As the baby boomers near retirement, individuals and families are beginning to focus more on retirement security. Pensions are an important part of retirement planning. Along with Social Security and private savings and investments, pensions can help seniors maintain their standard of living during their retirement years.
Congress is recently enacted a number of proposals to change the structure of employer sponsored pension plans. I want to ensure that employers live up to their promises and that employees’ contributions are safe. However, Congress must also be careful not to place so many restrictions and mandates on private pensions that employers simply choose to no longer offer pensions. We must also work to ensure the long term viability of the Pension Benefit Guarantee Corporation.
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