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Statement by Senator Tom Harkin (D-IA) on President Bush's Proposal to Address the Deficit at the Pension Benefit Guarantee Corporation

Date: Jan. 10, 2005
Issues: Senior Citizens Employment and Affirmative Action


STATEMENT BY SENATOR TOM HARKIN (D-IA) ON PRESIDENT BUSH'S PROPOSAL TO ADDRESS THE DEFICIT AT THE PENSION BENEFIT GUARANTEE CORPORATION

"It is imperative that quick action is taken to promote the stability of millions of American workers' pensions. I believe any reform effort needs balance the dual goals of providing the most secure possible benefits for workers while making it as attractive as possible for companies to keep those pension promises to their employees.

"I have long advocated making it easier for companies to fund plans during prosperous years by improving both tax incentives and accounting standards. However, I think that some action is needed to improve the transparency in the system and to tighten up rules allowing companies to terminate their pension plans. I look forward to working with my colleagues and the administration to fix the PBGC crisis quickly in this legislative year."

http://harkin.senate.gov/news.cfm?id=230659

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