FOR IMMEDIATE RELEASE
Monday, March 6, 2006

Isakson Named to Conference Committee for Pension Reform Bill  

WASHINGTON – U.S. Senator Johnny Isakson (R-Ga.) today was selected by Senate leadership to participate in the committee that will craft a compromise on the pension reform bill, which is critical to many businesses in Georgia and across the nation.

The House and Senate each passed their own versions of the legislation, and the conference committee Isakson has been appointed to will reconcile the differences.

"I am honored to be selected to serve on this conference committee,” Isakson said. “We must pass a pension reform bill that protects the interests of the American taxpayers and that will allow us to avoid a catastrophe such as the savings and loan debacle of the 1980s."

One of Isakson’s priorities on the Conference Committee will be to keep intact his amendment to help airlines that are struggling with large pension payment requirements. 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.  

In November, the Senate unanimously passed Isakson’s amendment to the pension reform bill that 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.

Isakson’s amendment 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.

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