BILL REQ. #:  H-4075.1 

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     TO THE HONORABLE GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES, AND TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, AND TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES, IN CONGRESS ASSEMBLED:
     We, your Memorialists, the Senate and House of Representatives of the State of Washington, in legislative session assembled, respectfully represent and petition as follows:
     WHEREAS, The airline industry has recently faced a high number of bankruptcies and financial challenges, including the bankruptcies of United Airlines, Northwest Airlines, and Delta Airlines; and
     WHEREAS, Airlines in bankruptcy have terminated pensions, defaulted on pension obligations to airline employees, and underfunded pension systems; and
     WHEREAS, Existing federal law allows financially weak airlines to avoid contributions to pension plans and to increase plan liabilities that are at least partially insured by the federal Pension Benefit Guaranty Corporation; and
     WHEREAS, When the federal Pension Benefit Guaranty Corporation takes over retirement plans, federal regulations limit the amount of pension payments that can be made, reducing the expected pension payments of some retirees; and
     WHEREAS, Airline employees and retirees need assurance that they will receive the retirement benefits they have depended on receiving; and
     WHEREAS, Several thousand airline pilots and employees live in Washington state; and
     WHEREAS, Northwest Airlines alone currently has nearly 4,000 pension plan participants in Washington state; and
     WHEREAS, Bankrupt airline retirees and employees in Washington state would be devastated by massive cuts in pension benefits; and
     WHEREAS, Without congressional action, more than 300,000 employees and retirees from a variety of airlines nationwide could see their pension benefits reduced or eliminated altogether; and
     WHEREAS, Action at the federal level can help to reduce damage to airline employees who depend on their pensions by providing airlines with flexibility in handling pensions during bankruptcy;
     NOW, THEREFORE, Your Memorialists respectfully pray that the United States Congress declare its support for and enact federal legislation directed at creating airline pension reform and protecting retirement benefits for all employees in the airline industry.
     BE IT RESOLVED, That copies of this Memorial be immediately transmitted to the Honorable George W. Bush, President of the United States, the President of the United States Senate, the Speaker of the House of Representatives, and each member of Congress from the State of Washington.