FROM THE OFFICE OF PUBLIC AFFAIRS

Today’s action on the Portman-Cardin pension bill by the House Committee on Ways and Means begins the process intended to strengthen the retirement security of working and retired Americans with traditional pension plans. 

We will continue to work with Congress to achieve the President's goal of accurate pension funding rules, and to ensure that pension promises made are pension promises kept. 

As we work towards a more comprehensive reform of the pension system, the President continues to believe that these changes must include a more accurate measure of pension liabilities, increased transparency of pension plan information, and safeguards against pension under-funding.