The federal government could help employers weather the current economic crisis by easing Pension Protection Act implementation requirements.
James Klein, president of the American Benefits Council, Washington, and other speakers made that case here today at a press conference.
The benefits council wants the government to soften the transition rules for PPA pension funding requirements.
Under the PPA, any shortfalls will be measured against a 100% funding level, rather than the graduated level permitted under current law, according to Kent Mason, a partner at Davis and Harman L.L.P., Washington.
Benefits council members’ level of concern about the rules has been “really unprecedented,” Mason said.