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I am writing to urge you to in an effort to protect workers’ and retirees’ health care from being eliminated by bankrupt companies and urging you to pass bankruptcy reform legislation like the Health Benefit Protection Act (HBPA) and H.R. 5383 ( Protection of Coal Industry Health Benefits).
Recently the passage of such legislation has shown dire importance, especially in the states of Kentucky, West Virginia and Illinois where On Aug. 31, 2004 in Lexington, KY, U.S. Bankruptcy Judge William Howard finalized the decision allowing Horizon Natural Resources to file bankruptcy, thus voiding union contracts providing health care coverage for nearly 3,000 employees, including 2,300 retirees -- many of whom suffer from black lung as a result of their working years at Horizon. For many of these miners their only hope for health care coverage will be the passage of such legislation.
Across the country, companies such as Horizon Natural Resources have used bankruptcy to rid themselves of health insurance for their workers and retirees. The HBPA bill and other bankruptcy reform bills would give workers an opportunity to access company assets by creating a trust that would preserve some health care benefits.
This legislation is an effort to stop companies from breaking the promises they have made to their workers about health care.
Under current law, workers are at the back of the line when creditors are paid.Sadly, a company that sold a bag of rock dust to a mine last month has a greater claim in bankruptcy court than a retired miner who put in 40 years underground. That is unacceptable.
Together, we must find a way to deliver relief to working families who worry every day that they may lose their hard-earned benefits
HPBA legislation would give workers a “priority claim” on the sale of company assets. Any revenue generated from company assets would be placed in a trust to maintain workers’ health care. HPBA would also increase from $4,650 to $15,000 the back-pay, vacation time, severance, or benefit payments workers can claim. In addition, the bill would recover excessive payouts made to company executives or insiders just before declaring bankruptcy.
Workers and retirees earned these benefits and should be entitled to what is rightfully theirs, instead of having it all taken away because of a company fails financially.
I urge you and your constituents to move promptly and vote for the passage legislation that would protect workers benefits when corporations file bankruptcy and to fully understand that millions of American workers and retirees futures are hanging in the balance of your decision.
American workers and retirees use this issue to evaluate your commitment to working families and we await your prompt response. |
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