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Support
Statements for Employee Pension Preservation Act of 2005 |
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Delta Retirees Support Employee Pension Preservation Act of 2005
ATLANTA, April 22, 2005 – Delta Air Lines’ (NYSE: DAL)
retirees have expressed their support for the Employee Pension
Preservation Act of 2005 (EPPA), designed to protect pensions of
airline employees and address large pension funding problems
which threaten the industry’s restructuring. The bill was
introduced on April 20 by Senators Johnny Isakson (R-Ga.) and
John D. Rockefeller. IV, (D-W. Va.).
Senate bill S. 861 is critical to Delta’s future and its
viability in the marketplace, said Patricia W. Malone, an
advisory board member for the Delta Pioneers, a group of more
than 9,000 Delta retirees, spouses and employees with at least
20 years of service. “The Employee Pension Preservation Act of
2005 will not only help Delta, it will help protect pensions of
all airline employees. For many of us, our entire income is
predicated upon Social Security and our Delta pensions,” she
said. “This legislation will help Delta deliver the retirement
benefits employees have earned and avoid passing its unfunded
pension liability to the federal government.”
“The Delta Pilots Pension Preservation Organization (DP3)
applauds Senators Isakson and Rockefeller for their leadership
and proactive thinking in support of constituents who have
retired from Delta Air Lines, active employees who are today
earning their future retirement benefits and all who hope to see
Delta continue to survive and prosper,” said Jim Gray, a retired
Delta captain and chairman of DP3. EPPA is crucial to Delta’s
transformation plan and is key in Delta’s effort to continue on
its path of viability.”
“Delta retirees are very excited about the Employee Pension
Preservation Act, introduced by Senators Isakson and
Rockefeller. It provides hope for legislation that will help
Delta, the retirees, the Pension Benefit Guarantee Corp. (PBGC)
and the U.S. taxpayer,” said Cathy Cone, Chairman of the DALRC
Retirement Committee, a group that represents more than 5,000 of
the company’s retirees. “The bill will give Delta a more
sensible schedule for the payment of pension obligations,
allowing the company to honor the pension benefits employees and
retirees have already earned. We join with Delta, other Delta
retiree groups, the Air Line Pilots Association (ALPA) and
Northwest Airlines in our support of this and similar
legislation in the House of Representatives.”
Delta and other airlines have substantial pension payments due
over the next four years. These payments have the potential to
severely affect Delta’s cash position. Delta, along with other
carriers, needs a solution that provides an affordable way to
fund benefits already earned by employees. EPPA would allow
Delta and other airlines to make payments to its pension plan
over a 25-year period, rather than the current five-year
timeline. With bankrupt airlines terminating their pension plans
entirely and the industry transitioning away from
defined-benefit plans, Delta is asking Congress for help to
ensure that the benefits people earned will be paid.
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FOR IMMEDIATE RELEASE
CONTACT: Delta Pilots Pension Preservation Organization, Inc.
678 462 7604
770 844 8478
http://www.dp3.org
Delta Retired Pilots’ Organization Praises Pension
Reform Legislation
Chairman speaks in support of predictable,
manageable pension payments
ATLANTA, April 21, 2005 – Senators
Johnny Isakson (R-Ga.) and John D. Rockefeller, IV (D-W.Va.) yesterday
introduced S-861, the Employee Pension Preservation Act of 2005. Retired
Delta Captain, Jim Gray, Chairman-Delta Pilots Pension Preservation
Organization, Inc. issued the following statement in response:
“The Delta Pilots Pension Preservation Organization (DP3) applauds
Senators Isakson and Rockefeller for their leadership and proactive
thinking in support of constituents who have retired from Delta Air
Lines, active employees who are today earning their future retirement
benefits, for all who hope to see Delta continue to survive and prosper.
And ultimately the taxpayers of America will benefit from a continuing
stable airline transportation system ,” Gray said.
“The Employee Pension Preservation Act of 2005 is crucial to Delta’s
transformation plan and is key in Delta’s effort to continue on a path
of viability, Gray said.
--Capt. Gray is a Delta Air Lines pilot who retired with more than 30
years of service.
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Delta CEO Gerald
Grinstein Supports Employee Pension Preservation Act of
2005
ATLANTA, April 21, 2005 - Senators Johnny Isakson (R-Ga.)
and John D. Rockefeller. IV, (D-W. Va.) introduced the Employee
Pension Preservation Act of 2005 (EPPA) on April 20 to protect
pensions of airline employees and to address large pension
funding problems which threaten the industry’s restructuring.
On behalf of Delta Air Lines’ (NYSE: DAL) employees, Gerald
Grinstein, Delta’s chief executive officer, issued the following
statement of support: “Senators Isakson and Rockefeller are to
be commended for their leadership in introducing S. 861. This
legislation represents a very sensible and pragmatic approach to
the airline pension funding crisis, which threatens the benefits
that our workers and retirees have earned and are counting on.
We have joined with Delta employees, retirees, Delta’s Air Line
Pilot’s Association, ALPA national and other airlines in our
efforts to seek legislation in support of this employee benefit.
“Recently, Delta employee teams compromised of frontline
workers, retirees, pilots and management made visits to
Washington, D.C., to discuss their concerns directly with
members Congress. These efforts have complemented the visits
that Delta Chairman Jack Smith and I have made to present our
case directly to Congress and the Bush Administration. I expect
these communications will intensify now that Senators Isakson
and Rockefeller have put forth a very sound solution that
properly addresses the interests of government, the workers and
management.
“On behalf of the people of Delta, I would like to offer my
whole-hearted support to S. 861. We are most grateful to
Senators Isakson and Rockefeller for their willingness to stand
up for the interests of airline employees, to preserve their
retirement benefits and to responsibly reduce the risk for plan
termination and government takeover.”
Delta and other airlines have substantial pension payments due
over the next four years. These payments have the potential to
severely affect Delta’s cash position. Delta, along with other
carriers, needs a solution that provides an affordable way to
fund benefits already earned by employees. EPPA would allow
Delta and other airlines to make payments to its pension plan
over a 25-year period, rather than the current five-year
timeline. With bankrupt airlines terminating their pension plans
entirely and the industry transitioning away from
defined-benefit plans, Delta is asking Congress for help to
ensure that the benefits people earned will be paid.
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Last Updated:
12/11/2008
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