WASHINGTON—Pension Benefit Guaranty Corporation Director Josh Gotbaum released the following statement today in response to the U.S. Chamber of Commerce's white paper on retirement security, Private Retirement Benefits in the 21st Century: A Path Forward.
"It is clear that the Chamber is thinking hard and clearly about the retirement issues we face. They are giving retirement security the attention it deserves."
In public appearances, Gotbaum has repeatedly called for a national retirement security conversation among businesses, pension experts, and policymakers.
"Since private retirement plans are voluntary, the solutions have to work for both employers and employees," Gotbaum said. "When business talks about ideas that could make workers more secure, we welcome the conversation. We all need to work, both to preserve the benefits of the pensions we have and to find new ways to provide for a secure retirement."
PBGC protects the pension benefits of 44 million Americans in 27,500 private-sector pension plans. The agency is directly responsible for paying the benefits of more than 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums and with assets and recoveries from failed plans.