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Politics : View from the Center and Left
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To: TimF who wrote (575)6/9/2005 2:21:35 PM
From: Rambi  Read Replies (2) of 543988
 
American Airlines wrote an interesting letter to the Finance Committee regarding the hearings on pensions the committee is now holding. AMR is trying to save their fund and are concerned they will be handicapped by actions that penalize that.
Excerpt:

While the media has focused almost exclusively on the crisis precipitated
>by airlines abandoning or freezing pension plans, American and its
>employees are following a different path. We are, together, working hard
>to maintain our defined benefit pension plans. We urge the Committee to
>enact legislation that would give us the chance to do so.
>
>To be clear, we understand the desire other companies have for legislation
>that allows companies, through the collective bargaining process, to
>freeze defined benefit plans and convert to other types of plans. This is
>a useful tool to have if necessary to prevent more drastic results. But
>we need legislation that does not require us to freeze our pension plans.
We fear that in the midst of concern about the potential default of
>airline plans, Congress will take actions that would inadvertently cause
>our plans to become just as vulnerable as those currently in trouble. In
>particular, any legislation that would place greater funding burdens on
>companies with "below investment grade" credit ratings could have the
>perverse effect of forcing us to abandon our plans.
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