The bill we are introducing today is urgently needed to protect the pension benefits of workers across America. A decent retirement in today’s world depends on Social Security, private pensions, and private savings. But today’s working families find their retirement severely threatened. President Bush wants to privatize Social Security. Private savings are at an all-time low, and now private pensions are in great jeopardy, too.

This challenge has been brought home all too clearly by United Airlines’ recent announcement that it intends to end its pension plans and turn them over to the Pension Benefit Guaranty Corporation. The pensions of over 120,000 workers are at stake. Over $3 billion in their benefits are not guaranteed by the Corporation, and the future pensions they have been promised will be lost as well. These hard-working Americans include thousands of flight attendants like Patrice Anderson, who have made only a modest wage throughout their working lives and for whom “the possible loss of hundreds of dollars a month in old age changes a dignified retirement into a subsistence-level retirement.”

The loss is particularly painful because so many of the employees have accepted lower pay or given back wages and other benefits in order to keep their pension plans. Marilyn King of California worked for United for twenty-five years. She says: “I used to be proud of working for United. Now, I am embarrassed and angry. I am angry that we took 25% in pay cuts, that we gave other concessions; and then our COO and CEO get their bonuses and perks.”

We’ve heard from families and workers across the country. In Massachusetts, Kevin Creighan and his wife Cathy Hampton in Lynn have spent a lifetime with United, “working hard, earning a living, and all along expecting a pension.” They hoped to retire in seven years, with a combined 70 years of loyal service between them. Now, if they want the retirement they were promised by the United Airlines pension plan, they’ll have to work for an additional 15 years.

George Raymond of Arizona retired at the age of 60 after 38 years. He writes that because of this pension termination, he will not be able to afford his medical bills. Richard Myer of California retired after 32 years as a United pilot, and now he has to go back to work and sell his home to support his children and his elderly father-in-law.

Americans who work hard and play by the rules should not be victimized by these broken promises. No wonder they feel betrayed. They share the view of Robert Lamica of Virginia, who says, “I kept my promise to United for 36 years by working in rain, snow, heat, and whatever else nature would throw our way... My back and knees have been destroyed along with my ability to get another job… We need not be left on the curb just because United can.”

These loyal men and women cannot turn back the clock and make different decisions. But Congress can stop that clock and reach a fair solution.

This legislation we are introducing will prevent bankrupt companies from abandoning their pension plans for the next six months. Our action will also ease the growing threat to all defined benefit pension plans. The Pension Benefit Guaranty Corporation estimates that if it takes over the remaining airline defined benefit pension plans, 90% of the claims it must cover will come from airline companies or steel companies, even though such plans include only 5% of the employees covered by the Corporation. The legislation will buy time for us to develop real solutions for the serious problems of these ailing industries.

I urge my colleagues to join me in support of this bill. We owe it to all these hard working Americans whose retirement has been put at risk.