Education and Labor Hearing on Retirement Security

May 3, 2007
Blog Post
Today the Education and Labor Subcommittee on Health, Employment, Labor, and Pensions held a hearing, "Retirement Security: Strengthening Pension Protections."

Subcommittee Chairman Rob Andrews gave opening remarks:

Rep. Andrews:

"Today, less than one in five workers in the private sector - 20 million workers - have a traditional defined benefit plan."

John Prater, President of the Air Line Pilots Association, testified about pension issues facing American workers:

John Prater:

"While some of our members were 'fortunate' enough to only have their defined benefit plans frozen, a great many others saw their plans terminated as part of their companies' plan to exit bankruptcy. Although it seemed at the time to be a case of your job, or your pension, in reality there was no choice."