An amendment to ERISA that would redefine how the Pension Benefit Guaranty Corporation enforces regulation 4062(e) passed the Senate committee on Health, Education, Labor and Pensions by a bipartisan voice vote.
The new language would restrict PBGC's enforcement of the controversial 4062(e) regulation. PBGC recently announced a moratorium on the enforcement of 4062(e) through the end of 2014.
Introduced by Sen. Tom Harkin, D-Iowa, the proposed amendment addresses the specific concerns industry interest groups have raised to the Departments of Labor, Commerce and Treasury, which oversee PBGC.
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