Underfunded Pensions Pension Dumping and Retirement Security is popular PDF and ePub book, written by Peter Orszag in 2010-12-01, it is a fantastic choice for those who relish reading online the Law genre. Let's immerse ourselves in this engaging Law book by exploring the summary and details provided below. Remember, Underfunded Pensions Pension Dumping and Retirement Security can be Read Online from any device for your convenience.
Underfunded Pensions Pension Dumping and Retirement Security Book PDF Summary
The Employee Retirement Income Security Act of 1974 (ERISA) provides a comprehensive federal scheme for the regulation of employee pension and welfare benefit plans offered by employers. ERISA contains various provisions intended to protect the rights of plan participants and beneficiaries in employee benefit plans. The Pension Benefit Guarantee Corporation (PBGC) is a federal corporation created by ERISA. It currently protects the pensions of nearly 44 million American workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans. Although the PBGC's liabilities are not explicitly backed by the full faith and credit of the federal government, Congress could face political pressure to bail out the PBGC at taxpayer expense should the agency become financially insolvent. Bradley Belt, former executive director of the Pension Benefit Guaranty Corporation (PBGC), testified before Congress in October, 2004: "I am particularly concerned with the temptation, and indeed, growing tendency, to use the pension insurance fund as a means to obtain an interest-free and risk-free loan to enable companies to restructure. Unfortunately, the current calculation appears to be that shifting pension liabilities onto other premium payers or potentially taxpayers is the path of least resistance rather than a last resort."
Detail Book of Underfunded Pensions Pension Dumping and Retirement Security PDF
- Author : Peter Orszag
- Release : 01 December 2010
- Publisher : TheCapitol.Net Inc
- ISBN : 9781587332265
- Genre : Law
- Total Page : 317 pages
- Language : English
- PDF File Size : 15,8 Mb
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