About the Pension Protection Act
Several comments on this blog deal with the effect of the new Pension Protection Act (PPA) and whether there is sufficient funds for adjustments for retirees. CORRE is working with the Congressional offices to get clarified the costs of the requests of CORRE, the effects of the PPA, and the relative adequacy of the surplus to grant the requests. The companies have supplied info on the costs of the CORRE requests, which was basically the info calculated in 2005. CORRE has suspected these are not correct. Senator Alexander's office is taking the lead on this, and is focusing on getting the numbers correct at the present time. CORRE officers, based on their own advice from counsel familiar with the PPA, and based on their own knowledge of costs of what it is requesting on behalf of retirees, firmly believe that there are sufficient funds for the adjustments. CORRE officers are working with the Congressional offices to establish these facts.
Pete Lotts