Download or read book PBGC Reform written by United States. Congress. Senate. Committee on Health, Education, Labor, and Pensions. Subcommittee on Retirement Security and Aging and published by . This book was released on 2005 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pbgc Reform written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-02-10 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: PBGC reform : mending the pension safety net : hearing before the Subcommittee on Retirement Security and Aging of the Committee on Health, Education, Labor, and Pensions, United States Senate, One Hundred Ninth Congress, first session, on examining proposals to reform the pension funding rules and premiums payable to the Pension Benefit Guaranty Corporation, April 26, 2005.
Download or read book PBGC Reform written by United States Senate and published by . This book was released on 2019-12-05 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: PBGC reform: mending the pension safety net: hearing before the Subcommittee on Retirement Security and Aging of the Committee on Health, Education, Labor, and Pensions, United States Senate, One Hundred Ninth Congress, first session, on examining proposals to reform the pension funding rules and premiums payable to the Pension Benefit Guaranty Corporation, April 26, 2005.
Download or read book Protecting Pensions and Ensuring the Solvency of PBGC written by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Finance, and Accountability and published by . This book was released on 2005 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Insurance Data Book written by and published by . This book was released on 2002 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Defined Benefit Pension Reform for Single Employer Plans written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is considerable interest this year in reform of the laws governing funding of single-employer defined benefit pension plans and premium structure for the Pension Benefit Guaranty Corporation (PBGC). Large and growing deficits for the PBGC and continued underfunding of pension plans, particularly for financially weak companies, are the major reasons behind the push for reform. This report outlines the complex current law governing the funding of singleemployer defined benefit pension plans. It discusses the role of the PBGC in insuring pension benefits, the structure of the premiums that single-employer plans must pay the PBGC, and the benefits guaranteed by the PBGC in exchange for the payment of premiums. The report also describes reporting and disclosure requirements that apply to plans. The Administration, early in 2005, proposed comprehensive reform of pension funding rules, PBGC premium structure, and reporting and disclosure requirements. Under the proposed approach, the interest rates used for pension funding would be based on a yield curve of corporate bond rates. This report describes the Administration proposal and provides a simple example to illustrate calculation of a liability using a yield curve. Elements of the Administration proposal form the basis of some of the bills that have been introduced in the 109th Congress. Other bills emphasize features not included in the Administration proposal. Several bills have been introduced in the 109th Congress including H.R. 2830 (the Pension Protection Act of 2005), S. 219, (the National Employee Savings and Trust Equity Guarantee Act of 2005), and H.R. 1960 and H.R. 1961 (each titled the Pension Preservation and Savings Expansion Act of 2005). Other bills include H.R. 2233, S. 991, H.R. 2327, S. 1158, S. 685, H.R. 2106, and S. 861. This report includes quantitative analysis based on regulatory filings by pension plans for 2001 and 2002 to provide an assessment of the number of plans that might be affected by certain elements of the Administration proposal. It also summarizes the reaction to the Administration proposal by business and labor. The report also includes an illustration of the effect on a hypothetical plan sponsor's plan contribution and funded ratio of the credit balance approach used in current law versus the Administration proposal. The PBGC also insures multiemployer pension plans. The laws and issues relating to multiemployer plans are quite different than for single-employer plans. This report focuses on single-employer plans. This report will be updated upon major legislative developments.
Download or read book Report on Reform of the Federal Government s Pension Benefit Guarantee Program written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Download or read book Protecting Pensions and Ensuring the Solvency of Pbgc written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-02-08 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Protecting pensions and ensuring the solvency of PBGC : hearing before the Subcommittee on Government Management, Finance, and Accountability of the Committee on Government Reform, House of Representatives, One Hundred Ninth Congress, first session, March 2, 2005.
Download or read book Can the Pension Benefit Guaranty Corporation Be Restored to Financial Health written by Neela K Ranade and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2003, the Bush administration made a proposal for reform to strengthen pension plan funding and the financial condition of the Pension Benefit Guaranty Corporation (PBGC). Various bills with the goal of reforming the PBGC were proposed in the 108th Congress but none were enacted into law. The doubling of the PBGC deficit from fiscal 2003 to fiscal 2004, has heightened awareness about the PBGC deficit situation. Congressional leaders from both parties have announced their intention to move aggressively on legislative solutions in the 109th Congress.
