Publisher's Synopsis
Excerpt from H. R. 3396, the Retirement Protection Act of 1993: Hearing Before the Committee on Ways and Means, House of Representatives, One Hundred Third Congress, Second Session, Tuesday, April 19, 1994
Concern re arding the direct impact these underfunded plans will have on t e financial solvency of the Pension Benefit Guaranty Corporation and concern for the security of millions of workers have brought us to this point today.
Many of you are aware that the issues Surrounding underfunded pension plans have been the focus of a series of hearings before the Subcommittee on Oversight over the past 2 years.
One common theme has emerged from these hearings: Underfunding in certain pension plans is a serious problem that will only worsen unless legislative reforms are enacted.
I share the concern of the administration and my colleagues on these issues, as well as the belief that failure to act will present us with greater problems in the future. Thus it is my hope that we can move this legislation forward in a timely fashion.
Today, we expect to receive testimony from the Department of Labor, the Department of the Treasury, and the pbgc. In addition, we expect to hear from the us. General Accounting Office and var ious representatives of industry.
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