HOUSE RESOLUTION NO. 20

(By Mr. Speaker, Mr. Kiss, and Delegates Hamilton, Ellem,

Brown, Poling,Amores, Anderson, Argento, Ashley, Azinger, Barker, Beach, Beane, Blair, Boggs, Border, Browning, Butcher, Campbell, Cann, Canterbury, Caputo, Carmichael, Craig, Crosier, DeLong, Doyle, Duke, Eldridge, Ennis, Evans, Ferrell, Fragale, Frederick, Frich, Hall, Hartman, Hatfield, Houston, Howard, Hrutkay, Hunt, Iaquinta, Kominar, Leach, Long, Longstreth, Louisos, Mahan, Manchin, Marshall, Martin, Michael, Miley, Moore, Morgan, Palumbo, Paxton, Perdue, Perry, Pethtel, Pino, Proudfoot, Roberts, Romine, Rowan, Schadler, Schoen, Sobonya, Spencer, Stalnaker, Staton, Stemple, Stephens, Stevens, Sumner, Susman, Swartzmiller, Tabb, Talbott, Tansill, Rick Thompson, Ron Thompson, Trump, Tucker, Varner, Wakim, Walters, Webster, Wells, Gil White, H. K. White, Williams, Wysong, Yost)



Urging the members of the United States Congress to take steps to prohibit companies that file bankruptcy from voiding pension obligations to employees and retirees.

Whereas, A federal agency was created in 1974 to provide timely and uninterrupted payment of pension benefits; and
Whereas, The Pension Benefit Guaranty Corporation collects insurance premiums from employers that sponsor insured pension plans; and
Whereas, The Pension Benefit Guaranty Corporation guarantees basic pension benefits earned by 44.4 million American workers and retirees; and
Whereas, The Pension Benefit Guaranty Corporation had a surplus of 9.7 billion dollars in 2000; and
Whereas, The current bankruptcies in the steel, airline and coal industries have resulted in millions of workers losing some or all of their pensions; and
Whereas, The Pension Guaranty Corporation now faces a deficit of more than 23 billion dollars; therefore, be it
Resolved by the House of Delegates:
That the Congress is urged to take steps to stop companies that file bankruptcy from voiding pension obligations; and, be it
Further Resolved, That the Clerk is hereby directed to forward a copy of this resolution to each member of the United States Congress.