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Archived News Release — Caution: Information may be out of date.
OPA News Release: [05/17/2005]
Contact Name: Gloria Della or Kristin Wilson
Phone Number: (202) 693-4676 or x8664
Release Number: 05-889-NAT
Assistant Secretary Ann L. Combs Calls for Reforms
To Strengthen Workers’ Retirement Security
WASHINGTON—U.S. Assistant Secretary of Labor Ann L. Combs
today addressed the challenges of retirement security at the national
conference of the Society of Professional Administrators and Recordkeepers
(SPARK) in Washington, D.C.
Combs highlighted the Administration's plans to reform the single-employer,
defined benefit pension system that covers 34 million Americans and strengthen
the Social Security system for future generations while keeping it sound
for today's seniors and those nearing retirement.
“As President Bush has said, we must act now to ensure that Social Security
remains strong for future retirees,” said Combs. “Similarly, we must reform
the defined benefit pension system to ensure that promises made to workers
are kept.”
Social Security and the single-employer, defined benefit pension system
are two essential parts of a sound retirement security system for America's
workforce. Addressing the challenges these systems face as the workforce
in the United States ages will allow older workers greater flexibility
and predictability in planning their careers. This is critical as the
demand for older workers is growing to meet the need for an increasing
number of skilled workers.
Combs outlined the Administration's proposals to give Americans more
opportunities to save for retirement, education, homeownership and medical
expenses through several savings vehicles. In addition, she highlighted
a number of regulatory projects designed to strengthen retirement security,
including the automatic rollover rule, abandoned plan regulation and expansion
of the compliance assistance program allowing employers to voluntarily
correct violations of the law.
Combs heads the U.S. Department of Labor's Employee Benefits Security
Administration (EBSA). A copy of the full speech will be available on
EBSA's website at www.dol.gov/ebsa under
Newsroom.
Archived News Release — Caution: Information may be out of date.
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