Insurance groups, benefits groups and other business groups are turning to the House Ways and Means Committee for Pension Protection Act implementation relief.
The informal coalition of groups joining to plead for an easing of PPA pension asset valuation rules includes the American Council of Life Insurers, Washington; the Association for Advanced Life Underwriting, Falls Church, Va.; and the American Benefits Council, Washington.
The groups have sent a joint letter to members of the House Ways & Means Committee.
The committee is holding hearings on proposals for economic recovery, job creation and investment protection efforts.
In the letter, the groups ask the Ways and Means Committee to introduce a bill that would roll back PPA fair market pension asset valuation provisions, by letting employers “smooth” unexpected pension plan investment losses over 48 months.
PPA rules now limit employers to smoothing losses over 24 months.