Groups Call for Legislation to Extend Relief to Pension Funds
Groups Call for Legislation to Extend Relief to Pension Funds
- Institutional AuthorsA. O. Smith CorporationABF Freight System, Inc.AbitibiBowaterAGL ResourcesAgricultural Retailers AssociationAllegheny EnergyALLETE/Minnesota PowerAlliance for Children and FamiliesAlliant Energy CorporationAmeren CorporationAmerican Benefits CouncilAmerican Electric PowerAmerican Federation of MusiciansAmerican Federation of Musicians and Employers' Pension FundAmerican Federation of Television and Radio ArtistsAmerican Hospital AssociationAmerican Institute of Certified Public AccountantsAmerican Safety Razor CompanyAmerican Society of Association ExecutivesAmerican Trucking AssociationsArcelorMittalArcher, Byington, Glennon & Levine, LLPAssociated Benefits CorporationAssociation for Financial Professionals (AFP)ASPPA College of Pension ActuariesAugusta HealthAvaya Inc.Avista CorporationBAE Systems, Inc.Bakery, Confectionery, Tobacco Workers and Grain Millers International UnionBakery & Confectionery Union & Industry International Pension FundBechtel Construction CompanyBituminous Coal Operators' Association, Inc.Black & DeckerBlack Hills CorporationBuck ConsultantsBusiness RoundtableCaraustar IndustriesCarey Dubois Smithfield FoodsCentral Pennsylvania Teamsters Pension FundCentral Pension Fund of the International Union of Operating Engineers and ParticipatingEmployersCentral Vermont Public Service CorporationCH Energy Group Inc.Chevron CorporationCMS EnergyCognis CorporationConnecticut Hospital AssociationConsolidated Edison, Inc.Con-way IncConAgra Foods, Inc.Constellation EnergyConstruction Employers' Association of CaliforniaConstruction Employers Association of CNY, Inc.Construction Employers Labor Relations Association of New York State, Inc. (CELRA)Crawford & CompanyCUNA Mutual GroupDeseret Mutual Benefit AdministratorsDirect Marketing Association (DMA)DominionDTE EnergyDuke EnergyDuquesne Light CompanyEaster SealsEastern Connecticut Health NetworkEastern Contractors Association, Inc.Edison Electric InstituteEdison InternationalEli Lilly and CompanyEnergy Future Holdings CorporationEngineering and Utility Contractors Association (EUCA)Entergy CorporationExelon CorporationFinancial Executives International Committee on Benefits FinanceFinancial Services RoundtableFinishing Contractors AssociationFirstEnergy Corp.FirstGroup AmericaFood Marketing InstituteFormica CorporationFox Entertainment GroupGeneral Dynamics CorporationGirl Scouts of the USAGraphic Packaging International, Inc.Great Lakes Fabricators & Erectors AssociationGreat Plains EnergyGreyhound Lines, IncHagerstown Motor Carriers and Teamsters Pension FundHallmark Cards, Inc.Hawaiian Electric Company, Inc.Hewitt AssociatesHillside Family of AgenciesHooker & Holcombe, Inc.Horizon Actuarial ServicesHospital & Healthsystem Association of PennsylvaniaHospital for Special SurgeryHoughton Mifflin HarcourtHR Policy AssociationKing Kullen Grocery Co., Inc.Idaho PowerIndiana Manufacturers AssociationIndianapolis Power & Light CompanyIngram Industries Inc.Intelsat CorporationInternational Association of Bridge, Structural, Ornamental and Reinforcing Iron WorkersInternational Association of Heat and Frost Insulators and Allied WorkersInternational Association of Machinists and Aerospace WorkersInternational Brotherhood of BoilermakersInternational Brotherhood of TeamstersInternational Council of Employers of Bricklayers and Allied CraftworkersInternational Union of Bricklayers and Allied CraftworkersInternational Union of Elevator ConstructorsInternational Union of Operating EngineersInternational Union of Painters and Allied TradesJewish Federations of North AmericaJewish Senior LifeJohns Hopkins InstitutionsKaleida HealthKansas City Power and LightKeller Technology CorporationKoppers Inc.Land O' Lakes Inc.Lockheed Martin CorporationMachine & Welding