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Y 4.AG 4:S.HRG.106-856

S. HRG. 106-856

JOINT HEARING ON PENSION TENSION:
DOES THE PENSION BENEFIT GUARANTY
CORPORATION DELIVER FOR RETIREES

JOINT HEARING

BEFORE THE

SPECIAL COMMITTEE ON AGING

AND THE

COMMITTEE ON SMALL BUSINESS

UNITED STATES SENATE

ONE HUNDRED SIXTH CONGRESS

SECOND SESSION

WASHINGTON, DC

SEPTEMBER 21, 2000

Serial No. 106-38

Printed for the use of the Special Committee on Aging

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 2000

67-979 cc

For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC. 20402

MAR 1 2 2001

STANFORD UNIVERSITY

JONSSON LIBRARY

SPECIAL COMMITTEE ON AGING

CHARLES E. GRASSLEY, Iowa, Chairman JAMES M. JEFFORDS, Vermont

JOHN B. BREAUX, Louisiana LARRY CRAIG, Idaho

HARRY REID, Nevada CONRAD BURNS, Montana

HERB KOHL, Wisconsin RICHARD SHELBY, Alabama

RUSSELL D. FEINGOLD, Wisconsin RICK SANTORUM, Pennsylvania

RON WYDEN, Oregon CHUCK HAGEL, Nebraska

JACK REED, Rhode Island SUSAN COLLINS, Maine

RICHARD H. BRYAN, Nevada MIKE ENZI, Wyoming

EVAN BAYH, Indiana TIM HUTCHINSON, Arkansas

BLANCHE L. LINCOLN, Arkansas JIM BUNNING, Kentucky

THEODORE L. TOTMAN, Staff Director
MICHELLE EASTON, Minority Staff Director

COMMITTEE ON SMALL BUSINESS

CHRISTOPHER S. BOND, Missouri, Chairman CONRAD BURNS, Montana

JOHN F. KERRY, Massachusetts PAUL COVERDELL, Georgia

CARL LEVIN, Michigan ROBERT F. BENNETT, Utah

TOM HARKIN, Iowa OLYMPIA J. SNOWE, Maine

JOSEPH I. LIBERMAN, Connecticut MIKE ENZI, Wyoming

PAUL WELLSTONE, Minnesota PETER G. FITZGERALD, Illinois

MAX CLELAND, Georgia MIKE CRAPO, Idaho

MARY L. LANDRIEU, Louisiana GEORGE V. VOINOVICH, Ohio

JOHN EDWARDS, North Carolina SPENCER ABRAHAM, Michigan

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JOINT HEARING ON PENSION TENSION: DOES THE PENSION BENEFIT GUARANTY CORPORATION DELIVER FOR RETIREES

THURSDAY, SEPTEMBER 21, 2000

U.S. SENATE,
SPECIAL COMMITTEE ON AGING,
AND THE COMMITTEE ON SMALL BUSINESS,

Washington, DC.
The committee met jointly, pursuant to notice, at 8 a.m., in room
SD-562, Dirksen Senate Office Building, Hon. Charles Grassley
(Chairman of the Committee) presiding.
Present: Senators Grassley, Breaux and Bond.
OPENING STATEMENT OF SENATOR CHARLES GRASSLEY,

CHAIRMAN The CHAIRMAN. Thank you all for coming. And as everybody who observes Congress to any great extent, and that is probably a large-like I was about to say, there is unusual things happening. [Laughter.]

And the most unusual is that we are meeting at 8 in the morning. And you can see that even the mechanical aspects of Congress do not operate very well at 8 o'clock in the morning. This is necessary because Senator Breaux and I are members of the Senate Finance Committee. And a meeting that was scheduled for yesterday at 10 o'clock was postponed to today at 10 o'clock, which interfered with our hearing. And so we called this at 8 o'clock in the morning to be able to accommodate all of our responsibilities for today.

So those of you who have come out early, we thank you very much for doing that, particularly those who had to come, members of this committee, as well as our witnesses.

I thank Senator Bond, Chairman of the Committee on Small Business, and I thank the ranking members of both committees, Senator Breaux and Senator Kerry, for their support of this oversight hearing, and I thank my fellow members on both sides of the aisle for taking time out of their busy schedule at the end of the session to attend this hearing and also a second thank you for accommodating us by starting at 8 in the morning, for a second time, and I think they deserve it to thank our witnesses for being here today and again earlier than usual.

Your testimony as witnesses will assist the committee greatly in determining how best to address the matters that are raised by you and by our investigators. I appreciate everyone's cooperation in

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