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Kline co-sponsored Pension Protection Act signed into law
Bill helps modernize and strengthen retirement pensions for tens of millions of Americans
August 17, 2006
WASHINGTON – Congressman John Kline (R-MN) today announced the Presidential signing of the Pension Protection Act, which he co-sponsored, that will modernize and strengthen retirement pensions for tens of millions of Americans including 9,100 Northwest Airlines pension plan participants in the Second District.
“This will provide security and peace of mind for thousands of families across the southern Metro area,” said Kline. “People have worked their entire lives for these pensions and nothing is more important than making sure these obligations are met. The bill I co-sponsored protects the pensions of 44 million Americans, including 441,000 Teamsters, and protects the interests of workers, retirees and taxpayers as well as ensures that employers will continue to offer these benefits.”
Congressman Kline was the most junior member of Congress and the only Minnesotan to be named to the select group of House-Senate conferees. Both the House and Senate versions of the pension bill would require companies to better fund their pension plans. But the Senate version of the pension legislation included much needed relief for the airline industry to extend their pension plan funding over a more manageable time period. When an agreement could not be reached in committee, Congressman Kline co-sponsored a separate pension reform bill that included the airline industry provision. President Bush signed that bill today.
Of the 9,100 Northwest Airlines (NWA) pension plan participants in the Second District – 7,100 are NWA employees and 2,000 are NWA retirees.
“Our district’s hard-working airline employees have serious concerns about the future of their pension plans, which is why I have fought for airline relief,” Congressman Kline said. “Without this legislation it was not a matter of if the airlines terminated their plans, it was a matter of when. This pension reform allows Northwest Airlines to emerge from bankruptcy with their pension plans intact.”
To read a letter written to Congressman Kline from Northwest Airlines, click here.
To read a letter written to Congressman Kline from the Air Line Pilots Association, click here.
To read a letter written to Congressman Kline from General Motors, click here.
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