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Oct. 1, 2002

Colorado Congressional Candidates Positions on Retiree Issues

 

Meetings were held with US Senator Wayne Allard, challenger Tom Strickland and US House of Representatives candidates Marilyn Musgrave and Stan Matsunaka with representatives from US West, IBM and Johns Manville retirees associations. A questionnaire defining important retirees' issues was provided each candidate and a response was requested. A summary of the questions and responses follows.

A. Retiree Medical Benefits Question-Do you support legislation similar to House Resolution 1322 to restore life long medical benefits promised to retirees? Will you participate in defining legislation to restore these benefits?
Responses-Senator Allard does not support legislation similar to HR 1322. He believes health care legislation must be carefully crafted to protect current employees and employers and stated he would participate in defining such legislation.

Tom Strickland stated that he would support legislation similar to HR 1322 unless employees had been told that future reductions or cancellations were a possibility. He would participate in defining legislation to provide "adequate" retirement benefits.

Marilyn Musgrave does not have a position on HR 1322. She stated a need for more information on the Bill before she can make a decision to support it. She did commit to participate in defining legislation to restore retiree medical benefits.

Stan Matsunaka concurred completely with the question posed. In a previous meeting he demonstrated complete familiarity with HR 1322 and vowed his support.

B. Pension Plan Reform
Question-Do you support strengthening and enforcing the Employee Retirement Income Security Act of 1974 (ERISA) and eliminating legal loopholes that allow corporate misuse of retiree pension funds? Will you actively pursue legislation to correct these problems?
Responses-Senator Allard, Marilyn Musgrave and Stan Matsunaka all concurred with the pension plan reform questions posed and promised to actively pursue corrective legislation.

Tom Strickland is proposing a new universal pension plan for all employees. It was not clear whether this plan would replace existing company funded pension plans governed by ERISA or only 401K pension plans that are primarily funded by employees.

C. Corporate Boards
Question-Do you support the independence of corporate Board of Directors and executive management? Will you support legislation to correct this industry-wide problem?
Responses-All four candidates concurred on the need for corporate board independence and promised to support legislation to effect this change.

D. Stock Options
Question-Do you support the expensing of stock options in corporate financial reports? Will you pursue legislation to effect this change?
Responses-Senator Allard, Marilyn Musgrave, and Stan Matsunaka all agreed on the question of expensing stock options and promised to pursue corrective legislation.

Tom Strickland believes Congress should ask the Federal Accounting Standards Board to determine how stock options are accounted for. In addition, he favors stockholder approval before such options are awarded.

E. Patented Medicine
Question-Do you support a reduction in patent protections for prescription drugs from 15 years to 5 years or less to stimulate competition and lower prices? Will you pursue legislation to effect this change?
Responses-Senator Allard and Marilyn Musgrave agreed with the question as posed. Stan Matsunaka also concurred, but questioned whether 5 years was the right number. All promised to pursue legislation to make this happen.

Tom Strickland believed closing loopholes in the current patent laws and speeding up the approval process for generic drugs once the patent had expired was the best solution. He also proposed adding a prescription drug benefit to Medicare.

F. Bankruptcy Protection
Question-Do you support the protection of retiree health benefits from corporation Bankruptcies? Will you pursue legislation to provide this protection?
Responses-All four candidates support the protection of retiree health benefits against corporate bankruptcies and stated they would pursue legislation to provide this protection. Tom Strickland proposed adding 401K pension plans to this protection.

G. ERIC
Question-Have you accepted political donations from the ERISA Industrial Committee, a congressional lobbying organization that actively opposes any pension or health care reforms affecting industry.
Responses-All four candidates stated they had not accepted ERIC political donations.

Hopefully, this survey will provide retirees with information on issues important to their futures. Before voting, each person should question their candidates on how they plan to accomplish the promises made herein. Also, this agenda has been adopted by the National Retirees Legislative Network (NRLN), which is headquartered in Washington DC. They will be the "watchdog" that ensures promises made are not forgotten.

John R Kotson
2227 Sunstone Drive, Fort Collins, Co. 80525
970-229-9352 E-mail; jrkotson@yahoo.com