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EBSA News Release: [04/25/2006]
Contact Name: David James or Gloria Della
Phone Number: (202) 693-4676 or x8666
Release Number: 06-0738-NAT

U.S. Secretary of Labor Elaine L. Chao Highlights President’s Pension Reform Agenda in Remarks at Employee Benefits Conference

WASHINGTON — U.S. Secretary of Labor Elaine L. Chao told attendees at "DOL Speaks: The 2006 Employee Benefits Conference" in Washington, D.C. today that the Bush Administration is working to protect retirement security for Americans by shoring up the private pension system. Chao described the administration's reform proposals to improve the funding of private pension plans so that America's workers and retirees can look forward to a secure retirement.

"President Bush is leading the way for real pension reform that ensures that promises made to workers are kept," said Secretary of Labor Elaine L. Chao. "This administration will continue to work with Congress to enact pension reform legislation that truly protects the long term retirement security of workers and retirees."

The administration will continue to urge Congress to enact changes that improve the single-employer defined benefit private pension system to ensure that employers fully fund retirement promises. The reform initiatives also seek reform of the premiums paid to the federal insurance program to better reflect the real risk and costs of the program. Finally, the initiatives propose to increase transparency and accountability by providing timelier information about the financial health of pension plans to workers, investors and regulators.

In her remarks before the conference, co-sponsored by the Labor Department and the American Society of Pension Professionals and Actuaries, Secretary Chao also discussed the importance of compliance assistance efforts that help employers comply with existing employee benefit plan laws. She highlighted the department's issuance last week of final regulations expanding the Voluntary Fiduciary Correction Program, which allows plans to self-correct certain violations of the law and allows the Labor Department to focus its enforcement resources on other violations.

Information on the administration's pension reform proposal and compliance assistance initiatives for pension and health plans are available at www.dol.gov/ebsa or by calling toll-free 1-866-444-EBSA (3272).