[Congressional Record Volume 151, Number 85 (Thursday, June 23, 2005)]
[House]
[Pages H4990-H4991]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                            AIRLINE PENSIONS

  (Mr. PRICE of Georgia asked and was given permission to address the 
House for 1 minute.)
  Mr. PRICE of Georgia. Mr. Speaker, we do not need any more airline 
companies going bankrupt.
  Imagine retiring with a pension only 50 or even 20 percent of what 
you expected. That is what is happening to thousands of airline 
employees.
  A government bailout is not fair to taxpayers, and it will not work. 
What will work is industry-specific pension reform.
  In the Committee on Transportation and Infrastructure hearing 
yesterday, we heard testimony from financial experts, the PBGC, the 
Pilots Association, and others. They painted a picture of a flawed 
current business model. In the face of high fuel costs and more 
retirees than workers, defined benefit plans simply do not work for 
many companies.

[[Page H4991]]

  Congress can help. H.R. 2106 gives the airline carriers greater 
flexibility in funding their pensions. It provides more security for 
employees and will ensure that taxpayers will not be held liable for 
these underfunded pensions. A government bailout should not be a 
financial planning tool for the airlines.
  Mr. Speaker, employees should receive the pensions they have worked 
for their entire lives, and taxpayers should not be left holding the 
bag. The Employment Pension Preservation and Tax Prepare Protection 
Act, H.R. 2106, is the winning formula.

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