NEWS RELEASE
October 20, 2008
PR-08/24
For additional information:
Jason Hammersla
202-289-6700
Before Congress begins this week’s hearings
Council to unveil plan to address retirement security concerns created by current economic turmoil at Wednesday, October 22, media briefing
| WHO:
| James Klein, president, American Benefits Council
Lynn Dudley, senior vice president, policy, American Benefits Council
Diann Howland, vice president, legislative affairs, American Benefits Council
Jan Jacobson, senior counsel, retirement policy, American Benefits Council
James Delaplane, partner, Davis & Harman LLP
Kent Mason, partner, Davis & Harman LLP |
| WHAT:
| The recent economic turmoil has presented significant concerns for sponsors of defined benefit and defined contribution plans and for plan participants. In response, the American Benefits Council has prepared a multi-part plan to address the uncertainty in retirement security experienced by workers and retirees, as well as the huge unexpected financial obligations faced by employers. As will be highlighted in the upcoming Congressional hearings at the end of this week, those financial obligations are exacerbating corporate liquidity challenges and further hampering efforts by companies to direct resources to business operations that could help lift the economy and create jobs.
The Council’s proposals were developed following discussions with member companies seeking to assist their employees and retirees, and grappling with the recent economic challenges that the companies themselves are experiencing. The multi-part plan builds upon the Council’s recommendations the Council has been making since passage of the Pension Protection Act of 2006, as well as concepts embraced by both presidential candidates. This plan is designed to provide immediate relief to plan participants and to make the funding rules more manageable for the employers who sponsor retirement plans. The Council is seeking any available legislative vehicle for enacting these or other appropriate relief measures during Congress’ upcoming post-election “lame duck” session of Congress.
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| WHERE:
| The in-person briefing will be held at the Council’s offices at 1501 M Street, NW, Suite 600, Washington, DC. (Please note, this is a new location as the Council recently moved.) It is appreciated if you please RSVP for this briefing by clicking here.
Those wishing to participate by conference call, should click here to register for the call and obtain the conference call phone number.
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| WHEN:
| The Council’s plan will be released during a media briefing to be held at 11:30 a.m. Eastern Time on Wednesday, October 22, 2008. Washington, DC-based reporters are welcome to attend the briefing in person at the Council’s offices with a lunch to follow. Reporters outside of Washington, DC, particularly those on the west coast preparing for Wednesday’s House of Representatives Education and Labor Committee hearing on this issue to be held in San Francisco, CA, are welcome to join us by conference call.
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| CONTACT:
| For interviews with Council staff following the briefing or with regard to the Congressional hearings later in the week, please contact Jason Hammersla, Council director, communications, at jhammersla@abcstaff.org or by phone at 202-289-6700.
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# # #
The American Benefits Council is the national trade association for companies concerned about federal legislation and regulations affecting all aspects of the employee benefits system. The Councils member's represent the entire spectrum of the private employee benefits community and either sponsor directly or administer retirement and health plans covering more than 100 million Americans.
# # #
The American Benefits Council is the national trade association for companies concerned about federal legislation and regulations affecting all aspects of the employee benefits system. The Councils member's represent the entire spectrum of the private employee benefits community and either sponsor directly or administer retirement and health plans covering more than 100 million Americans.
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