A new Senate bill calling for an amendment to a controversial section of the Employee Retirement Income Security Act is expected to save employers and plan sponsors $15 million over the next decade, according to new estimates.
Sen. Tom Harkins (D-Iowa) S. 2511, first introduced in June, proposes a modification to Section 4062(e) of ERISA. The bill mandates that employers and plan sponsors will no longer face stiff payment plans from the Pension Benefit Guaranty Corporation should there be a cessation of their single-employer pension plan.
