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Submitted by abbyjohn on March 23, 2008
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Human Resource Management
Human Resource Management
John Miller
Columbia Southern University
Abstract
What determines if employers are to pay out the pension benefits they have promised? If they can’t, what should be done for retirees who are left without their pension benefits? "[CLICK AND TYPE HEADING]"
The Employment Retirement Income Security Act (ERISA) of 1974 regulates private pensions. This law was established to ensure that private pensions were paid out as promised. In addition, the government set up the Pension Benefit Guaranty Corporation (PBGC) to back or guarantee any pension plans. However, the agency has not guaranteed all plans. An increasingly aging population, skyrocketing healthcare costs, and under funded pension plans have led to the dismantling of many retirement plans. Companies with traditional pension plans are finding it more and more difficult to fund those plans and numerous companies have been forced into bankruptcy. One solution has been to decrease or do away with healthcare benefits. These costs are the single major factor in the crumbling of the programs. Companies cannot keep up with the skyrocketing cost of healthcare. Most of the healthcare costs are not accrued, but rather funded from current cash flow. This is an additional strain on an already strained bottom line. The new global market economy has introduced more competition and driven down revenues.
Another alternative that companies are utilizing is that of freezing benefits. Once benefits are frozen, employees not longer accumulate additional benefits. This allows fully funded programs to stay viable.
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