Download or read book Can the Pension Benefit Guaranty Corporation Be Restored to Financial Health written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Benefit Guaranty Corporation (PBGC) is a federal government agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect the pensions of participants covered by most private sector, defined benefit pension plans. The primary source of revenues offsetting PBGC's claims is premiums paid by the sponsors of covered pension plans. These premiums are established by Congress. The PBGC receives no appropriated funds. The PBGC's single-employer program has posted growing deficits for the last three years. The deficit on September 30, 2004 was at an all-time high of $23 billion. Currently, the pension plans of major airlines present an enormous threat to the financial condition of the PBGC. Underfunded pension plans of sponsors with below-investment-gradebond ratings represented reasonably possible exposure of another $96.0 billion as of September 30, 2004 according to the PBGC. An independent organization has projected that without reform, the PBGC's single-employer program will run out of cash in 2020 or 2021. Because of the risks to its long-term financial viability, the Government Accountability Office (GAO) has placed the PBGC single-employer program on its high-risk list of agencies with significant vulnerabilities to the federal government. PBGC failure could require a tax-payer funded bailout. Major systemic issues include the PBGC's premium structure, funding requirements for defined benefit pension plans and PBGC's access to a bankrupt company's assets. Current PBGC premiums may be too low for the risks that PBGC underwrites. Furthermore, premiums do not vary based on the credit risk for the company, assetliability mismatch for the pension plan, participant demographics, or benefit design features such as whether or not the plan allows lump sum payouts. Sponsors that have made pension plan contributions in excess of the minimum required in the past may not be required to make contributions to the pension in the current year even when the pension plan is underfunded in the current year. Cyclical companies that wish to make higher contributions during profitable periods may find that maximum deductibility rules prevent them from making such contributions. Under current bankruptcy law, the PBGC cannot perfect a lien to force a company that has filed for bankruptcy to make minimum required pension plan contributions. In 2003, the Bush administration made a proposal for reform to strengthen pension plan funding and the financial condition of the PBGC. Various bills with the goal of reforming the PBGC were proposed in the 108th Congress but none were enacted into law. The doubling of the PBGC deficit from fiscal 2003 to fiscal 2004, has heightened awareness about the PBGC deficit situation. Congressional leaders from both parties have announced their intention to move aggressively on legislative solutions in the 109th Congress. This report will be updated upon major developments affecting the PBGC's financial condition.
Download or read book Defined Benefit Pension Reform for Single employer Plans written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report outlines the complex current law governing the funding of single employer defined benefit pension plans. It discusses the role of the PBGC [Pension Benefit Guaranty Corporation] in insuring pension benefits, the structure of the premiums that single-employer plans must pay the PBGC, and the benefits guaranteed by the PBGC in exchange for the payment of premiums. The report also describes reporting and disclosure requirements that apply to plans. The Administration, early in 2005, proposed comprehensive reform of pension funding rules, PBGC premium structure, and reporting and disclosure requirements. Under the proposed approach, the interest rates used for pension funding would be based on a yield curve of corporate bond rates. This report describes the Administration proposal and provides a simple example to illustrate calculation of a liability using a yield curve. Elements of the Administration proposal form the basis of some of the bills that have been introduced in the 109th Congress. Other bills emphasize features not included in the Administration proposal. Several bills have been introduced in the 109th Congress including H.R. 2830 (the Pension Protection Act of 2005), S. 219, (the National Employee Savings and Trust Equity Guarantee Act of 2005), and H.R. 1960 and H.R. 1961 (each titled the Pension Preservation and Savings Expansion Act of 2005). Other bills include H.R. 2233, S. 991, H.R. 2327, S. 1158, S. 685, H.R. 2106, and S. 861. This report includes quantitative analysis based on regulatory filings by pension plans for 2001 and 2002 to provide an assessment of the number of plans that might be affected by certain elements of the Administration proposal. It also summarizes the reaction to the Administration proposal by business and labor. The report also includes an illustration of the effect on a hypothetical plan sponsor's plan contribution and funded ratio of the credit balance approach used in current law versus the Administration proposal. The PBGC also insures multiemployer pension plans. The laws and issues relating to multiemployer plans are quite different than for single-employer plans. This report focuses on single-employer plans. This report will be updated upon major legislative developments.
