SENATE RESOLUTION NO. 9
(By Senators Love and White)
Requesting West Virginia's congressional delegation investigate the
request by Elkem Metals, Inc., for an Internal Revenue Service
waiver to reduce the retirement plans of its employees and
retirees.
Whereas, The employees of Elkem Metals, Inc., are concerned
about the financial stability of their retirement plans; and
Whereas, The concerns of the employees of Elkem Metals, Inc.,
have escalated since the company filed a request with the Internal
Revenue Service to obtain a waiver that would permit the company to
reduce the minimum payments the firm is presently required to pay
into retirement plans; and
Whereas, While the Senate understands that the actions taken
by Elkem Metals, Inc., may be necessary in order to secure a
financially stable future for the company, the Senate feels that
before such action is granted, there must be a complete and
exhaustive examination of the company's financial status to
determine if it has the ability to continue to pay the required
payments into the retirement plans in order to protect the
interests of the employees; and
Whereas, The Senate requests West Virginia's congressional
delegation ensure that the request for the waiver from the Internal Revenue Service permitting Elkem Metals, Inc., to reduce the
minimum payments made to retirement plans presently offered be
fully and unequivocally justifiable. The determination by the
Internal Revenue Service should be examined by all interested
parties prior to a final rendering of the decision of the Internal
Revenue Service for rejection or approval of the waiver; therefore,
be it
Resolved by the Senate:
That the Senate hereby requests West Virginia's congressional
delegation investigate the request by Elkem Metals, Inc., for an
Internal Revenue Service waiver to reduce the retirement plans of
its employees and retirees; and, be it
Further Resolved, That the Senate hereby requests West
Virginia's congressional delegation to ensure that any decision
made by the Internal Revenue Service be fully examined by all
interested parties prior to a final rendering of its decision for
rejection or approval of any such waiver; and, be it
Further Resolved, That the Clerk is hereby directed to forward
a copy of this resolution to West Virginia's congressional
delegation.