Delta CEO Supports Pension Legislation

U.S. Rep. Tom Price has
introduced into the U.S. House of Representatives the Employee Pension
Preservation and Taxpayer Protection Act of 2005 (EPPTPA), designed to
protect the pensions of airline employees and address pension funding
problems which threaten the industry’s efforts to restructure.On behalf of Delta Air Lines’ employees and retirees, Chief Executive
Officer Gerald Grinstein (pictured) issued the following statement of support:

“Representative Price and the 11 members cosponsoring H.R. 2106 are to be
commended for their leadership in introducing the Employee Pension
Preservation and Taxpayer Protection Act of 2005. This legislation
represents a very sensible and pragmatic approach to large, short-term
airline pension funding obligations, which threaten the benefits that our
employees and retirees have earned and are counting on. We have joined
with Delta employees, retirees, the Air Line Pilots Association and other
airlines to convince Congress that legislation is needed to ensure an
orderly industry restructuring that protects employees, retirees and the
government.

Delta and other airlines have substantial pension payments due over the
next several years. These large payments have the potential to severely
affect Delta’s cash position. Delta, along with other carriers, needs a
pension funding schedule that provides an affordable way to meet the
benefit obligations, already earned by employees and retirees. EPPTPA
would allow Delta to make payments to its pension plan over 25 years,
rather than the current five-year timeline. With bankrupt airlines
terminating their pension plans entirely and other carriers failing even
to offer their employees defined benefit plans, Delta is merely asking
Congress to pass legislation to allow Delta to improve the prospects for
benefits people have already earned.”
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