The top priority for employers is legislation that would let employers and employees tuck away more money in pension and retirement funds, according to a new survey released this monthby American Benefits Council.
The House already has passed such legislation, which now is being considered by the Senate. But while critics say the legislation will simply enable the rich to save more while doing nothing for rank-and-file workers, the survey shows that more than half of the 200 pension plan sponsors polled believe that raising contribution limits will have a trickle-down effect.
Employers also would like lawmakers to fix the wobbly Social Security system, although most surveyed doubt the next president and Congress will take into account the impact of Social Security reform on the private pension system.
More than half of the employers surveyed say that workers want advice on investing their retirement dollars.
Finally, pension plan sponsors also predict the controversy over cash balance pension plans will end up driving employers out of defined benefit pension plans. In fact, about two-thirds of those surveyed said they believe the controversy over these plans will make employers less likely to keep their defined benefit pension plans.