Plan sponsors are slowly closing defined benefit pension plans for a number of reasons, but one continuing concern is the increasing cost to operate such a plan. Over the past few years, Congress and federal agencies have been working to encourage plan sponsors to shut down defined benefit pension plans rather than keep them open to employees via increasing premiums that plan sponsors pay to the Pension Benefit Guaranty Corporation and new regulatory actions.
Earlier this year, President Trump issued an executive order mandating federal agencies to determine ways to reduce regulations and control regulatory costs. The EO specifically stated that for every new regulation, the federal agency must determine two regulations that will be repealed. In conjunction with that order, some agencies issued a notice for comments from the public on how that specific agency could reduce the regulatory burden placed upon Americans.
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