US Airways President and Chief Executive Officer David Siegel issued the following statement this evening after the vote by the U.S. Senate to defeat by a vote of 64-31 the Specter amendment to H.J. Res. 2, the FY 2003 omnibus appropriations bill. The amendment would have granted the Pension Benefit Guaranty Corporation (PBGC) the ability to authorize a restoration funding plan for the US Airways pension obligations.
“We are deeply disappointed by the outcome of this evening`s vote and the failure of the Senate to see the wisdom and public benefits of a restoration funding proposal to allow us to maintain our pension plans and meet our funding obligations, rather than turn the liability over to the federal government. All of us appreciate the tenacity of Senators Specter and Santorum in getting this measure to the Senate floor twice within the first three weeks of this new Congress - as well as the efforts of Senators Allen, Dole, Warner, Edwards, and Clinton as cosponsors, and the 24 other senators who voted to support the amendment.
“We continue to support and work for any solution that maintains pension benefits which our pilots have worked so hard to earn, especially given the sacrifices they have already made to help this company successfully restructure.”
Reporters needing additional information should contact US Airways Corporate Communications at (703) 872-5100.