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November 13, 2008

Which companies want pension relief?

Verizon sent me the full letter, including signatories, of pension sponsors requesting relief from Capitol Hill.
Sez AP:

With pension funds facing billions of dollars in shortfalls as markets plunge, major companies are pushing Congress to suspend parts of a two-year-old law that they say could force them to cut jobs as they shift scarce money into ailing retirement pools.

The lobbying effort aims to change a 2006 pension reform law as part of any economic stimulus plan in a lame-duck session of Congress that begins next week. Companies say the current law could force them to tie up cash they desperately need in the face of a global recession.

Signers include: W.R. Grace, Aegon, FMC Corp., Northrop Grumman, Venable and Verizon.

Posted by Jay Hancock at 4:40 PM | | Comments (1)
        

Comments

Are you able to share the list of groups/companies that signed the letter? If not, is that information available somewhere?

Thanks.

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Wednesdays and Fridays.
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