiles/2D1D00000025.filename.ERIC_Sanders_Letter.pdf

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