Senate Declares Pension Legislation Priority for January 2004
Thank you for participating in the grassroots campaign to convey to Congress the urgency of enacting pension legislation. Before adjourning the first session of the 108 th Congress, the Senate attempted to get agreement for a unanimous consent vote to pass pension legislation before the end of the year. However, a unanimous decision could not be reached. The Senate might have considered the pension bill passed by the House that replaces the discontinued 30-year Treasury bond rate, but Senate Democrats were reluctant to pass any bill, which did not include Deficit Reduction Contribution relief.
The U.S. Senate did agree, by unanimous consent, to take up pension legislation as a priority when Congress reconvenes on January 20, 2004 specifically considering the 30-year Treasury bond rate replacement, deficit reduction contribution relief and multi-employer plan relief. This “time agreement” is a commitment for Senate floor consideration regarding pension funding relief legislation, and sends a strong signal to companies that their pension concerns will be addressed early next year. This will also allow for a simple majority vote rather than a unanimous consent. Congress will be in recess until January 20, 2004, and no additional legislation can be considered until then.
The AFL-CIO believes that everyone’s interests will still be addressed. AFL-CIO Legislative Director Bill Samuels commented, “Companies can be assured that the Congress will most likely act in January, and that ought to be timely enough to avoid more severe consequences.” United issued a statement today stating that with this move by the Senate, the Company believes it will be successful in resolving pension issues and it is still on track for exit of Chapter 11 in the first half of 2004.
We will continue to work with the other United Unions, the AFL-CIO and United management to achieve a pension resolution. We will continue to keep you closely advised of these efforts, and how you may assist in this process as we move closer to January 20, 2004 when Congress reconvenes.
