SENATE RESOLUTION No. 85

STATE OF NEW JERSEY

INTRODUCED MARCH 20, 1997

By Senator BUBBA

A Senate Resolution memorializing the Congress of the United States to ensure that recovery of the cost of environmental cleanup of the Raymark Corporation site in Stratford, Connecticut is effected in such manner as will protect the pensions of former Raymark employees.

Whereas, In January, 1997 the United States Department of Justice and the State of Connecticut brought suit against the Raymark Corporation to recover monies to cover past and future costs of an environmental cleanup of a Raymark site in Stratford, Connecticut; and

Whereas, Part of the relief sought by the suit is the dissolution of the Stratford Trust, which was created by the management of Raymark to fund pension benefits payable to former employees of the Corporation and to which Raymark had assigned its interest in the site, and recovery by the government plaintiffs of any proceeds from the sale of the site to fund their environmental remediation efforts; and

Whereas, The Corporation has offered to give the plaintiffs all payments received under any policy of insurance against liability for the environmental cleanup of Stratford, but has opposed the diversion of any proceeds of the site sale from their intended use to finance pension benefits for Raymark’s former employees; and

Whereas, The urgency of the need to protect the pensions of those former employees is all the more acute because the company through which Raymark funded its retirees' medical and death benefits has become involved as a defendant in numerous personal injury asbestos suits; and

Whereas, While the citizens and government of this State have led the nation in their concern for, and readiness to commit public resources to, the remediation of environmental damage, the State also cherishes and defends the right of employees everywhere to the secure enjoyment upon retirement of the pension benefits that they earned during their working careers; now, therefore,

    Be It Resolved by the Senate of the State of New Jersey:

    1. This House hereby memorializes the Congress of the United States to ensure, through any proper means at its disposal, that the settlement of governmental claims for recovery of any costs of the environmental cleanup of the Raymark Corporation site in Stratford, Connecticut is effected in such a manner as fully protects the pension benefit rights of retirants from employment with Raymark.

    2. Duly authenticated copies of this resolution, signed by the President of the Senate and attested by the Secretary of the Senate, shall be transmitted to the Attorney General of the United States, the Honorable Janet Reno; to the Attorney General of the State of Connecticut, the Honorable Richard Blumenthal; and to each member of the Congress representing this State.

STATEMENT

    This resolution memorializes the Congress of the United States to ensure, through any proper means at its disposal, that the settlement of governmental claims for recovery of any costs of the environmental cleanup of the Raymark Corporation site in Stratford, Connecticut is effected in such a manner as fully protects the pension benefit rights of retirants from employment with Raymark.

Memorializes U.S. Congress to ensure that recovery of cost of environmental cleanup of Raymark Corp. site in Stratford, Connecticut is effected without jeopardizing pensions of former Raymark employees.