Washington, DC - Ways and Means Oversight Subcommittee Chairman John Lewis (D-GA) issued the following opening statement during today’s hearing on the Pension Benefit Guaranty Corporation (PBGC):
“Today, the Subcommittee on Oversight will review the Pension Benefit Guaranty Corporation. This Corporation plays a vital role in our retirement system. It guarantees basic pension benefits for 44 million working Americans.
“I am concerned with the current financial position of the Corporation and retirement security. In 2007, it was reported that pension plans insured by the Corporation were underfunded by $350 billion. Further, the Corporation had a $14 billion deficit.
“The recent turmoil on Wall Street only makes it more important that we examine the financial condition of the Corporation and the plans it insures. We need a true and complete understanding of its position for the sake of workers, employers, and taxpayers.
“It would be good to know why there are almost 37,000 Americans who are missing their pension benefits - benefits valued at more than $200 million. These numbers are too high.
“I look forward to hearing from our witnesses today. Thank you for being here."
