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The Pension Benefit Guaranty Corp. should pay interest to premium overpayments made by employers, according to a report by Constance Donovan, the agency's plan participant and plan sponsor advocate.
While the agency was given such authority under a 2006 federal law, it has not taken any action to implement that authority, the report noted.
“As a matter of equity, with the rising level of premiums, it is becoming increasingly important that PBGC move forward to implement this authority, according to the report, which was released last week.
Thomas Reeder, the PBGC's director, said in a statement that the agency appreciates the advocate's report and “will be working on the important issues” Ms. Donovan raises.
A figure on how much money employers have paid in premium overpayments was not immediately available, an agency spokesman said.
Currently, employers pay the agency a $64 per participant premium. In addition, employers with underfunded plans pay an additional premium of $30 per $1,000 of unfunded benefits.
Sponsors of nearly 15% of large pension plans have de-risked those plans during the past five years, removing more than 1.1 million participants, the Pension Benefit Guaranty Corp. said Thursday.