    [Public Papers of the Presidents of the United States: George W. Bush (2006, Book II)]
    [August 4, 2006]
    [Pages 1491-1492]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Pension Reform Legislation
    August 4, 2006

        After a lifetime of work, American workers have earned the
    opportunity to enjoy a secure retirement. Last year, I asked Congress to
    strengthen protections for workers' pensions. Congress has now delivered
    the most comprehensive reforms to America's pension system in over 30
    years.
        This legislation sets the right target for pension plan soundness:
    100 percent funding of all promises. It would allow employers to put
    more money into their pension plans during good times, building a
    cushion that can survive lean times. Congress has also acted to make it
    harder in the future for employers with underfunded pension plans to
    promise additional benefits to their workers without funding those new
    promises.
        These measures will provide workers with better information about
    their pension plans, eliminate loopholes that interfere with strong
    pension funding, and increase

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    the accuracy of pension plan measurements. The bill would reform the
    rules governing employer funding and premium contributions to strengthen
    the pension insurance system.
        The legislation also contains provisions to help workers who save
    for retirement through defined contribution plans. The legislation will
    make it easier for workers to participate in such savings plans by
    removing regulatory barriers to automatic enrollment. It also gives
    workers more information about how their accounts are performing and
    greater control over how their accounts are invested. Workers will be
    allowed greater access to advice about how to safely invest for
    retirement. And finally, the bill will enable more workers to build
    larger retirement nest eggs by making permanent higher allowed
    contribution amounts in IRA and 401(k) plans.
        I look forward to signing this important legislation into law soon.

    Note: The statement referred to H.R. 4.