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News Release
OPA News Release: [08/04/2006]
Contact Name: David
James
Phone Number: (202) 693-4676
Release Number: 06-1349-NAT
WASHINGTON U.S. Secretary of Labor and Pension Benefit Guaranty Corporation (PBGC) Board Chairman Elaine L. Chao issued the following statement on the passage of Comprehensive Pension Reform:
"Today, workers are the winners with the passage of pension reform by the Congress. In January 2005, I unveiled the President's proposal to reform the nation's pension system. Congress has passed a bill modeled on that framework and which achieves the goals of stronger funding, greater transparency and reinforcing the pension insurance system. The legislation also includes important reforms to protect workers in defined contribution plans.
"I encourage American employers to fully fund their workers' pension programs as soon as possible, using the flexibility provided in this legislation to contribute additional funding during good economic times. And, those employers receiving special funding relief under this bill now bear a special responsibility to meet their pension promises."
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