The President came out swinging for the middle class Monday in his fiscal year 2013 budget proposal, and part of that is a budget request to strengthen the defined benefit pension system by giving the board of the Pension Benefit Guaranty Corp. authority to adjust premiums and evaluate risks to it, and keep it viable for the times when plans fail.
The U.S. Department of Labor total budget request totals $12 billion in discretionary funding.
For its part, the PBGC must take into account the risks that different sponsors pose to their retirees and to the PBGC itself to encourage companies to fully fund their pension benefits and ensure the continued financial soundness of the PBGC, according to the DOL, which released this part of the budget request proposal. It is estimated that this proposal will save $16 billion over the next decade.
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