Download or read book Rethinking Pension Reform written by Franco Modigliani and published by Cambridge University Press. This book was released on 2004-08-02 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is unique as it presents an academic and a practical aspect on managing pension funds to clarify the global debate on social security. The authors establish the basic choices in designating any system to help policy makers develop the system that achieves their many objectives. The success of reforms depends on financial innovation to mitigate key risks and some innovations are discussed, which also demonstrates how pension reform choices affect the achievement of retirement objectives. Finally, the authors examine some proposed hybrid options to show how the beneficial features of these hybrids can be captured through good design in a single fund.
Download or read book Pensions written by Leo A. Felton and published by Nova Publishers. This book was released on 2006 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: Older Americans are a powerful force in America politics because of high participation in elections and active lobbying organisations. In addition, the younger set who pay the largest taxes keep a steady eye on the often shifty actions of politicians with regard to pensions. This book deals with some of the critical issues of health insurance for retirees, reform of pensions plans, and company actions with regard to pension plans.
Download or read book Public Pension Reform written by Alain Jousten and published by International Monetary Fund. This book was released on 2007-02 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present paper reviews key issues in pension design and pension reform encountered all across the world. The paper heavily refers to the recent U.S. Social Security reform debate in general and to the Personal Retirement Accounts proposal in particular. A particular emphasis is put on annuitization and risk-taking in the economy. Our discussion signals some inadequacy of the proposed measures with respect to the goals of viability of the system and individual financial security during retirement.
Download or read book Guaranteed Trouble written by Jeffrey R. Brown and published by . This book was released on 2007 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the economic rationale for, historical experience of, and current pressures facing the Pension Benefit Guaranty Corporation (PBGC). The PBGC is the government entity which partially insures participants in private-sector defined benefit pension plans against the loss of pension benefits in the event that the plan sponsor experiences financial distress and has an under-funded pension plan. The paper discusses three major flaws of the PBGC, namely, that the PBGC has: 1) failed to properly price insurance and thus encouraged excessive risk-taking by plan sponsors; 2) failed to promote adequate funding of pension obligations; and 3) failed to promote sufficient information disclosure to market participants. The paper then discusses potential ways to reform the PBGC so that it operates more in concert with basic economic principles.
Download or read book Pension Benefit Guaranty Corporation PBGC Investment Policy written by and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The benefit received by a participant at retirement is generally dependent on two factors: total contributions made to the plan during the worker's participation in the plan and the investment experience of the amounts contributed on the employee's behalf. [...] In part to address the PBGC's deteriorating funded status, Congress passed the Pension Protection Act of 2006, the most comprehensive reform of the nation's pension laws since the enactment of ERISA in 1974. [...] Although the impact of these reforms is still unclear, the Congressional Budget Office (CBO) has stated that the PPA failed to address the underlying structural problems facing the PBGC, because the increased premiums are not commensurate with the amount of unfunded pension claims from terminated plans that the PBGC is likely to assume in the future.11 The future financial condition of the PBGC is [...] When the PBGC assumes control of the assets of an underfunded pension plan that has been terminated, those assets do not appear on the federal balance sheet, and transfers of such assets to the PBGC are not treated as receipts to the government.14 Although investment returns to the revolving fund appear as a receipt or outlay (in the case of negative returns) for the federal government, investment [...] CRS-11 Oversight of PBGC Investments Under federal law, the PBGC's investment policy statement must be approved by PBGC's Board of Directors, which consists of the Secretary of Labor, the Secretary of the Treasury, and the Secretary of Commerce.15.
