SENATE RESOLUTION NO. 9

(By Senators Love and White)


Requesting West Virginia's congressional delegation investigate the request by Elkem Metals, Inc., for an Internal Revenue Service waiver to reduce the retirement plans of its employees and retirees.

Whereas, The employees of Elkem Metals, Inc., are concerned about the financial stability of their retirement plans; and
Whereas, The concerns of the employees of Elkem Metals, Inc., have escalated since the company filed a request with the Internal Revenue Service to obtain a waiver that would permit the company to reduce the minimum payments the firm is presently required to pay into retirement plans; and
Whereas, While the Senate understands that the actions taken by Elkem Metals, Inc., may be necessary in order to secure a financially stable future for the company, the Senate feels that before such action is granted, there must be a complete and exhaustive examination of the company's financial status to determine if it has the ability to continue to pay the required payments into the retirement plans in order to protect the interests of the employees; and
Whereas, The Senate requests West Virginia's congressional delegation ensure that the request for the waiver from the Internal Revenue Service permitting Elkem Metals, Inc., to reduce the minimum payments made to retirement plans presently offered be fully and unequivocally justifiable. The determination by the Internal Revenue Service should be examined by all interested parties prior to a final rendering of the decision of the Internal Revenue Service for rejection or approval of the waiver; therefore, be it
Resolved by the Senate:
That the Senate hereby requests West Virginia's congressional delegation investigate the request by Elkem Metals, Inc., for an Internal Revenue Service waiver to reduce the retirement plans of its employees and retirees; and, be it
Further Resolved, That the Senate hereby requests West Virginia's congressional delegation to ensure that any decision made by the Internal Revenue Service be fully examined by all interested parties prior to a final rendering of its decision for rejection or approval of any such waiver; and, be it
Further Resolved, That the Clerk is hereby directed to forward a copy of this resolution to West Virginia's congressional delegation.