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Remarks Prepared for Delivery by
U.S. Secretary of Labor Elaine L. Chao
Charles E. F. Millard
Director, Pension Benefit Guaranty Corporation
Swearing-in Ceremony
U.S. Department of Labor
Washington, D.C.
Thursday, December 20, 2007
Thank you, Vince [Snowbarger, Deputy Director of PBGC].
Good morning, everyone. I am delighted to participate in this very special occasion.
Let me welcome the members of Charles' family who are here today — his sons Egan and Connor, and his daughters, Mary and Christine, as well as his many other relatives and friends.
Welcome to a very special guest, Justice Clarence Thomas.
I also want to welcome the other distinguished guests...
Ambassador Harry K. Thomas, Jr., Director General of the Foreign Service;
Under Secretary Cynthia A. Glassman, Department of Commerce;
Under Secretary Robert K. Steel, Department of the Treasury;
Deputy Secretary of Labor Howard M. Radzely;
and Assistant Secretary Bradford Campbell
Thank you all for being here today.
The Director of the PBGC is a big job. The Corporation currently protects the retirement benefits of 44 million American workers in over 30,000 private-sector defined benefit pension plans.
President Bush has made retirement security one of the highest priorities of his Administration. In fact, the President's pension reform proposals led to enactment of the Pension Protection Act of 2006, which has helped to strengthen the PGBC.
Over the past 33 years, the Labor Department and the PBGC have worked to protect the interests of plan participants and support the growth of our private pension system. Today, thanks to the private pension system and the security provided by PBGC's insurance program, millions of American workers and their families can look forward to spending their retirement years in relative comfort. Approximately 21 million Americans are earning PBGC-guaranteed pension benefits on the job. And, nearly $2 trillion is invested on their behalf in the private pension system. So as I said, this is a big job. And the President nominated Charles because he is up to the challenge.
Today's swearing-in ceremony marks a unique moment in PBGC history. Charles is the first director ever to be confirmed. He's held very senior-level positions in both the public and private sectors. He is no stranger to tough issues. And, he has already shown himself to be a passionate advocate for the retirement security of America's workers.
So, I am delighted to participate in this ceremony to swear Charles in as the Director of the Pension Benefit Guaranty Corporation. On behalf of the Labor Department, congratulations to Charles and his family. When we enter public service, it's not like any other job. It's a full-time commitment to serve and our families serve with us. Their love and support will be crucial. So I want to thank them — especially Charles' wife, Gwen, who together with his other five children could not be here today — for supporting Charles to take on this challenge, as well.
Thank you.
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