Christian Coalition Commends Congress for Passing and President Bush for Signing New Pension Reform Law
Contact: Michele Combs, Christian Coalition, 202-479-6900
WASHINGTON, Aug. 17 /Christian Newswire/ -- Today at the White House, President George W. Bush signed new rules to encourage companies to shore up their pension plans telling corporations to: "Set aside enough money now." Christian Coalition of America commends Congress for passing the "Pension Reform Act of 2006" reform earlier this month and President Bush for signing this commonsense bill into law.
Christian Coalition of America Chairman Roberta Combs in commending the United States Congress and President Bush said, "With the signing of the pension reform legislation today, the American families will now gain a sense of well-being that their pensions will be there for them when they retire. By making permanent the provisions in the 2001 tax cut law that raised the annual contribution limits for IRAs, the American people can make ever-increasing annual contributions to their retirement saving plans."
President Bush called the legislation "the most sweeping reform of America's pension laws in over 30 years." He added, "Americans who spend a lifetime working hard should be confident that their pensions will be there when they retire. Some businesses are not putting away the cash they need to fund the pensions they promised to their workers." President Bush said during the White House bill-signing ceremony, "This bill establishes sound standards for pension funding. Yet in the end, the primary responsibility rests with employers to fund the pension promises as soon as they can."