For Immediate Release
Washington, DC – The following statement is in support of the letter that ERIC and nearly 100 other businesses sent to Congress. It should be attributed to Annette Guarisco Fildes, President and CEO of The ERISA Industry Committee (ERIC):
“ERIC appreciates Congress’s efforts to provide support to employers maintaining pension plans during the COVID-19 crisis.
The pandemic has impacted many employers, and now, more than ever, employers need to target their resources on recovery efforts such as salaries, equipment, and re-opening. Today’s letter urges lawmakers to help the pension plan sponsors recover in a way that does not use taxpayer money or jeopardize benefit plans, by giving employers more flexibility to fund their pension plans.
Benefits in single-employer pension plans are long-term obligations that can be funded over time without negatively impacting current or future benefits.
In times like these, we must all come together to make sure businesses can stay operational, and employees are not impacted further.”