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Release Date: April 25, 2006
Release Number: 06-738-NAT
Contact Name: David James/Gloria Della
Phone Number: 202.693.4676/202.693.8666
Washington, DC - U.S. Secretary of Labor
Elaine L. Chao told attendees at “DOL Speaks: The 2006 Employee
Benefits Conference” in Washington, DC 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).
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.
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