Assistant Secretary of Labor Testifies on President’s Pension Security Reforms

Archived News Release — Caution: Information may be out of date.

WASHINGTON—Ann L. Combs, Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), today urged Congress to pass President Bush’s Retirement Security Plan and strengthen the confidence of the American public in the private retirement system.

In testimony before the House Subcommittee on Employer-Employee Relations of the Education and Workforce Committee, Combs said, “With the recent revelations of corporate and union malfeasance combined with the challenging economy, Americans have heightened concerns about our private pension system. The President has a comprehensive agenda to improve and strengthen our retirement system.

“The Administration is committed to working with Congress to ensure that the critical reforms of the President’s Retirement Security Plan—greater ability to diversify, improved disclosure and increased access to professional investment advice—are enacted into law. We must strengthen the confidence of the American workforce that their retirement savings are secure with these new pension protections.”

Last year Congress enacted two of the President’s key pension reforms. Those reforms guarantee workers the right to receive a 30-day notice prior to a pension plan blackout period and ensure that senior corporate executives are held to the same restrictions as average workers during blackout periods.

The remaining reforms under the President’s plan would give workers improved choice through diversification, enhanced information through quarterly benefit statements, and increased confidence through professional investment advice.

Combs urged Congress to act quickly to pass the legislation and applauded the committee for making pension security an immediate priority.

The full text of the testimony is available on EBSA’s Web site at www.dol.gov/ebsa/newsroom/ty021303.html.

Archived News Release — Caution: Information may be out of date.