FED-DOCS Y 4.AG 4:S.HRG.106-856 S. HRG. 106-856 JOINT HEARING ON PENSION TENSION: JOINT HEARING BEFORE THE SPECIAL COMMITTEE ON AGING AND THE COMMITTEE ON SMALL BUSINESS ONE HUNDRED SIXTH CONGRESS SECOND SESSION 67-979 cc WASHINGTON, DC SEPTEMBER 21, 2000 Serial No. 106-38 Printed for the use of the Special Committee on Aging U.S. GOVERNMENT PRINTING OFFICE For sale by the U.S. Government Printing Office DEPOSITORY Superintendent of Documents, Congressional Sales Office, Washington, DC. 20402 MAR 1 2 2001 STANFORD UNIVERS JONSSON LIBRAR Barbara D. Bovbjerg, Associate Director, Education Workforce, and Income Security Issues, Health Education, and Human Services Division, U.S. Gen- eral Accounting Office, Washington, DC Robert H. Hast, Assistant Comptroller General, Office of Special Investiga- tions, U.S. General Accounting Office, Washington, DC David Strauss, Executive Director, Pension Benefit Guaranty Corporation, Letter from Richard Brooks, Association of Former Pan Am Employees Letter from David W. Kuhnsman, Attorney-Advisor Investigations into Allegations of Contract Improprieties from Pension Benefit 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 (1) |