Johnny Isakson, United States Senator from Georgia


FOR IMMEDIATE RELEASE Wednesday, November 16, 2005 Isakson Praises Senate for Addressing Airline Pension Funding Crisis *Senate Approves Isakson Amendment to Protect Taxpayers, Thousands of Airline Employees* WASHINGTON – U.S. Senator Johnny Isakson (R-Ga.) today praised the Senate’s passage of his amendment to help protect thousands of airline employees from losing their pensions and to help protect American taxpayers from having to pay for those airline pensions. The amendment passed today by a unanimous voice vote. “This was a vote for the American taxpayers and a vote for thousands of airline employees,” said Isakson, who has been working on the issue for most of this year. “Airline employees deserve to have their earned pensions preserved, and the legislation passed today protects their interests as well as the interests of the American taxpayers.” Several large U.S. airlines – including Atlanta-based Delta Air Lines – are struggling to meet required pension payments and are considering eliminating their pension plans altogether, which would mean their employees would not reap the pensions for which they have worked so hard. Specifically, Isakson’s amendment would allow airlines to spread their pension plan funding over a more manageable schedule of 20 years – instead of the current four years – and under more stable, long-range terms. Before an airline can use one of the options in the legislation, it must have an affirmative vote of its union employees. The legislation also would help protect American taxpayers by limiting the liability of the Pension Benefit Guaranty Corporation, the federal agency responsible for funding pensions when companies terminate their pension plans. Isakson introduced bipartisan legislation in April to address the airline pension crisis. For the past eight months, Isakson has been working with the Senate Finance Committee as well as the Senate Health, Education, Labor and Pensions Committee on which he serves on how best to protect taxpayers and airline employee pensions. The amendment was part of a broader pension reform bill that passed today on a 97-2 vote. ###
E-mail: http://isakson.senate.gov/contact.cfm Washington: United States Senate, 120 Russell Senate Office Building, Washington, DC 20510 Tel: (202) 224-3643 Fax: (202) 228-0724 Atlanta: One Overton Park, 3625 Cumberland Blvd, Suite 970, Atlanta, GA 30339 Tel: (770) 661-0999 Fax: (770) 661-0768

FOR IMMEDIATE RELEASE
Wednesday, November 16, 2005

Isakson Praises Senate for Addressing Airline Pension Funding Crisis
Senate Approves Isakson Amendment to Protect Taxpayers, Thousands of Airline Employees

WASHINGTON – U.S. Senator Johnny Isakson (R-Ga.) today praised the Senate’s passage of his amendment to help protect thousands of airline employees from losing their pensions and to help protect American taxpayers from having to pay for those airline pensions. The amendment passed today by a unanimous voice vote.

“This was a vote for the American taxpayers and a vote for thousands of airline employees,” said Isakson, who has been working on the issue for most of this year. “Airline employees deserve to have their earned pensions preserved, and the legislation passed today protects their interests as well as the interests of the American taxpayers.”

Several large U.S. airlines – including Atlanta-based Delta Air Lines – are struggling to meet required pension payments and are considering eliminating their pension plans altogether, which would mean their employees would not reap the pensions for which they have worked so hard.

Specifically, Isakson’s amendment would allow airlines to spread their pension plan funding over a more manageable schedule of 20 years – instead of the current four years – and under more stable, long-range terms. Before an airline can use one of the options in the legislation, it must have an affirmative vote of its union employees.

The legislation also would help protect American taxpayers by limiting the liability of the Pension Benefit Guaranty Corporation, the federal agency responsible for funding pensions when companies terminate their pension plans.

Isakson introduced bipartisan legislation in April to address the airline pension crisis. For the past eight months, Isakson has been working with the Senate Finance Committee as well as the Senate Health, Education, Labor and Pensions Committee on which he serves on how best to protect taxpayers and airline employee pensions.

The amendment was part of a broader pension reform bill that passed today on a 97-2 vote.

###

E-mail: http://isakson.senate.gov/contact.cfm

Washington: United States Senate, 120 Russell Senate Office Building, Washington, DC 20510
Tel: (202) 224-3643 Fax: (202) 228-0724
Atlanta: One Overton Park, 3625 Cumberland Blvd, Suite 970, Atlanta, GA 30339
Tel: (770) 661-0999 Fax: (770) 661-0768