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WASHINGTON—The base annual premium that employers with defined benefit plans pay the Pension Benefit Guaranty Corp. will stay the same in 2012.
The base annual premium will remain at $35 per plan participant next year, the same as this year, the PBGC announced Tuesday.
By law, premium rates are adjusted to reflect changes in the national average weekly wage during the prior year. Because wages were flat this year, there was no adjustment to the premium for 2012.
In fiscal 2010, the last year for which information is available, the PBGC collected nearly $1.19 billion in base premiums in its single-employer insurance program and about $1.03 billion in variable-rate premiums that are paid by employers with underfunded plans.
The premiums are used to help pay benefits to participants in plans taken over by the PBGC, which had a $21.6 billion deficit in its single-employer insurance program in fiscal 2010.
WASHINGTON—The Obama administration Monday proposed steep hikes in the insurance premiums employers with defined benefit plans pay the Pension Benefit Guaranty Corp. as part of a broader deficit reduction package.