About 30 percent of sponsors surveyed by Greenwald & Associates said a new definition of fiduciary would make them at least somewhat likely to eliminate current retirement plans.
Sponsors bear huge costs, to say nothing of fiduciary liability, maintaining the defined contribution accounts of employees who leave for another company.
The Pension Coalition says higher premiums would amount to a cumulative $51.4 billion hit to the economy over the next 11 years, and cost an average of 42,000 jobs a year.
Carl DeMaio, a Republican House candidate hoping to represent Californias San Diego area, is learning quickly about the perils of throwing political elbows.