madam speaker , i rise in strong support of this bill . 
this bill strengthens our nation 's retirement system and comes at a critical time as economic conditions are requiring companies to confront new challenges . 
this legislation provides steps to help employers plan and manage finances accurately , to determine pension liabilities and to ensure pensions are funded and benefits are paid . 
i want to discuss an important section of the bill regarding multi-employer pension plans . 
under current law , multi-employer pension plans are loosely regulated and have few requirements for timely disclosure of information . 
for the first time ever , beneficiaries and contributing employers of these multi-employer pension plans will have transparent information to make accurate funding decisions . 
the legislation creates a system for identifying financially troubled plans and improving their funding status . 
furthermore , new notice and disclosure requirements will provide participants with clearer and more specific financial information . 
workers and retirees must be provided with an annual update on the plan 's assets , liabilities , financial condition and funding policies . 
underfunded plans are required to file financial information with the pgbc and provide notice to workers and retirees . 
existing financial disclosure documents are updated to provide more information , particularly about plan mergers and actuarial assumptions . 
multi-employer plans must notify a contributing employer of their withdrawal liability upon request . 
madam speaker , i urge colleagues to back this bill and take a very important opportunity to put employees ' pension plans on a solid foundation . 
