Statement on Boehner’s Pension Funding Reform Act

Congress should act quickly on pension reform because hard-working Americans are suffering daily threats to their retirement security. Any pen¬sion reform plan must insist that employees have accurate, up-to-date information on the health of their employer’s pension plan. It must provide flexibility to the Pension Benefit Guaranty Corporation to turn struggling plans around as an alternative to termination where possible. It must ensure that companies that convert to cash balance plans do not penalize older and longer-tenured employees. And it must ensure that companies do not have a double standard in their treatment of executive pensions versus employee pensions when the employee plan is in distress.