FROM THE OFFICE OF PUBLIC AFFAIRS

April 8, 2004
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Statement of Treasury Secretary John W. Snow on Senate Passage of the Pension Funding Equity Act Of 2004

Today, Congress completed action on legislation that provides important worker protections and prevented further systemic pension plan under funding. 

This legislation includes critical administration priorities.  Most significantly, in the legislation, Congress joins President Bush’s call for comprehensive pension reform so that promises made to working Americans will be promises kept.   In addition, the legislation allows plan sponsors to more accurately calculate their responsibilities to retirees by replacing the outdated interest rate used to discount pension plans.  And it offers targeted relief to pension plan sponsors, particularly those who have made the responsible funding of their pension plans a priority, while preserving the integrity of the defined benefit pension plan system. 

We commend both the House and the Senate for their diligent work to protect the retirement security of America’s workers and retirees.   

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