(Archived Content)
JS-3017
Today's announcement of the Pension Benefit Guarantee Corporation's (PBGC) fiscal year 2005 financial results reminds us that action to reform America's pension system cannot wait any longer. We must act to protect the 34 million American workers who depend on single employer defined benefit pension plans and to protect the American taxpayers who risk bearing the consequences of underfunded pension plans.
America's pension plans are now underfunded by more that $450 billion dollars and the PBGC is at least $23 billion short of what it owes to workers and retirees. The Administration has proposed real pension reforms that will secure the pension promises made to America's workers, will encourage continued participation in the voluntary pension system by healthy plans and will improve the financial status of the PBGC. I appreciate the attention given by the Congress to this important issue and I look forward to continuing to work with lawmakers to enact meaningful reforms that will strengthen our pension system for the future.