It’s not the first time, and it may not be the last if Congress doesn’t act. Julio Portalatin, CEO of consultant Mercer, is again speaking out against premium increases for the Pension Benefit Guaranty Corp. that went into effect with the passage of the Bipartisan Budget Act of 2015.
In April, the PBGC said in a report that premiums were not high enough to sustain its multiemployer insurance program. It did not, however, specify how much premiums should be increased to avoid a shortfall.
Congress sets the premiums, and while there is no variable rate premium in the multiemployer plan, there is a variable rate assessed on some sponsors in the agency’s single-employer program.
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