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November 4, 2008 DOL Home > Newsroom > News Releases |
News Release OPA News Release: [03/02/2005] Labor Department Testifies Before House Education and the Workforce Committee on Administration’s Pension Reform ProposalWASHINGTONAssistant Secretary of Labor Ann L. Combs today testified before the House Committee on Education and the Workforce to discuss the Bush Administration's pension reform proposal to strengthen the retirement security of private, single employer defined benefit pension plans. Combs' testimony focused on changing the funding rules to ensure that retirement plans are adequately funded, increasing disclosure of information to workers about their plans, and improving the structure of the pension insurance system. “The defined benefit system needs comprehensive reform, and mere tinkering with the current rules will not fix the problems,” said Combs. “The Administration's reform package will improve pension security for workers and retirees, stabilize the defined benefit system, and avoid the need for a taxpayer bailout.” In her testimony, Combs discussed key elements of the Administration's plan, including:
In conclusion, Combs said “We look forward to working with members of this committee to achieve greater retirement security for the millions of Americans who depend on defined benefit plans.” The full text of today's testimony is available on the Labor Department's Web site at www.dol.gov/ebsa under Administration's Pension Reform Proposal.
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