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From Burypensions:
Per P&I:
Congress could tap the PBGC’s single-employer insurance program as a “quick fix” should the agency’s multiemployer program become insolvent, said Michael Kreps, Washington-based principal at Groom Law Group LLP during a keynote address Tuesday at Pensions & Investments West Coast Defined Contribution conference in San Diego.
In a subsequent interview Mr. Kreps elaborates:
The only way to solve this is for Congress to do something. Tapping the single-employer program, from a policy perspective, would be “horrible” potentially turning to the premiums paid by corporate sponsors to bail out the multiemployer program. That, in turn, could further accelerate the move of corporate plan sponsors to get out of the business of offering a defined benefit plan. When it comes to writing a big check [bailing out the multiemployer program, Congress] will be looking for pots of money.
It could happen since Congress does not honestly consider consequences when legislating these days and PBGC did recently announce a surplus of a sort:
Per P&I:
Congress could tap the PBGC’s single-employer insurance program as a “quick fix” should the agency’s multiemployer program become insolvent, said Michael Kreps, Washington-based principal at Groom Law Group LLP during a keynote address Tuesday at Pensions & Investments West Coast Defined Contribution conference in San Diego.
In a subsequent interview Mr. Kreps elaborates:
The only way to solve this is for Congress to do something. Tapping the single-employer program, from a policy perspective, would be “horrible” potentially turning to the premiums paid by corporate sponsors to bail out the multiemployer program. That, in turn, could further accelerate the move of corporate plan sponsors to get out of the business of offering a defined benefit plan. When it comes to writing a big check [bailing out the multiemployer program, Congress] will be looking for pots of money.
It could happen since Congress does not honestly consider consequences when legislating these days and PBGC did recently announce a surplus of a sort:
