Bradley Belt Quotes (9 Quotes)

As long as companies remain in operation with ongoing pension plans, they have a legal obligation to meet their funding requirements.

Our social fabric is increasingly frayed. Companies have been either freezing or terminating their defined-benefit plans over the past couple of decades. It's critically important that we take a look at this issue from a holistic standpoint and make sure that we're setting aside enough resources to meet our future obligations.

fuel, wages, health care, utilities and aircraft leases.

Despite a strong economy, pension plans are reporting even larger shortfalls than last year. Clearly we need new rules that will require companies to fund the pension promises they make,

The money available to pay benefits is eventually going to run out unless Congress enacts comprehensive pension reform to get plans better funded and provide the insurance program with additional resources.

Unfortunately, the financial health of the PBGC is not improving,

While anecdotal evidence suggests that the number of frozen pension plans has increased since 2003, reports of a mass exodus from the defined-benefit pension system appear to be overstated.

The problem will become much worse. To call upon taxpayers - most of whom don't have defined-benefit pensions - to pay for the benefits of those who do would be fundamentally unfair.

The combination of rules allows companies to go for years on end without putting any money into their pension plans.