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Senate Passes Bill to Require Full Funding of Private Pensions
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Companies whose credit ratings are low would have to make additional payments to their plans. The PBGC has found that poor credit ratings are a good predictor of plans that will fail, but critics say requirements should be based on the condition of the pension fund, not that of the employer.
Other provisions of the bill include rules that would:
Raise premiums paid to the PBGC to $30 per participant per year, from the current $19.
Make it easier for companies to put money into the plans when times are good.
Clarify that in the future cash-balance and other "hybrid" pension plans will not be regarded as violating federal age-discrimination laws.
Require increased disclosure to workers of the financial status of their plans.
