Search
 

ERIC against legislation that would raise PBGC premiums

ERIC has come out against Congress including an increase to PBGC premiums as part of legislation that extends transportation funding and prevents a student loan interest rate hike.

By Paula Aven Gladych | Updated on June 28, 2012

The ERISA Industry Committee President and CEO Scott Macey said in a statement this week that he applauds Congress for including pension stabilization provisions with legislation that prevents a student loan interest rate hike and extends transportation funding, but he is adamantly opposed to Congress including an increase in Pension Benefit Guaranty Corporation premiums.

“If anything, increasing premiums is just an incentive to push more plan sponsors to abandon their pension plans,” he said. “Moreover, the PBGC’s deficit is artificially high due to the low interest rates used to calculate the agency’s deficit because of the Federal Reserve’s current monetary policy o keep rates low. We encourage Congress to carefully analyze the reasons behind the PBGC’s purported deficit before proceeding with raising premiums.”

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.