NAM WELCOMES INTRODUCTION OF PENSION REFORM LEGISLATION

WASHINGTON, D.C., June 9, 2005 - Echoing the sentiments of
the nation's manufacturers, the National Association of Manufacturers
today welcomed the introduction of long-awaited pension reform
legislation by House Education and Workforce Committee Chairman, John
Boehner (R-OH).

"We appreciate the Chairman's efforts to advance the discussion of
pension reform in Congress," began Bob Shepler, the NAM's director of
corporate finance and tax policy.  "We look forward to working with him
and all lawmakers committed to crafting workable solutions for
corporations that continue to offer defined benefit pension plans on a
voluntary basis.

"Reforms must bring certainty to the funding rules by making them
permanent and thereby providing companies with a sound foundation on
which to base funding decisions," Shepler continued. 

"We appreciate the fact that this bill allows companies to contribute
more to their plans during good economic times," explained Shepler, "and
we're grateful for Chairman Boehner's assurances that  final legislation
will ultimately address the legality of 'hybrid plans'" once differences
with other committees can be ironed out.  "Clarification of the legality
of hybrid defined benefit plans remains one of our priorities.

"Manufacturers continue to offer defined benefit pension plans
far more often than other private sector employers.  Manufacturing
employees embrace these plans, so the NAM and its membership want very
much to see final legislation that encourages employers to maintain
them," Shepler concluded.

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