U.S. Chamber Applauds House Action to Protect Pension Plans for American Families & Businesses

WASHINGTON, D.C.—The U.S. Chamber of Commerce's Vice President of Labor, Immigration, and Employee Benefits, Randy Johnson, today issued the following statement of support for the Savings Recovery Act, a bill that will help rebuild and protect Americans' retirement and personal savings:

"We applaud Republican Leader Boehner for taking the lead in asserting the need for pension legislation. Without immediate change, such as the defined benefit plan proposals included in the Act, plan sponsors will be forced to decide how to use limited cash resources. By reducing the liquid assets of companies, the large and unexpected contributions will further prolong the economic downturn. The defined benefit plan funding relief will help companies navigate the current economic crisis and minimize its adverse impact on the defined benefit pension plans that American families and workers depend on."

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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