NAM welcomes action on pension plan funding.December 17, 2008 -
John Engler, President and CEO of NAM, thanked legislators for bipartisan approval of legislation designed to help pension plan sponsors weather current economic crisis. Legislation, approved by unanimous consent in both houses, is an important first step in dealing with this problem. NAM urges Administration to sign bill into law as soon as possible, minimizing adverse impacts of economy on business, workers, and pension benefits plans they sponsor.
NAM Welcomes Action on Pension Plan Funding
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National Association Of Manufacturers (NAM)
1331 Pennsylvania Ave. N.W.
Washington, DC, 20004
Press release date: December 12, 2008
NAM'S ENGLER THANKS CONGRESS FOR BIPARTISAN ACTION ON PENSION LEGISLATION
Calls for Quick Enactment of Critical Funding Relief
WASHINGTON, D.C., December 12, 2008 --John Engler, President and CEO of the National Association of Manufacturers (NAM) today issued the following statement thanking legislators for their bipartisan approval this week of legislation designed to help pension plan sponsors weather the current economic crisis.
In addition to the negative impact on jobs and overall business operations, the current economic crisis is taking a toll on workers' pension plans. At a time when companies desperately need cash to keep their businesses afloat, they also are being required to make unexpectedly large contributions to pension plans to meet funding requirements, diverting important resources from job creation and retention and business investment."
Because of the importance of this legislation to companies and their workers, we urge the Administration to sign the bill into law as soon as possible, minimizing the adverse impacts of the economy on businesses, their workers and the pension benefit plans they sponsor.
The legislation-approved by unanimous consent in both houses- is an important first step in dealing with this problem. We are committed to working with lawmakers in both parties for follow-on funding relief. It is important to ensure that companies' near-term pension funding obligations are not significantly increased because of the current economic situation.
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at www.nam.org for more information about manufacturing and the economy.