Supply Co.MassMutual Financial GroupMDU Resources GroupMechanical Contractors Association of America (MCAA)MercerMetLifeMichigan Education AssociationMirant CorporationMoog Inc.Motor & Equipment Manufacturers AssociationMutual of OmahaNational Association of Chain Drug Stores, Inc.National Association of ManufacturersNational Association of Waterfront EmployersNational Association of Wholesaler-DistributorsNational Council of Chain RestaurantsNational Council of Farmer CooperativesNational Education AssociationNational Electrical Contractors AssociationNational Elevator Industry Pension PlanNational Federation of Independent BusinessNational Federation of NursesNational GridNational Gypsum CompanyNational Mining AssociationNational Retail FederationNational Rural Electric Cooperative AssociationNational Shopmen Pension FundNavistar, Inc.NCCMPNCR CorporationNew England Teamsters & Trucking Industry Pension FundNewell RubbermaidNewPage CorporationNewspaper Association of AmericaNewYork-Presbyterian HospitalNew York State Nurses AssociationNiSource Inc.Northeast UtilitiesNorthrop Grumman CorporationNorthShore-Long Island Jewish Health SystemNorthWestern Energy CorporationNSTARNuclear Energy InstituteOperative Plasterers' and Cement Masons' International Association of the United States andCanadaOGE Energy Corp.Otter Tail CorporationOverlake Hospital Medical CenterPaul, Hastings, Janofsky & Walker LLPPeabody EnergyPepco Holdings, Inc.PG&E CorporationPietzsch, Bonnett & Womack, PAPipe Fitters' Association Local Union 597Portland General ElectricPNM ResourcesPPG IndustriesPrairie Farms Dairy, Inc.Premier Health PartnersPrincipal Financial GroupPrinting Industries of AmericaProgress EnergyPublic Service Enterprise Group, Inc.QBE the AmericasQwest Communications International IncorporatedRaytheon CompanyRensselaer Polytechnic InstituteRhodes-Joseph & Tobiason Advisors, LLCRockwell CollinsRockwell AutomationRR DonnelleyRSM McGladrey, IncRyder System, Inc.Safeway Inc.Saint Barnabas Health Care SystemSaint Peter's CollegeSamsonite, LLCSchnucks Markets, Inc.Sheet Metal Workers International AssociationSheet Metal Workers Local 7 Zone 3 Pension FundSheet Metal Workers' Local Unions and Councils Pension FundSheet Metal Workers' National Pension FundSheet Metal/Air Conditioning Contractors' National AssociationSmurfit Stone Container CorporationSonySouthern CompanySouthern StatesSpectra EnergySpivak Lipton LLPSUPERVALUSwedish Health ServicesTechnitrol, Inc.TECO Energy, Inc.The American Public Power AssociationThe Associated General Contractors of AmericaThe Associated PressThe Association of Union Constructors (TAUC)The Brink's CompanyThe Business Council of New York StateThe Dayton Power and Light CompanyThe Empire District Electric CompanyThe Epler CompanyThe ERISA Industry CommitteeThe Goodyear Tire & Rubber CompanyThe International Brotherhood of Electrical WorkersThe Kroger Co.The Pep Boys -- Manny, Moe & JackThe Segal CompanyToshiba America, Inc.Towers WatsonUnited Association Plumber and Pipe Fitters for the United States and Canada (UA)UA Plumbers and Pipefitters National Pension FundUniSource Energy CorporationUnisysUnited Illuminating CompanyUnited Plan AdministratorsUnited Technologies CorporationUPSU.S. Chamber of CommerceVectren CorporationVenable LLPVigilantVought Aircraft Inc.Westar EnergyXcel Energy, Inc.Xerox CorporationYRC Worldwide
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2010-1779
- Tax Analysts Electronic Citation2010 TNT 16-38
January 19, 2010
TO THE MEMBERS OF THE UNITED STATES CONGRESS:
The undersigned organizations, which provide retirement benefits to millions of workers, urge you to enact legislation as soon as possible to provide much needed relief for single-employer, multi-employer, and multiple-employer pension funds. Without funding relief, many jobs will be lost and the economic recovery will be significantly slowed.
