Statement by the Press Secretary

Today's passage of legislation to protect pensions, on an overwhelming bipartisan 336-69 vote, is a victory for American workers who rely on these benefits for their retirement. The conferees have crafted responsible legislation which will fix an outmoded formula for determining employer contributions to pension plans, maintain the fiscal integrity of workers' pensions, and ensure fairness to those employers who have responsibly funded their plans. For the sake of the millions of Americans who count on pensions, we urge the Senate to follow the House's lead in passing this important legislation.