The Pension Protection Act of 2006 did the exact opposite of what it was intended to do, which was improve retirement security in the United States, according to research by the National Institute on Retirement Security.
Rather than protect pensions, as it was designed to do, the market-based funding requirements increased plan costs and cost volatility to the point where corporations decided it was time to either freeze or terminate their plans. The amount companies had to pay to the Pension Benefit Guaranty Corporation also continued to rise, giving even more incentive for plans to terminate.
Register or login for access to this item and much more
All Employee Benefit News content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access