In December, over 70 trade and labor organizations wrote a joint letter to the President emphasizing that defined benefit funding relief is directly related to improving the economy and employment. Unexpectedly large funding requirements will continue to require many employers to lay off workers, close plants, and postpone investments in order to fund their pension plans, which are long-term obligations. Several independent reports and studies have highlighted the direct link between unexpected funding obligations and the negative impact on employment.
Even with the relief provided byWorker, Retiree, and Employer Recovery Act of 2008 and the Treasury Department, minimum contributions requirements for 2010 and 2011 will still far exceed the minimum contribution requirements for 2008; in addition, many companies are not eligible for the relief and thus face daunting contribution obligations for 2009. To meet these short-term obligations, many employers will be forced to divert cash needed for current job retention and creation and investment in their organizations to their pension plans to fund longterm obligations.
Some have argued that plan sponsors can simply borrow the money to pay greatly increased pension plan contributions. However, access to credit remains limited. When the Association for Financial Professionals asked about actions taken since the start of the credit crisis, 75 percent reported freezing or reducing hiring, 67 percent reduced capital spending and 63 percent considered staff reductions and/or layoffs. Such actions will accelerate if plan sponsors are required to put much larger contributions into their pension plans.
Thank you in advance for your support for this important effort. We look forward to working with you and your staff to advance legislation that will promote our nation's economic recovery and reinvestment, while securing sound long-term pension plan funding.
A.O. Smith Corporation
ABF Freight System, Inc.
AbitibiBowater
AGL Resources
Agricultural Retailers Association
Allegheny Energy
ALLETE/Minnesota Power
Alliance for Children and Families
Alliant Energy Corporation
Ameren Corporation
American Benefits Council
American Electric Power
American Federation of Musicians
American Federation of Musicians
and Employers' Pension Fund
American Federation of Television
and Radio Artists
American Hospital Association
American Institute of Certified
Public Accountants
American Safety Razor Company
American Society of Association
Executives
American Trucking Associations
ArcelorMittal
Archer, Byington, Glennon & Levine,
LLP
Associated Benefits Corporation
Association for Financial
Professionals (AFP)
ASPPA College of Pension Actuaries
Augusta Health
Avaya Inc.
Avista Corporation
BAE Systems, Inc.
Bakery, Confectionery, Tobacco
Workers and Grain Millers
International Union
Bakery & Confectionery Union &
Industry
International Pension Fund
Bechtel Construction Company
Bituminous Coal Operators'
Association, Inc.
Black & Decker
Black Hills Corporation
Buck Consultants
Business Roundtable
Caraustar Industries
Carey Dubois Smithfield Foods
Central Pennsylvania Teamsters
Pension Fund
Central Pension Fund of the
International Union of Operating
Engineers and Participating
Employers
Central Vermont Public Service
Corporation
CH Energy Group Inc.
Chevron Corporation
CMS Energy
Cognis Corporation
Connecticut Hospital Association
Consolidated Edison, Inc.
Con-way Inc
ConAgra Foods, Inc.
Constellation Energy
Construction Employers' Association
of California
Construction Employers Association
of CNY, Inc.
Construction Employers Labor
Relations Association of
New York State, Inc. (CELRA)
Crawford & Company
CUNA Mutual Group
Deseret Mutual Benefit
Administrators
Direct Marketing Association (DMA)
Dominion
DTE Energy
Duke Energy
Duquesne Light Company
Easter Seals
Eastern Connecticut Health Network
Eastern Contractors Association,
Inc.
Edison Electric Institute
Edison International
Eli Lilly and Company
Energy Future Holdings Corporation
Engineering and Utility Contractors
Association (EUCA)
Entergy Corporation
Exelon Corporation
Financial Executives International
Committee on Benefits Finance
Financial Services Roundtable
Finishing Contractors Association
FirstEnergy Corp.
FirstGroup America
Food Marketing Institute
Formica Corporation
Fox Entertainment Group
General Dynamics Corporation
Girl Scouts of the USA
Graphic Packaging International,
Inc.
Great Lakes Fabricators & Erectors
Association
Great Plains Energy
Greyhound Lines, Inc
Hagerstown Motor Carriers and
Teamsters Pension Fund
Hallmark Cards, Inc.
Hawaiian Electric Company, Inc.
Hewitt Associates
Hillside Family of Agencies
Hooker & Holcombe, Inc.
