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On 1/9/2003 8:56:48 PM chipmunn wrote:
[STRONG][FONT face="Times New Roman" size=3]Pension Legislation
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ARLINGTON (theHub.com) - Pennsylvania Sen. Rick Santorum announced he has introduced legislation that would allow US Airways to fulfill its "financial obligation to the hardworking employees by providing them the ability to restructure the funding obligations for their pension plan." The bill, which is co-sponsored by Pennsylvania Sen. Arlen Specter and Virginia Sen. John Warner, would allow the company to stretch $3.1 billion in payments due over the next seven years to its defined benefit pension plans over 30 years. The bulk of the pension obligations cover the plan for pilots, but flight attendants and mechanics also have defined benefit plans. [STRONG]If this legislative initiative is not quickly enacted, the company may be forced to terminate the pilot pension plan (the pilot plan covers the majority of the funding obligations) and quickly replace it with another program. [/STRONG]
Santorum's bill would give legal authority to the federal Pension Benefit Guaranty Corp. to approve spreading out the pension obligation over 30 years. US Airways is seeking to resolve its pension issue and to further reduce labor costs to obtain final approval of a federally guaranteed loan, which is necessary for a successful emergence from Chapter 11. [/FONT][/FONT]
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Ohhhhhh, all those hairy-chested, alpha male Republican types looking for a government bail-out?
What is this world coming to?