President Bush's plan to strengthen retirement protections would require U.S. companies to pay 58 percent higher premiums to a government agency that insures workers' pensions. Labor Secretary Elaine Chao warns that if these measures are not taken the pension security of 34 million workers and retirees will be put at risk. It is estimated that pension plans are underfunded by $450 billion and stabilizing the pension insurance system is of increasing importance as more Americans approach retirement age.
See "Pension premium would increase", Chicago Tribune, January 10, 2005