Horizon Actuarial Services
Hospital & Healthsystem Association
of Pennsylvania
Hospital for Special Surgery
Houghton Mifflin Harcourt
HR Policy Association
King Kullen Grocery Co., Inc.
Idaho Power
Indiana Manufacturers Association
Indianapolis Power & Light Company
Ingram Industries Inc.
Intelsat Corporation
International Association of
Bridge, Structural, Ornamental and
Reinforcing Iron Workers
International Association of Heat
and Frost Insulators and Allied
Workers
International Association of
Machinists and Aerospace Workers
International Brotherhood of
Boilermakers
International Brotherhood of
Teamsters
International Council of Employers
of Bricklayers and Allied
Craftworkers
International Union of Bricklayers
and Allied Craftworkers
International Union of Elevator
Constructors
International Union of Operating
Engineers
International Union of Painters and
Allied Trades
Jewish Federations of North America
Jewish Senior Life
Johns Hopkins Institutions
Kaleida Health
Kansas City Power and Light
Keller Technology Corporation
Koppers Inc.
Land O' Lakes Inc.
Lockheed Martin Corporation
Machine & Welding Supply Co.
MassMutual Financial Group
MDU Resources Group
Mechanical Contractors Association
of America (MCAA)
Mercer
MetLife
Michigan Education Association
Mirant Corporation
Moog Inc.
Motor & Equipment Manufacturers
Association
Mutual of Omaha
National Association of Chain Drug
Stores, Inc.
National Association of
Manufacturers
National Association of Waterfront
Employers
National Association of
Wholesaler-Distributors
National Council of Chain
Restaurants
National Council of Farmer
Cooperatives
National Education Association
National Electrical Contractors
Association
National Elevator Industry Pension
Plan
National Federation of Independent
Business
National Federation of Nurses
National Grid
National Gypsum Company
National Mining Association
National Retail Federation
National Rural Electric Cooperative
Association
National Shopmen Pension Fund
Navistar, Inc.
NCCMP
NCR Corporation
New England Teamsters & Trucking
Industry Pension Fund
Newell Rubbermaid
NewPage Corporation
Newspaper Association of America
NewYork-Presbyterian Hospital
New York State Nurses Association
NiSource Inc.
Northeast Utilities
Northrop Grumman Corporation
NorthShore-Long Island Jewish
Health System
NorthWestern Energy Corporation
NSTAR
Nuclear Energy Institute
Operative Plasterers' and Cement
Masons' International Association
of the United States and Canada
OGE Energy Corp.
Otter Tail Corporation
Overlake Hospital Medical Center
Paul, Hastings, Janofsky & Walker
LLP
Peabody Energy
Pepco Holdings, Inc.
PG&E Corporation
Pietzsch, Bonnett & Womack, PA
Pipe Fitters' Association Local
Union 597
Portland General Electric
PNM Resources
PPG Industries
Prairie Farms Dairy, Inc.
Premier Health Partners
Principal Financial Group
Printing Industries of America
Progress Energy
Public Service Enterprise Group,
Inc.
QBE the Americas
Qwest Communications International
Incorporated
Raytheon Company
Rensselaer Polytechnic Institute
Rhodes-Joseph & Tobiason Advisors,
LLC
Rockwell Collins
Rockwell Automation
RR Donnelley
RSM McGladrey, Inc
Ryder System, Inc.
Safeway Inc.
Saint Barnabas Health Care System
Saint Peter's College
Samsonite, LLC
Schnucks Markets, Inc.
Sheet Metal Workers International
Association
Sheet Metal Workers Local 7
Zone 3 Pension Fund
Sheet Metal Workers' Local Unions
and Councils Pension Fund
Sheet Metal Workers' National
Pension Fund
Sheet Metal/Air Conditioning
Contractors' National Association
Smurfit Stone Container Corporation
Sony
Southern Company
Southern States
Spectra Energy
Spivak Lipton LLP
SUPERVALU
Swedish Health Services
Technitrol, Inc.
TECO Energy, Inc.
The American Public Power
Association
The Associated General Contractors
of America
The Associated Press
The Association of Union
Constructors (TAUC)
The Brink's Company
The Business Council of New York
State
The Dayton Power and Light Company
The Empire District Electric
Company
The Epler Company
The ERISA Industry Committee
The Goodyear Tire & Rubber
Company
The International Brotherhood of
Electrical Workers
The Kroger Co.
