The ERISA Industry Committee is repeating its calls for lawmakers to lower the insurance premium the Pension Benefit Guaranty Corp. charges pension plan sponsors. The Washington-based trade groups call follows an announcement by the federal pension insurance agency that its surplus has grown 40% in the past year to a record $7.4 billion. The association, which represents large employers, also called for changes in the way the PBGC measures its financial condition and that of the pension plans it insures, and also asked that lawmakers limit the agencys ability to block corporate mergers and acquisitions. The group is presenting its proposals to lawmakers.
Adopting more realistic assumptions would be a major step toward reviving the attractiveness of defined benefit plans, said Mark J. Ugoretz, president of the trade group.