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OPA News Release: [05/31/2005]
Contact Name:
David James or Gloria Della
Phone Number: (202) 693-4676 or x8664
Release Number: 05-967-NAT
U.S. Assistant Secretary of Labor Ann L. Combs Commends
GAO Report on Pension Funding Rules
WASHINGTON—U.S. Assistant Secretary of Labor Ann L. Combs
today released the following statement on the report by the Government
Accountability Office (GAO) on weaknesses in the pension funding rules:
“The GAO's report illustrates the need for comprehensive
reform of the funding rules for single-employer defined benefit plans.
Its detailed analysis shows that deficiencies in the current funding
rules fail to ensure adequate funding and place the retirement security
of more than 34 million American workers and their families at risk.
“The Bush Administration's comprehensive reform proposal addresses
the issues raised in this report and provides an accurate and transparent
approach to ensure that pension promises made to workers are kept. We
commend GAO on its work in this area and we look forward to working
with the Congress to implement the Administration's much-needed reform
proposal.”
The text of the GAO report, “Private Pensions Recent Experiences of Large
Defined Benefit Plans Illustrate Weaknesses in Funding Rules,” is available
online at www.gao.gov. The Administration's
pension reform proposal can be found at www.dol.gov/ebsa.
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