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OPA News Release: [03/01/2005]
Contact Name:
Eryn Witcher
or Gloria Della
Phone Number: 202-693-4676 or x8666
Release Number:
05-0324-NAT
U.S. Secretary of Labor Elaine L. Chao Statement on House and Senate Hearings on the Administration’s Pension Reform Proposal
WASHINGTON—U.S. Secretary of Labor and Chairman of
the Board of the Pension Benefit Guaranty Corporation Elaine L. Chao released
the following statement on the hearings today and tomorrow on pension reform
in the Senate Finance Committee and the House Education and the Workforce
Committee:
“The retirement security of more than 34 million American workers and their
families is at risk if nothing is done to preserve their pension benefits.
The Administration has proposed comprehensive pension system reform to ensure
adequate funding of pension promises, improved disclosures to workers, and
solvency of the pension insurance system.
“As we work to reform the pension system, the President continues to believe
that we must more accurately measure pension liabilities, increase the transparency
of pension plan information, and improve the funding status of pension plans.
The Administration applauds the House and Senate for beginning the legislative
process to ensure retirement security for American workers, retirees and
their families.”
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