Frank Lautenberg: “this pension bill is a good bill, but it is not a perfect bill. It will make sure companies put real money behind their…”

“this pension bill is a good bill, but it is not a perfect bill. It will make sure companies put real money behind their pension promises, in good times and bad. It will give workers more information about their pension plans so they understand the risks they face. It will create incentives to encourage more workers to save for their retirement. Unfortunately, the bill is not fair to all airlines. The bill gives advantages for some carriers at the expense of others--especially disadvantaging those in New Jersey. As a result of this bill, some airlines will have to contribute hundreds of millions of dollars more to their pensions than others. That isn't fair, and it doesn't create a level competitive playing field. The Senate agreed that this isn't fair, and that is why the Senate's version of airline relief treated all airlines equally. If the House Republican conferees had not hijacked this conference, I believe we wouldn't be in this position. But we have been put in a very difficult place. We are forced to choose between stopping this bill and endangering pensions for hundreds of thousands of workers and accepting an outcome that is blatantly unfair. I hope and expect that when this bill passes, we will be able to work together to fix this problem at the first opportunity.”