Four big airlines with ailing employee pension plans continue to exert powerful political pressure on the U.S. Senate as it considers legislation to reform the nation's retirement system. As a result, enactment of a sweeping reform bill months in the making depends to a great extent on the outcome...
WASHINGTON -- Hoping to reverse the deterioration of pension plans covering 44 million Americans, the Senate voted Wednesday to force companies to make up underfunding estimated at $450 billion and live up to promises made to employees. The action came a day after the federal agency that insures...
WASHINGTON -- Nearly everyone -- business, labor, Republicans, Democrats -- agrees that something must be done to sustain company- based pension plans and make sure that the federal agency insuring them doesn't become a financial basket case. Getting Congress to agree on legislation is another matter. ...
WASHINGTON -- The nation's struggling airlines face at least $10.4 billion in payments for defined benefit pension plans through 2008, significantly more than some are able to afford, a congressional report says. The Government Accountability Office released the report Tuesday as the Senate prepared to take up legislation...
Byline: Kathy Rowings Congress is set to complete work on an overhaul of pension laws before the year is out. The changes will help shore up the Pension Benefit Guaranty Corp. PBGC, the government backstop for private pension plans. And it will set tougher...
Tighter pension rules are needed United Airlines raised eyebrows across the country and tensions within its work force when it won a bankruptcy judge's permission last month to walk away from $9.8 billion worth of contributions to its pension fund. Close...
WASHINGTON -- Sen. Jim Bunning is from a state perhaps best known as home to the horse industry, but Kentucky is also where 8,000 Delta Air Lines employees live, which helps explain why the Republican lawmaker was fuming on Tuesday. Why, he wanted to know, have Delta and...
M2 PRESSWIRE-8 June 2005-Delta-Air: Delta CEO Gerald Grinstein calls for practical, affordable approach to airline pension funding crisis; CEO says airlines are at a crossroad; urges Senate to actC1994-2005 M2 COMMUNICATIONS LTD RDATE:07062005 WASHINGTON, D.C. - Delta Air Lines (DAL: NYSE)...
M2 PRESSWIRE-21 April 2005-NORTHWEST AIRLINES: Northwest Airlines supports pension reform legislation introduced in U.S. Senate; Bill would help protect taxpayers and workers with pension benefitsC1994-2005 M2 COMMUNICATIONS LTD RDATE:20042005 MINNEAPOLIS - Northwest Airlines today announced its support for legislation introduced...
Byline: Vineeta Anand WASHINGTON - Days before the PBGC is expected to announce a worsening of its financial condition, two senators agreed to allow the huge pension bill they had been holding hostage since early October to proceed to the full Sen Byline:...
WASHINGTON -- The Senate sent to the president Thursday legislation that could save employer sponsors of pension plans $80 billion over the next two years, money that could provide a substantial boost to business investment and hiring around the country. The 78-19 vote on the pension relief bill...
The Senate has approved a deficit reduction bill that includes a provision that would increase the premiums employers with defined benefit pension plans must pay to the Pension Benefit Guaranty Corp. S. 1932-which passed by a 51-to-50 vote last week- The Senate has approved a deficit...
WASHINGTON -- The Senate, acting with rare election-year concord, passed a bill Wednesday to reduce by $96 billion the payments companies will have to make into their pension plans this year and next. Sponsors said the measure, passed 86-9, will help preserve pension benefits for millions of...
Byline: JERRY GEISEL WASHINGTON-The battered employer-sponsored defined benefit pension plan system would suffer another blow if Congress enacts budget legislation passed last week by a Senate panel, pension experts say. The Senate Health, Educa Byline: JERRY GEISEL WASHINGTON-The...
WHEN HE OPENED HEARINGS ON how the corporate world has adapted to the "Sarbanes-Oxley" (S-O) world, Senate Banking Committee Chairman Richard Shelby (R.-Ala.) didn't sound as if he had much sympathy for corporate financial executives who have been complaining about the negative impact on corporate decision making of such things...
By Marilyn Geewax, The Palm Beach Post, Fla. Knight Ridder/Tribune Business News Oct. 15--WASHINGTON--So many corporate pension funds are collapsing that the agency charged with bailing them out is falling deeper into trouble, with a deficit soaring to a record $8.8 billion,...
The Senate last week approved a measure-part of a broader budget bill-that would increase to $46.75 from $19 per plan participant the annual PBGC premium paid by employers with defined benefit plans. In addition, the bill calls for imposing a hefty n The Senate last week...
M2 PRESSWIRE-23 January 2003-US AIRWAYS: US Airways' President and CEO comments on Senate vote defeating pension restoration funding planC1994-2003 M2 COMMUNICATIONS LTD RDATE:01222003 ARLINGTON, Va. -- US Airways President and Chief Executive Officer David Siegel issued the following statement this evening...
How difficult can it be for Congress to come to an agreement on comprehensive pension funding reform legislation? That's a question that has to be asked in the wake of a decision by Senate leaders to pull a bill-one with broad bipartisan support-f ...
Byline: JERRY GEISEL WASHINGTON-The stage is set for a congressional battle over pension reform legislation following Senate passage last week of its reform bill. The outcome of that battle, to be waged by a conference committee that will hamme Byline:...
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