Business Services Industry
Late News; PBGC premium hike gets Bush signature.(Pension Benefit Guaranty Corp)
Business Insurance, February, 2006
President Bush last week signed legislation that boosts by more than 50% the base premium employers with defined benefit pension plans pay the Pension Benefit Guaranty Corp. The new law raises to $30 from $19 the annual per-participant premium for single-employer plans and boosts to $8 from $2.60 the annual per-participant premium for multiemployer plans.
The new rates are effective for plan years beginning on or after Jan. 1, 2006; rates will be indexed to wage inflation beginning in 2007. The measure also imposes a termination fee for firms that file for bankruptcy and terminate underfunded plans. Former Oklahoma regulator convicted An Oklahoma County, Okla., jury has convicted former Oklahoma Insurance Commissioner Carroll Fisher on two felony counts of...
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