Chamber Urges Continued Bipartisan Effort on the Pension Stability Act

January 29, 2004

The Honorable Bill Frist, M.D.
Majority Leader
United States Senate
Washington, D.C. 20510

The Honorable Thomas A. Daschle
Minority Leader
United States Senate
Washington, D.C. 20510

Dear Majority Leader Frist and Minority Leader Daschle:

The U.S. Chamber of Commerce congratulates you on the passage of H.R. 3108, the Pension Stability Act. This action was a significant step toward providing legislation that is necessary to bring stability to retirement planning and to protect the retirement interests of millions of workers.

As you are aware, the replacement of the 30-year Treasury rate is critically important to the continued vitality of the defined benefit plan system. As all parties have agreed that a composite corporate bond rate is an appropriate replacement for the defunct 30-year Treasury rate, we hope that this legislation can move forward without further delay.

We encourage the Senate to continue its bi-partisan efforts and to promptly appoint conferees in order to complete action on this important legislation. The many members of the Chamber and the workers that they employ eagerly await resolution of this issue.

Thank you again for your hard work and leadership in replacing the 30-year Treasury rate.

Sincerely,

R. Bruce Josten
Executive Vice President, Government Affairs
U.S. Chamber of Commerce