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Delta, Isakson respond to WSJ pension editorial

June 29, 2006

“It is the responsible and right thing to do, and it is needed now.”

-- Rob Kight

Senator Johnny Isakson (R., Ga.) and Delta’s Rob Kight, vice president – Compensation, Benefits and Services, have issued responses to the June 27 Wall Street Journal editorial, Pension crash Landing. The WSJ editorial described pension reform legislation being conferred in Congress as, “another pension fix that would give airlines one more reprieve and make taxpayers even more vulnerable.” Not so said Isakson and Kight. 

“I take great exception to the premise of your June 27 editorial … that pension reform … will result in a taxpayer bailout of the airlines. In fact, this proposed pension reform will protect the American taxpayer,” begins Sen. Isakson. He further clarifies that “these steps will help to ensure that Delta does not turn over the pension plan for its other 91,000 employees to the [Pension Benefit Guaranty Corporation].” 

Kight reiterated the sense of urgency while explaining the significant impact on Delta’s pension plans of the economic events beginning with the attacks of 9/11. “… – as recently as July 2001 – Delta’s soundly managed pension plans had a funded status ratio of 100% or better for ERISA current liability purposes.”

“Rather than discourage the strong and steadfast momentum on Capitol Hill, we should be adding to the more than 58,000 messages of support sent by Delta people to Congress lauding lawmakers’ efforts … and urging them to quickly adopt pension reform legislation with the airline funding provisions,” concluded Kight. 

Delta obviously has the strong support of Sen. Isakson and many others on Capitol Hill, and Delta people can voice their appreciation while urging swift action by calling or e-mailing their Senators and Representatives, asking them to complete pension reform as soon as possible after their Fourth of July recess.  

Links:
Senator Isakson’s Response
Rob Kight’s Response
Pension Reform Take Action Site

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