November 7, 2005

 

Ms. Judith Stevanovich

128-B Shirley Circle

Anderson, South Carolina 29625

Dear Ms. Stevanovich:

 

Thank you for contacting me to express your support for pension reform legislation. I appreciate you taking the time to let me know your thoughts on this important issue.

 

I share your concerns about the future of the American pension system. I am concerned

not only for the workers and retirees of companies with under-funded pension plans, but also the taxpayer liability for the PBGC. Many Americans have become recently aware of the problems in the PBGC system following the PBGC announced settlement with United Airlines over the termination of the company's pension plans on Apri122, 2005. Under the terms of the agreement, the PBGC would terminate and become trustee of the company's four pension plans and the agency's claims against the company would be settled. However, this brings the PBGC's deficit to exceed a record $23 billion dollars.

 

Chairman John Boehner of the House Education and the Workforce Committee joined Chairman Bill Thomas of the Ways and Means Committee in introducing comprehensive pension reform legislation, H.R. 2830, on June 9,2005. This legislation, called the Pension Protection Act, is intended to fix outdated worker pension laws and protect the interests of workers, retirees, and taxpayers. I am optimistic that we will see some type of pension reform in the 109th Congress that protects the taxpayer and protects the pensions of workers and retirees whose company pension plans are insured by the PBGC.

 

Again, thank you for sharing your thoughts with me.  Please do not hesitate to contact me whenever you have thoughts about any legislation under consideration in Congress.

 

J. Gresham Barrett

Member of Congress