Statement by the Press Secretary on Pension Legislation

Today's bipartisan Senate approval of crucial pension legislation, by a strong 78-19 vote, is a victory for millions of Americans who count on pensions for their retirement. This is a responsible package that will help protect the integrity of workers' pensions. It fixes an outmoded formula for determining employer contributions to pension plans and ensures fair treatment for employers who have done the most to fund their plans. The President looks forward to promptly signing this important legislation into law.