Pomeroy-Tiberi Proposal Protects Pensions, Preserves Jobs

New Orleans, La. – Entergy Corporation Executive Vice President Curt L. Hébert today announced the company’s support for federal legislation to provide some relief to businesses facing significant increases in mandatory pension contributions next year.

Pension plans across the nation were hit hard by the stock market collapse, so businesses must increase their contributions to their plans, putting additional financial strain on firms already struggling in tough economic conditions. A bill by U.S. Reps. Earl Pomeroy (D-N.D.) and Pat Tiberi (R-Ohio) would extend the time period for employers to recover their 2008 investment losses from the current seven years to either nine years or 15 years.

Hébert issued the following statement:

“This legislation would provide much needed optionality for American business. Financial market fluctuations in the past year have given rise to greater need by business to possess the ability to use cash for capital projects instead of short-term recovery pension investments that can easily be met if the market is given time to adjust. Those markets should be given an opportunity for recovery and not negatively impact business decisions on capital project investment that could provide more jobs.”

Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the second-largest nuclear generator in the United States. Entergy delivers electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $13 billion and approximately 14,700 employees.

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entergy.com