Social Security and Retirement Issues

Secretary Chao talked about retirement security issues that affect millions of Americans. She also mentioned private pension plans, 401(k)s, and others. She emphasized President Bush's proposals to strengthen IRAs for the ordinary citizen, noting that many old-fashioned company pension funds had failed. The president's proposals include reforming funding rules and increasing disclosure to workers and investors. She described the Pension Benefit Guaranty Corporation (PBGC), of which she is chairman of the board of directors. This corporation assumes liabilities for failed private sector pension plans. After her speech the secretary answered audience members' questions.