Employers critical of Bush pension plan
Employee Benefit News, April, 2005 by Tom Anderson
Employer groups applaud the Bush administration for tackling the woes of the defined benefit system, but they are worried how changes will impact plan sponsors.
The American Benefits Council, American Council of Life Insurers, Business Roundtable, ERISA Industry Committee, National Association of Manufacturers and U.S. Chamber of Commerce all say that now is the time to address problems with the pension system, but the Bush plan is not the way to go. The administration's plan "could unintentionally drastically restrict the predictability of funding and premium obligations, (and) create a strong disincentive to pre-fund and burden the defined plan system with PBGC premium increases that are not warranted," notes Kenneth Porter, benefits director for The DuPont Co.
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