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Increasing Pension Premiums: The Impact on Jobs and Economic Growth
Increasing Pension Premiums: The Impact on Jobs and Economic Growth. On May 14, the Chamber released a report jointly with the National Association of Manufacturers, the ERISA Industry Committee, and several member companies. The report examines the impact of proposed PBGC premiums on American employers, jobs, and the U.S. economy. Specific findings include the following:
o PBGC’s proposed new authority to raise premiums would translate into a cumulative $51.4 billion hit to the U.S. economy over 11 years.
o PBGC premiums would cost employers an average of 42,000 jobs per year, peaking at a loss of more than 67,000 jobs in 2017.
o Congress could save an average of 24,500 jobs per year by rejecting additional premium hikes, such as the proposal to expand the PBGC’s authority to set premiums.
o Because the PBGC premium hikes push up consumer inflation and decrease production, the average household would lose cumulative buying power of $721 in 2012 dollars over 11 years.