"The Social Security and Medicare Board of Trustees met today to complete the annual financial review of the programs. What we continue to see is a looming fiscal crisis facing these two programs. As the Baby Boomers begin to retire, our retirement system is facing increasing strain. In addition to the challenges facing Social Security, our private sector defined benefit pension system is underfunded.
"The President has proposed comprehensive pension funding reform to ensure workers, retirees and their families receive the benefits to which they are entitled. Congress must act quickly to pass strong pension reform legislation based on the President's proposal that will ensure America's workers, retirees and their families receive the benefits they have earned."
