[Congressional Record (Bound Edition), Volume 153 (2007), Part 22]
[Extensions of Remarks]
[Page 30444]
[From the U.S. Government Publishing Office, www.gpo.gov]




        INTRODUCTION OF THE LOST RETIREMENT SAVINGS ACT OF 2007

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                            HON. JOHN LEWIS

                               of georgia

                    in the house of representatives

                      Wednesday, November 7, 2007

  Mr. LEWIS of Georgia. Madam Speaker, last week I introduced 
legislation that will help people who worked long hours, went to work 
everyday to support their families, and thought they were earning a 
retirement package that would be there at the end of their careers. 
Unfortunately, many in this body know the crisis some workers have 
endured regarding their defined benefit pension plans. Many people have 
felt the sting of lost jobs, reduced benefits, and bankrupt employers. 
Their retirement savings were lost.
  The Lost Retirement Savings Act will allow airline workers to recover 
some of their benefits that were erased when their employers went 
bankrupt. By creating a retirement savings option for airline workers 
whose defined benefit plans were terminated or frozen in bankruptcy 
proceedings we can offer help to workers. This legislation creates an 
opportunity for airline workers to rollover specified bankruptcy 
payments into a traditional or Roth individual retirement account.
  Airline workers have lost more than $5 billion in wages alone. They 
have lost an additional $5 billion in defined benefit pension benefits. 
Some have lost more than their paycheck. Too many people lost their 
jobs. In my district, which covers metro Atlanta, Delta Air Lines has 
been particularly hard hit over the past few years. On September 11, 
there were 10,500 active Delta pilots. Today, there are 6,700.
  We need to keep our pension system strong in America. We need to keep 
it strong for American workers and their families. If the system 
breaks, we need to stand up for all workers and find a solution. This 
legislation will restore some lost earnings and some lost 
opportunities. I look forward to seeing this passed.

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