The Pep Boys -- Manny, Moe & Jack
The Segal Company
Toshiba America, Inc.
Towers Watson
United Association Plumber and Pipe
Fitters for the United States and
Canada (UA)
UA Plumbers and Pipefitters
National Pension Fund
UniSource Energy Corporation
Unisys
United Illuminating Company
United Plan Administrators
United Technologies Corporation
UPS
U.S. Chamber of Commerce
Vectren Corporation
Venable LLP
Vigilant
Vought Aircraft Inc.
Westar Energy
Xcel Energy, Inc.
Xerox Corporation
YRC Worldwide
- Institutional AuthorsA. O. Smith CorporationABF Freight System, Inc.AbitibiBowaterAGL ResourcesAgricultural Retailers AssociationAllegheny EnergyALLETE/Minnesota PowerAlliance for Children and FamiliesAlliant Energy CorporationAmeren CorporationAmerican Benefits CouncilAmerican Electric PowerAmerican Federation of MusiciansAmerican Federation of Musicians and Employers' Pension FundAmerican Federation of Television and Radio ArtistsAmerican Hospital AssociationAmerican Institute of Certified Public AccountantsAmerican Safety Razor CompanyAmerican Society of Association ExecutivesAmerican Trucking AssociationsArcelorMittalArcher, Byington, Glennon & Levine, LLPAssociated Benefits CorporationAssociation for Financial Professionals (AFP)ASPPA College of Pension ActuariesAugusta HealthAvaya Inc.Avista CorporationBAE Systems, Inc.Bakery, Confectionery, Tobacco Workers and Grain Millers International UnionBakery & Confectionery Union & Industry International Pension FundBechtel Construction CompanyBituminous Coal Operators' Association, Inc.Black & DeckerBlack Hills CorporationBuck ConsultantsBusiness RoundtableCaraustar IndustriesCarey Dubois Smithfield FoodsCentral Pennsylvania Teamsters Pension FundCentral Pension Fund of the International Union of Operating Engineers and ParticipatingEmployersCentral Vermont Public Service CorporationCH Energy Group Inc.Chevron CorporationCMS EnergyCognis CorporationConnecticut Hospital AssociationConsolidated Edison, Inc.Con-way IncConAgra Foods, Inc.Constellation EnergyConstruction Employers' Association of CaliforniaConstruction Employers Association of CNY, Inc.Construction Employers Labor Relations Association of New York State, Inc. (CELRA)Crawford & CompanyCUNA Mutual GroupDeseret Mutual Benefit AdministratorsDirect Marketing Association (DMA)DominionDTE EnergyDuke EnergyDuquesne Light CompanyEaster SealsEastern Connecticut Health NetworkEastern Contractors Association, Inc.Edison Electric InstituteEdison InternationalEli Lilly and CompanyEnergy Future Holdings CorporationEngineering and Utility Contractors Association (EUCA)Entergy CorporationExelon CorporationFinancial Executives International Committee on Benefits FinanceFinancial Services RoundtableFinishing Contractors AssociationFirstEnergy Corp.FirstGroup AmericaFood Marketing InstituteFormica CorporationFox Entertainment GroupGeneral Dynamics CorporationGirl Scouts of the USAGraphic Packaging International, Inc.Great Lakes Fabricators & Erectors AssociationGreat Plains EnergyGreyhound Lines, IncHagerstown Motor Carriers and Teamsters Pension FundHallmark Cards, Inc.Hawaiian Electric Company, Inc.Hewitt AssociatesHillside Family of AgenciesHooker & Holcombe, Inc.Horizon Actuarial ServicesHospital & Healthsystem Association of PennsylvaniaHospital for Special SurgeryHoughton Mifflin HarcourtHR Policy AssociationKing Kullen Grocery Co., Inc.Idaho PowerIndiana Manufacturers AssociationIndianapolis Power & Light CompanyIngram Industries Inc.Intelsat CorporationInternational Association of Bridge, Structural, Ornamental and Reinforcing Iron WorkersInternational Association of Heat and Frost Insulators and Allied WorkersInternational Association of Machinists and Aerospace WorkersInternational Brotherhood of BoilermakersInternational Brotherhood of TeamstersInternational Council of Employers of Bricklayers and Allied CraftworkersInternational Union of