NEWS ADVISORY

February 2, 2010
PR-10/05
For additional information:
Jason Hammersla
202-289-6700

Pension funding relief: catalyst for economic recovery

Congressman Earl Pomeroy (D-ND) to join with business & labor leaders to highlight urgent need for action on overlooked bipartisan issue

WHO:	Representative Earl Pomeroy (D-ND), sponsor of congressional legislation on pension funding relief Kathy Cloninger, CEO, and Florence Corsello, CFO, Girl Scouts of America Barbara Crane, RN, President, National Federation of Nurses Katy Beh Neas, Vice President, Government Relations, Easter Seals James A. Klein, President, American Benefits Council
WHAT:	Telephonic Press Call, Thursday, February 4 at 11:00 a.m. Eastern Time Washington, DC – This Thursday, February 4, at 11:00 a.m. Eastern Time, a coalition of business, labor, and non-profit leaders will join with Congressman Earl Pomeroy (D-ND) on a telephonic press conference call to call for pension funding relief – an urgent, yet overlooked, issue that will act as a catalyst for our nation’s economic recovery if Congress addresses the issue or that will become a huge obstacle to economic growth if it continues to be ignored. Due to unprecedented economic turmoil and market volatility, pension plans are facing massive losses in their asset values. As a result, billions of dollars that could be pumped into the economy today and help to save or create jobs are now scheduled to be diverted into pension plans unless Congress acts quickly. Pension relief legislation, such as a bill introduced by Rep. Pomeroy along with Rep. Pat Tiberi (R-OH), would provide a temporary extension to the period that employers have to fully fund their defined benefit pension plans — leaving them with more cash on hand to save and create jobs, while helping to spur capital investment and raise new federal revenue. Without immediate action, this looming pension crisis threatens to derail economic recovery and could lead to even higher unemployment. A broad coalition of non-profit charities, labor unions, corporations, and lawmakers from both political parties supports pension funding relief. Hear directly from these leaders about the importance of pension funding relief this Thursday, February 4, at 11:00 a.m. Eastern Time.
WHERE:	The briefing will be held via conference call. Please note that the briefing is not at the Council offices. Call-in Number: 1-800-895-1241, Passcode: “PENSIONS”
WHEN:	Thursday, February 4 at 11:00 a.m. Eastern Time
CONTACT:	For more information, or to arrange a separate interview with Council staff, please contact Jason Hammersla, Council director of communications, at jhammersla@abcstaff.org or by phone at 202-289-6700 (office) or (202) 253-5458 (cell).

The American Benefits Council is the national trade association for companies concerned about federal legislation and regulations affecting all aspects of the employee benefits system. The Council's members represent the entire spectrum of the private employee benefits community and either sponsor directly or administer retirement and health plans covering more than 100 million Americans.