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OPA News Release: [04/26/2005]
Contact Name: Kristin Wilson or Gloria Della
Phone Number: (202) 693-4676
Release Number: 05-750-NAT

U.S. Secretary of Labor Elaine L. Chao Highlights President’s Plan For Retirement Security at Employee Benefits Conference

WASHINGTON—The Bush Administration has proposed comprehensive reforms to strengthen retirement security for workers and retirees, U.S. Secretary of Labor Elaine L. Chao told attendees at the 2005 Employee Benefits Conference today in Washington, D.C. Chao described the Administration's reform proposals to bolster Social Security, private pension plans and personal savings, so that America's workers and retirees can look forward to a secure retirement.

“Social Security and private pensions are promises that were made to workers that President Bush wants to strengthen and protect,” Chao said. “Workers work their entire careers and believe that their Social Security and pensions will be secure and our country needs to act soon to make sure their retirement is secure.”

The Administration has been urging Congress to strengthen Social Security and pass reforms to stabilize the single-employer defined benefit private pension system to ensure that workers and retirees receive what they have been promised. Additional initiatives have been proposed to expand opportunities for workers to save on their own through tax-free accounts to provide job training, college education, home ownership or retirement.

In her remarks before the conference, co-sponsored by the Labor Department and the American Society of Pension Professionals and Actuaries, Secretary Chao also discussed department compliance assistance efforts to help employers understand and comply with existing employee benefit plan requirements. She highlighted a compliance assistance program unveiled in May 2004 to help employers and plan officials meet their obligations under the Employee Retirement Income Security Act. Through the national program “Getting It Right—Know Your Fiduciary Responsibilities,” the department helps employers meet their fiduciary duties through a series of nationwide seminars and publication of educational materials.

Information on the Administration's Pension Reform Proposal and compliance assistance initiatives for pension and health plans are available at www.dol.gov/ebsa or by calling toll-free 1-866-444-EBSA (3272).