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Auto Industry Loan

(Alliance for Retired Americans)

November 18, 2008

Dear Senator:

The Alliance for Retired Americans, on behalf of its more than three million members throughout the nation, urges you to vote for cloture and passage of legislation to provide bridge loans to the American automobile industry.

This legislation is vital for not only for the automobile industry but for millions of retirees from that industry as well as millions of other retirees. Liquidation of automobile companies will cause immediate reductions in the pension and health benefits of industry retirees as well as their spouses and dependents. In addition, such a calamity would overwhelm the ability of the Pension Benefit Guaranty Corporation to meet its obligations regardless of industry. The federal government would also incur additional liabilities for the health care costs of retirees who have not reached age 65.

Passage of a bridge loan package to the automobile industry, as proposed, will not create new costs to taxpayers. In fact, it will aid in stabilizing the pension and health care benefits of many of our members and many other retirees. If we can be of assistance, please contact Richard Fiesta, Director of Government and Political Affairs, at the Alliance. The Alliance for Retired Americans is committed to enacting legislation that improves the quality of life for retirees and all Americans.

Sincerely yours,

George J. Kourpias
President

Ruben Burks
Secretary-Treasurer

Edward F. Coyle
Executive Director

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