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Statement of Assistant Secretary of Labor Phyllis C. Borzi Regarding Legislation on Defined Benefit Pension Plans' Funding
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
Apr. 20, 2010
" 'The Obama Administration supports targeted legislation to give plan sponsors a temporary delay of pension contributions resulting from these unique circumstances. At the same time, the legislation should not allow employers who take advantage of this relief to use their improved temporary cash flows to put payments to shareholders and executives ahead of the security of workers' pensions. In addition, employers electing to delay their pension contributions should be required to notify workers of their actions. Finally, the legislation should not provide funding relief to companies that are unlikely to be able to meet their pension obligations in the future because of severe financial distress."

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