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Pension Protection Act
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<blockquote data-quote="my2cents" data-source="post: 54309"><p>Chances are H.R. 2830 will probably undergo some revisions before a House vote is taken. If one reads the testimony, which occured in both in the House and Senate, one will find debate on certain aspects of the bill. </p><p> </p><p>Employer liability is one issue. The small business alliance is at odds with the Multiemployer Pension Plan Coalition. These small firms fret if they can't pay the additional contributions and excise penalties, they will be expelled from the plan and be stuck with the withdrawal liability, which could be greater than the value of their business. Furthermore, the grocery group has a few philosophical differences with the Multiemployer Pension Plan coalition to. I believe these differences are industry related. </p><p> </p><p>There is also debate between using a yeild curve vs. a corporate bond interest rate index. Lump sum restrictions are also an issue, as well as freezing or reducing accrural rates. The latter is being criticized as possibly straining worker relations. </p><p> </p><p>I believe to a limited extent, the voice of the worker in this debate is somewhat ignored because they don't bear a financial risk in funding these plans. Employers and as a last resort, the taxpayer does. One could make a case for retirees, athough the AARP testified in the Senate about cash balance plans. At any rate, I plan to follow the progress of this bill and see where the debate goes.</p></blockquote><p></p>
[QUOTE="my2cents, post: 54309"] Chances are H.R. 2830 will probably undergo some revisions before a House vote is taken. If one reads the testimony, which occured in both in the House and Senate, one will find debate on certain aspects of the bill. Employer liability is one issue. The small business alliance is at odds with the Multiemployer Pension Plan Coalition. These small firms fret if they can't pay the additional contributions and excise penalties, they will be expelled from the plan and be stuck with the withdrawal liability, which could be greater than the value of their business. Furthermore, the grocery group has a few philosophical differences with the Multiemployer Pension Plan coalition to. I believe these differences are industry related. There is also debate between using a yeild curve vs. a corporate bond interest rate index. Lump sum restrictions are also an issue, as well as freezing or reducing accrural rates. The latter is being criticized as possibly straining worker relations. I believe to a limited extent, the voice of the worker in this debate is somewhat ignored because they don't bear a financial risk in funding these plans. Employers and as a last resort, the taxpayer does. One could make a case for retirees, athough the AARP testified in the Senate about cash balance plans. At any rate, I plan to follow the progress of this bill and see where the debate goes. [/QUOTE]
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