Allen Lauds Army Decision to Pay Retiree Benefits to Holston Defense Corporation
Co-sponsored legislation allows for Congressional review in 60 calendar days
U.S. Senator George Allen (R-VA) today lauded the decision by the Army Contract Adjustment Board (ACAB) to recommend $90 million, plus a 5.25 percent adjustment for lost investment return, to fund Holston Defense Corporation retiree benefits. The Army had previously decided to review whether to continue paying retiree benefits to Holston Defense Corporation. Federal law states that following the Army's decision Congress must review that decision for 60 days while Congress is in session. Senator Allen recently co-sponsored an amendment to the 2007 Department of Defense Appropriations Bill which waived the congressionally mandated 60 day review period from days that Congress is in session to 60 calendar days.
"I am glad to see the retirees at Holston Defense Corporation will continue to receive the benefits they deserve," said Senator Allen. "This is good news for the many Virginians that Holston employs at their plant in Kingsport, Tennessee. The retirees at Holston earned these benefits through years of hard work and the Army has made the right decision to continue providing benefits to Holston's current and future employees."