The U.S. Department of Labor's Employee Benefits Security Administration issued the following news release:
U.S. Assistant Secretary of Labor Ann L. Combs spoke to members of the American Society of Pension Professionals and Actuaries (ASPPA) in Grand Rapids, Michigan, today to highlight the Bush Administration's priorities to encourage retirement security and make healthcare more affordable for American workers, retirees and their families.
'Retirement security and the rising cost of health care are on everyone's minds these days,' Combs told the audience. 'President Bush's agenda includes proposals to strengthen the private pension system and improve access to affordable, quality healthcare for Americans.'
Combs emphasized the Administration's plans to reform the single-employer, defined benefit pension system that covers 34 million Americans. She stressed that reforms strengthening the funding rules, improving disclosure to workers, and shoring up the federal insurance system must be enacted to ensure that pension promises made by employers to workers are kept.
She went on to point out that, 'The President has made it clear that he won't sign legislation that is weaker than current law. We want real reforms that strengthen the private pension system.'
Combs also discussed the Administration's proposals to increase access to affordable, quality health care through the use of Health Savings Accounts and the enactment of Association Health Plan legislation. Health Savings Accounts are tax-favored savings accounts used in conjunction with a consumer-directed, high-deductible health plan.
'Putting the consumer back into the equation in health care will dramatically change the market and lead to better price transparency and competition - driving health care costs down.' Combs also said, 'President Bush strongly supports legislation to create Association Health Plans.'
Association Health Plans - benefit arrangements offered through industry associations - would allow small businesses to enjoy the same advantages, administrative efficiencies and negotiating clout enjoyed by big businesses and labor unions.
For more information about the Administration's pension reform and health initiatives, visit the Labor Department's Web site at www.dol.gov/ebsa. Contact: Gloria Della and David James, 202/693-8664, 202/693-4676.
Gloria Della and David James, 202/693-8664, 202/693-4676.
