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Release Date: 05/31/2005
Release Number: 05-967-NAT
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Washington, DC - U.S. Assistant Secretary of
Labor Ann L. Combs today released the following statement on the report by
the Government Accountability Office (GAO) on weaknesses in the pension
funding rules: |
“The GAO’s report illustrates the need for
comprehensive reform of the funding rules for single-employer defined
benefit plans. Its detailed analysis shows that deficiencies in the
current funding rules fail to ensure adequate funding and place the
retirement security of more than 34 million American workers and their
families at risk. |
“The Bush Administration’s comprehensive reform
proposal addresses the issues raised in this report and provides an
accurate and transparent approach to ensure that pension promises made to
workers are kept. We commend GAO on its work in this area and we look
forward to working with the Congress to implement the Administration’s
much-needed reform proposal.” |
The text of the GAO report, “Private Pensions Recent
Experiences of Large Defined Benefit Plans Illustrate Weaknesses in
Funding Rules,” is available online at www.gao.gov. The Administration’s
pension reform proposal can be found at www.dol.gov/ebsa. |
U.S. Department of Labor news releases are accessible on the
Department's Newsroom
page. The information in this news release will be made available
in alternate format upon request (large print, Braille, audio tape or
disc) from the COAST office. Please specify which news release when
placing your request at 202.693.7765 or TTY 202.693.7755. The U.S.
Department of Labor is committed to providing America's employers and
employees with easy access to understandable information on how to comply
with its laws and regulations. For more information, please visit the
Department's Compliance
Assistance page. |