Tom Price: “traditional pension plans, once the legacy of a lifetime of work, are crumbling. And with time running short on our…”

“traditional pension plans, once the legacy of a lifetime of work, are crumbling. And with time running short on our legislative year, action by Congress is necessary to protect the retirement of hardworking Americans. Large and small businesses need changes to current law in order to have greater flexibility to help their employees plan for their financial security. Recently, Verizon Communications, a large, vibrant company, froze its pension plan for 50,000 employees. These defined benefit plans have not adapted to the times. They have used the same formula since their inception, number of years worked multiplied by a certain amount of money. This formula does not account for a changing marketplace and does not result in the most benefit for workers. Today, a retirement plan must be as dynamic as our society. Flexibility for employers and employees is imperative, and the Pension Protection Act is a step in the right direction; and Congress should pass it this year. I urge my colleagues, Republicans and Democrats, to step up and help provide this needed reform now. Americans expect us to solve difficult problems, and pension protection is one that requires and deserves our attention. ____________________”