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OPA News Release: [08/04/2006]
Contact Name: David
James
Phone Number: (202) 693-4676
Release Number: 06-1349-NAT
Statement by U.S. Labor Secretary & PBGC Board
Chairman Elaine L. Chao on Passage of Comprehensive Pension Reform
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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