In Congress, the budget is on everyone’s mind – which means that PBGC premiums are on ours! Please join us at ERIC’s offices on Friday, February 15 at 1 p.m. (ET) for an in-person strategy discussion on the Pension and Budget Integrity Act and finding a new champion for re-introduction.
Since 2012, premiums paid by single-employer defined benefit plans to the Pension Benefit Guaranty Corporation have been increased several times to pay for budget items unrelated to pension legislation. The premiums are included in the federal budget and are considered “on-budget” which provides the illusion this revenue can be used for general government spending, even though these premiums cannot be allocated to other government programs besides the PBGC benefit pension plans. Therefore, plan sponsors are paying billions more in premiums simply as a budget gimmick. To remove this budget gimmick, the Pension and Budget Integrity Act provides a budget point of order to ensure that Congress is raising premiums only if and when it is appropriate.
ERIC Members, to register for the meeting, click on the "Register Now" link at the top of this page (you will need your username and password to register). Non-ERIC Members please reach out to Member Services at 202-789-1400 or e-mail: firstname.lastname@example.org to be registered.