Bricklayers and Allied CraftworkersInternational Union of Elevator ConstructorsInternational Union of Operating EngineersInternational Union of Painters and Allied TradesJewish Federations of North AmericaJewish Senior LifeJohns Hopkins InstitutionsKaleida HealthKansas City Power and LightKeller Technology CorporationKoppers Inc.Land O' Lakes Inc.Lockheed Martin CorporationMachine & Welding Supply Co.MassMutual Financial GroupMDU Resources GroupMechanical Contractors Association of America (MCAA)MercerMetLifeMichigan Education AssociationMirant CorporationMoog Inc.Motor & Equipment Manufacturers AssociationMutual of OmahaNational Association of Chain Drug Stores, Inc.National Association of ManufacturersNational Association of Waterfront EmployersNational Association of Wholesaler-DistributorsNational Council of Chain RestaurantsNational Council of Farmer CooperativesNational Education AssociationNational Electrical Contractors AssociationNational Elevator Industry Pension PlanNational Federation of Independent BusinessNational Federation of NursesNational GridNational Gypsum CompanyNational Mining AssociationNational Retail FederationNational Rural Electric Cooperative AssociationNational Shopmen Pension FundNavistar, Inc.NCCMPNCR CorporationNew England Teamsters & Trucking Industry Pension FundNewell RubbermaidNewPage CorporationNewspaper Association of AmericaNewYork-Presbyterian HospitalNew York State Nurses AssociationNiSource Inc.Northeast UtilitiesNorthrop Grumman CorporationNorthShore-Long Island Jewish Health SystemNorthWestern Energy CorporationNSTARNuclear Energy InstituteOperative Plasterers' and Cement Masons' International Association of the United States andCanadaOGE Energy Corp.Otter Tail CorporationOverlake Hospital Medical CenterPaul, Hastings, Janofsky & Walker LLPPeabody EnergyPepco Holdings, Inc.PG&E CorporationPietzsch, Bonnett & Womack, PAPipe Fitters' Association Local Union 597Portland General ElectricPNM ResourcesPPG IndustriesPrairie Farms Dairy, Inc.Premier Health PartnersPrincipal Financial GroupPrinting Industries of AmericaProgress EnergyPublic Service Enterprise Group, Inc.QBE the AmericasQwest Communications International IncorporatedRaytheon CompanyRensselaer Polytechnic InstituteRhodes-Joseph & Tobiason Advisors, LLCRockwell CollinsRockwell AutomationRR DonnelleyRSM McGladrey, IncRyder System, Inc.Safeway Inc.Saint Barnabas Health Care SystemSaint Peter's CollegeSamsonite, LLCSchnucks Markets, Inc.Sheet Metal Workers International AssociationSheet Metal Workers Local 7 Zone 3 Pension FundSheet Metal Workers' Local Unions and Councils Pension FundSheet Metal Workers' National Pension FundSheet Metal/Air Conditioning Contractors' National AssociationSmurfit Stone Container CorporationSonySouthern CompanySouthern StatesSpectra EnergySpivak Lipton LLPSUPERVALUSwedish Health ServicesTechnitrol, Inc.TECO Energy, Inc.The American Public Power AssociationThe Associated General Contractors of AmericaThe Associated PressThe Association of Union Constructors (TAUC)The Brink's CompanyThe Business Council of New York StateThe Dayton Power and Light CompanyThe Empire District Electric CompanyThe Epler CompanyThe ERISA Industry CommitteeThe Goodyear Tire & Rubber CompanyThe International Brotherhood of Electrical WorkersThe Kroger Co.The Pep Boys -- Manny, Moe & JackThe Segal CompanyToshiba America, Inc.Towers WatsonUnited Association Plumber and Pipe Fitters for the United States and Canada (UA)UA Plumbers and Pipefitters National Pension FundUniSource Energy CorporationUnisysUnited Illuminating CompanyUnited Plan AdministratorsUnited Technologies CorporationUPSU.S. Chamber of CommerceVectren CorporationVenable LLPVigilantVought Aircraft Inc.Westar EnergyXcel Energy, Inc.Xerox CorporationYRC Worldwide
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2010-1779
- Tax Analysts Electronic Citation2010 TNT 16-38