Chamber Support for Replacement of 30-year Treasury Rate
October 29, 2003
The Honorable Judd Gregg
Chairman
Senate Committee on Health, Education, Labor and Pensions
Washington, DC 20510
Dear Senator Gregg:
On behalf of the U.S. Chamber of Commerce, I want to thank you for the work you have done with respect to finding a replacement for the 30-year Treasury rate as a benchmark for determining pension liabilities. The Chamber supports the bill the Health, Education, Labor and Pensions Committee marked up on October 29, 2003 and encourages the Senate to quickly bring this legislation to the floor.
One of the most pressing issues facing the defined benefit system today is the need to replace the 30-year Treasury rate. Plan sponsors need an immediate, rational replacement to this obsolete rate and the bill that you have introduced will satisfy this need by providing a composite corporate bond rate as a rational replacement that can be implemented immediately.
Again, we thank you for efforts and look forward to continuing to work together to resolve this important issue.
Sincerely,
R. Bruce Josten
Executive Vice President, Government Affairs
U.S. Chamber of Commerce
cc: Senate Committee on Health, Education, Labor and Pensions
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