Recommending that the U.S. Senate Approve the Pension Restoration Act Amendment to the Older Americans Act

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RESOLUTION NO. 1893 -91 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, RECOMMENDING THAT THE U.S. SENATE APPROVE THE PENSION RESTORATION ACT AMENDMENT TO THE OLDER AMERICANS ACT. WHEREAS, on December 9, 1963, over 8,000 Studebaker workers lost their jobs, and for many, they simultaneously lost their pension benefits; and WHEREAS, in 1974, after hearing hours of testimony from workers, many of whom were former Studebaker employees, Congress passed the Employees Retirement Income Security Act ( ERISA), which became the first comprehensive pension protection act in the United States; and WHEREAS, ERISA protected only pension plans which were in effect in 1974, resulting in former Studebaker workers, and 244,000 other workers, not being protected or covered; and WHEREAS, the Pension Restoration Act, which is being heard today before the U.S. Senate, would provide retirees who lost their pensions before 1974, an annual amount of $75.00 per year of service, or $1,500.00 annually for a 20 -year employee, with a surviving spouse of a deceased employee receiving one -half that amount; and WHEREAS, if the Pension Restoration Act Amendment to the Older Americans Ace is passed, 40,000 Americans nationally who lost their pensions would receive such benefits, of which 2,000 would be former Studebaker employees. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: SECTION I. The Common Council and the Mayor of the City of South Bend, Indiana, on behalf of the thousands of hard - working former employees who lost their pensions, urge the U.S. Senate to pass the Pension Restoration Act Amendment to the Older Americans Act. SECTION II. The Council notes that approximately 2,000 former Studebaker employees or their spouses would benefit from such a new law. SECTION III. The City of South Bend, Indiana, believes that by providing these modest financial benefits, that our government would be helping to "right the wrong ", by assisting these former workers and their families. SECTION IV. This Resolution shall be in full force and effect from and after its adoption and approval by the Mayor. ATTEST: Irene K. Gammon City Clerk Signed this 12th day of November, 1991, by the Mayor of the City of South Bend, Indiana. O Jos E. Kernan, Mayor PRESENTED NOT APPROVED ADOPTED //_ / a -- 9 /