Senators Eye Pension Relief Provision

[Eugene]

Source: Associated Press

Senators Eye Pension Relief Provision

Wednesday, June 6, 2007

(06-06) 15:56 PDT WASHINGTON, (AP) --

The top Democrat and Republican on the Senate Finance
Committee asked two airlines Wednesday to outline the
benefits they will get from a provision extending them
pension relief that was put into the Iraq war spending bill
at the last minute.

Committee Chairman Max Baucus, D-Mont., and ranking
Republican Charles Grassley of Iowa want a response from
the CEOs of American and Continental airlines by June 15.

End-stage talks on the Iraq war spending bill added a plan
to extend relief to American, Continental and other airlines
by reducing the money the companies must set aside each
year to fulfill their pension obligations. Supporters said
similar legislation is already on the books for Northwest
and Delta.

-snip-

"These two airlines flew around the Finance Committee to
get this pension provision in the spending bill, but we
will review in the light of day exactly what deal they got,"
Baucus said.

-snip-

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/06/06/financial/f155619D65.DTL

[doc03]

1. If there is any pension relief in the Iraq spending bill

it should be funding for the PBGC. The PBGC is a time-bomb waiting to go off.