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Article: Group warns of threats to defined benefit plans; ABC offers recommendation to protect plans.(News)(American Benefits Council)
- Article from:
- Business Insurance
- Article date:
- May 31, 2004
- Author:
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARK A. HOFMANN
WASHINGTON-The employer-backed American Benefits Council has issued a series of recommendations designed to protect the defined benefit pension system, which the group says could be facing extinction.
The recommendations are contained in a report entitled "Pensions at the Precipice,'' which was released last week. According to the group, "defined benefit pensions face an unprecedented series of policy and legal threats that endanger their very existence.'' These threats include attacks on hybrid defined benefit plans, such as cash balance plans, and what the group considers a "flawed pension-funding regime.''
Among other ...