• U.S. Senate approves pension reform bill by an overwhelming majority of 93 to 5.

• Pension reform bill passes by the U.S. House of Representatives by a majority vote of 279 to 131.

• CEO Jerry Grinstein and Northwest's CEO Doug Steenland partner on Capitol Hill to continue the call for rapid congressional approval of a pension reform bill. Grinstein and Steenland met with key congressional representatives and issued a joint letter to reinforce our "race against the clock" to pass pension reform legislation including the necessary Senate-approved airline funding provisions.
• Their visit was preceded by an employee and retiree “fly-in” coordinated by the Delta Board Council and the retirement committee DALRC. In all 130 Delta people met with 60 members of Congress.
   

• Employee and retiree grassroots efforts continue to be a driving force behind pension reform with an airline-specific provision. During the first six months of the year, they contacted their elected officials 38,027 times through telephone calls, e-mails, and hard copy letters.

March 2006

• A conference committee of 16 Senators and 11 Representatives works to reconcile the differences between the two bills passed by the U.S. Senate and House of Representatives. After reaching agreement, the resulting legislation will be presented to both houses of Congress for a final vote. A majority “yes” vote will send the legislation to the president for his signature or veto.

December 2005

• The House Education and Workforce and Ways and Means Committees have approved a comprehensive pension reform bill, H.R. 2830, the Pension Protection Act of 2005. As written, the bill does not include an airline-specific provision. Rep. Tom Price continues to advocate the addition of language to permit commercial passenger airlines to elect to restructure their unfunded pension plan liabilities over 25 years.
• Delta employees and retirees begin contacting their Representatives urging them to realize the importance of airline pension preservation. They also ask that comprehensive pension reform be addressed before the close of 2005.
• The  Delta Retirement Plan for non-pilots is frozen effective December 31, 2005

Nov. 16, 2005

• Amendment that would allow airlines to stretch payments of unfunded pension liabilities over a 20-year period passes U.S. Senate. Sen. Johnny Isakson introduced the amendment to S.1783, a comprehensive pension reform bill that passed by an overwhelming majority (97-2).
• President Bush’s senior advisors recommend veto of comprehensive pension reform as passed by the U.S. Senate. In its policy statement, the Bush Administration expressed opposition to the airline pension preservation amendment passed by the U.S. Senate as part of its comprehensive pension reform efforts (S.1783). The Administration stated its belief that "the bill’s targeted funding relief for airlines (or other specific industries or companies) and special administrative workout programs should be eliminated."

Sept. 28, 2005

• S.1783 - The Pension Security and Transparency Act of 2005 – introduced in the Senate. A merged version of the two Senate Committees’ bills, S.1783 has a provision for airlines allowing 14 years for paying down unfunded liability. Unfortunately, 14 years does not provide the time needed.

Sept. 07, 2005

• Senate Health, Education, Labor and Pension Committee also approves and reports a comprehensive defined benefit funding bill that contains special airline relief. The Committee fails to adopt a 20 year funding rule but agrees to consider the longer period later in the legislative process.

July 25, 2005

• The Senate Finance Committee approves comprehensive defined benefit funding rules which include a unique airline provision allowing 14 years for paying down unfunded liability. Delta sends a letter to the Finance Committee Chairman urging an increase in the amortization period.

June 30, 2005

• The House Education and Workforce Committee approves a comprehensive defined benefit reform package, H.R. 2830. The measure did not include an airline section but the Committee leadership pledges to consider it when a single, final bill is completed between the House and the Senate.

May 4, 2005

• Representative Tom Price (R-GA) and 11 co-sponsors introduced H.R.2106, the Employee Pension Preservation and Taxpayer Protection Act of 2005 in the House of Representatives, a companion bill to S.861.

April 20, 2005

• U.S. Senator Johnny Isakson and co-sponsor Sen. John D. Rockefeller IV (D-WV) introduced bill number S.861 in the U.S. Senate, called the Employee Pension Preservation Act of 2005, allowing airlines to amortize unfunded pension liability over a 25-year period.

2005

• Delta and others pursue a legislative solution that allows airlines to extend payments into their defined benefit pension funds which results in a more predictable cash flow, using more stable, long-term assumptions.

August 2004

• Congress passed the Pension Funding Equity Act of 2004, which provides additional interim relief for the 2004 and 2005 plan years, as the previously approved relief was about to expire.
• This Act enabled airlines to defer 80% of additional funding contributions for two years, with no further benefit enhancements granted under the affected plans, unless those enhancements are funded on a current basis.   

2002-03

• Congress provided temporary relief to plan sponsors by increasing the range of acceptable interest rates for use in determining a plan’s current liability.
• Pension plans at some carriers were terminated and taken over by the Pension Benefit Guaranty Corporation (PBGC).