<nobr>Oct 14, 2003</nobr>

ERIC, Business Groups Testify on Pension Funding Issues before Senate Special Committee on Aging

Former ERIC Chairman and current Board member, Scott Macey testified this morning before the Senate Special Committee on Aging at a hearing on America’s pension system.

Macey, a senior vice president of Aon Consulting, testified on behalf of several leading business associations, ERIC, the Business Roundtable, the National Association of Manufacturers, the US Chamber of Commerce, the American Benefits Council, and the Financial Executives International.

In his testimony, Macey told panel members that the defined benefit pension system stands at a crossroads. He said that Congress confronts a fundamental choice – whether to continue down the current road of an inflexible funding and regulatory regime that is illogical and imposes untenable burdens or whether to chart a new path toward a vibrant and growing defined benefit system.

He called on Congress to take swift action to strengthen the defined benefit system, beginning with Congress promptly replacing the obsolete 30-year Treasury rate.


Text Files:

Click here to view Scott Macey's Testimony

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