Pension Fix benefits both manufacturers and workers.July 13, 2012 -
In her statement following announcement of highway transportation conference agreement (H.R. 4348), NAM Vice President for Tax and Domestic Economic Policy Dorothy Coleman said that flaws in pension funding formula need to be corrected in order to provide predictable financial obligation for employers year to year. By doing so, according to Coleman, manufacturers can continue on as "leaders in providing generous retirement benefits to their employees."
Pension Fix Provides Benefits to Manufacturers and Workers
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National Association Of Manufacturers (NAM)
1331 Pennsylvania Ave. N.W.
Washington, DC, 20004
Press release date: June 28, 2012
Congress Should Act Quickly to Pass Pension "Smoothing"
Washington, D.C. - National Association of Manufacturers (NAM) Vice President for Tax and Domestic Economic Policy Dorothy Coleman issued this statement today following the announcement of the highway transportation conference agreement (H.R. 4348):
"Manufacturers have been leaders in providing generous retirement benefits to their employees. To ensure this continues, we need to correct the flaws in the pension funding formula to provide a more predictable financial obligation for employers year to year. The NAM led a business community coalition in working with Congress to pass a policy agreement that offers a balanced solution that benefits both manufacturers and their employees.
Today's historically low interest rates have resulted in artificially high funding obligations for companies. These unusually high funding obligations divert critical resources from business investment growth and job creation to meet an artificial need. We strongly urge Congress to adopt the conference agreement on H.R. 4348, which will provide greater certainty and predictability for companies that provide pension benefits and will allow manufacturers to invest more resources in their businesses and employees."
-NAM- The National Association of Manufacturers is the largest manufacturing association in the United States, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.