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In wide-ranging testimony, Josh Gotbaum, director of the Pension Benefit Guaranty Corporation, told a House subcommittee Thursday that the combination of living longer, the economy, and changes in pension plans was threatening many people’s retirement security. He also detailed the agency’s financial challenges, and outlined an administration proposal to redress them by reforming how PBGC sets premiums.

“Thanks to better health, better technology, and better lifestyles, today we’re living longer, healthier lives,” Gotbaum said during a hearing before the Health, Employment, Labor and Pensions Subcommittee of the House Committee on Education and the Workforce. “That’s great news, but it also means that retirement costs more.”

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