Hearing From America On United Airlines Pension Collapse
Mr. Speaker, Congress needs to hear from America about the severe loss of private pensions. Tonight, I would like to share with my colleagues some of the testimony my Democratic colleagues and I have received through the first-ever…
Mr. Speaker, Congress needs to hear from America about the severe loss of private pensions. Tonight, I would like to share with my colleagues some of the testimony my Democratic colleagues and I have received through the first-ever congressional E-hearing.
It is clear from United Airlines' attempt to dump $6.6 billion onto the Federal pension agency known as the Pension Benefit Guarantee Corporation and to cut over $3 billion in pension benefits from its employees that the Federal pension laws are seriously broken.
Like United, other large companies have also abused Federal law to terminate their employees' pension plans and to deeply reduce the retirement security that hard-working Americans had every right to expect to have. These runaway pension terminations threaten employees, investors and taxpayers.
In the case of United, if it is allowed to dump all of its pension obligations onto the Federal Government, then its competitor airlines will seek to do the same. This is a real crisis, and it demands action. This crisis is about hard-working employees who in many cases will lose half or even more than half of the nest egg promised by their employers.
United failed to put away enough for the hard times, but it is the employees and taxpayers that are suffering the consequences. Congress needs to hear from United employees and from other Americans suffering from the collapse of private pension plans.
But, as with so many other important pocketbook issues, this Congress, under the Republican leadership, does not listen. It does not afford average Americans an opportunity to be heard.
Democrats are listening, and we want to hear from America.
To do that, my Democratic colleagues and I on the Committee on Education and the Workforce, and also with the gentlewoman from Illinois (Ms. Schakowsky), held the first-ever congressional E-hearing. We set up an online forum to hear from experts on the United pension crisis and from the employees and the retirees themselves.
The response has been overwhelming. We have received some 2,000 heartbreaking e-mails. These statements demonstrate what a real crisis looks like. I want to share with my colleagues and the public some of these e-mails. On my Web site you can read all of the testimony at house.gov/georgemiller.
Here is the testimony of Mynette Wijnveldt, of Mililani, Hawaii, who writes: ``My husband and I were both employed as United Airlines flight attendants for 27 years. In 2001, he was diagnosed with a rare illness and became totally disabled. At age 50, he had to medically retire because he was no longer able to work. While I am still employed by United, I am seriously concerned about our future.
``If United is allowed to dump this pension our family will be hit very hard. My husband's medical retirement was severely reduced due to the early retirement factors, and I have lost 35 to 40 percent because of cuts in the plans resulting from the negotiated changes to our contract.
``If United is able to dump our pensions on the PBGC and walk away from its promise, we stand to lose our home and I will be working until I can no longer do so.''
Here is another testimony, from Proctor Lucius in Carlsbad, California: ``I sit in jeopardy of losing over 70 percent of my monthly income and with financial obligations not only for my immediate family but assisted living care for my elderly mother. Our future is very ominously bleak. As you are well aware, the costs for everything, especially medical care, are increasing astronomically and Social Security is pitifully inadequate to compensate. Now Social Security is in jeopardy of being thrown into the giant casino of Wall Street. Where does it end?''