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."

"Today, most people don't think they have enough money to retire – and they're right," Gotbaum said. "The Administration is committed to do what we can do to strengthen retirement security, which is an important priority not only for workers and retirees but also for our economy and our nation."