Helpful Links Regarding Pension Legislation Introduced Last Week

Also, related developments:

From PlanSponsor.com: “US Senators Demand PBGC Underfunding Data.” Excerpt:

[Representative George] Miller said last week that when he reviewed the confidential data from the PBGC about underfunded pensions, it was dramatic compared to statements companies make about their pensions in annual reports to the Securities and Exchange Commission (SEC). Some companies, Miller said, were making public reports that were “billions of dollars” more optimistic about the pension funds than their confidential reports to the PBGC.

Also, from PlanSponsor.com: “Enzi Warns States on Pension Fraud.” Excerpt:

“Stakeholders on all sides of the pension issue are coming to Congress seeking reforms that will help them get the financial affairs of their pension plans in order,” Enzi said in a statement released Wednesday. “It is essential that our state governments, like Congress, understand the scope and cause of the troubles plaguing so many plans and be aware that the pension funds due their constituents could be at risk. Facing the issue of pension fraud is one battle we must fight together in order to achieve substantive pension reform.”

Articles:

For a good summary of what individuals on Capitol Hill are saying about the legislaton, see this article from SHRM by Bill Leonard: “Pension bill would phase in employer premium increase.” Excerpt:

Bradley Belt, executive director of the PBGC, told members of the House Education and the Workforce Committee that his agency was facing “substantial exposure” from other airlines, including Delta and Northwest, which have reported that they face serious problems funding their pension plans. In addition, Belt pointed to the problems in the automotive industry and told the committee that eight auto parts companies had filed for bankruptcy in the past 18 months.

Also, from Law.com: “Pension Reform Bill Introduced.”