At the Pension Benefit Guaranty Corporation's 35th anniversary celebration in Washington, D.C., NIRS presented key research findings that make the case for expanding and strengthening defined benefit pension plans.

The findings were reviewed at the National Press Club where NIRS executive director Beth Almeida served as a panelist on "The Future of Defined Benefit Pension Plans:  A PBGC Policy Forum." 

PBGC Acting Director Vince Snowbarger opened the event and remarked, "Commemorating this PBGC milestone is a good time to examine the challenges facing the defined benefit system and the plans we insure." He added, "We hope our forum will help generate new ideas for strengthening the retirement security of American workers."

Following Snowbarger, the event featured Assistant Secretary of Labor for the Employee Benefits Security Administration Phyllis Borzi, and PBGC Advisory Committee Chairman David Strauss, who served as PBGC executive director from 1997 until 2001.

NIRS joined Karen Ferguson of the Pension Rights Center and Mark Ugoretz of the ERISA Industry Committee on the policy panel.  These retirement security experts discussed the outlook for defined benefit plans in the current economic climate, and offered specific proposals to modernize traditional pension plans for twenty-first century workers and employers.

In her presentation, Almeida reviewed recent NIRS research -- The Pension Factor, A Better Bang for the Buck and Pensions & Retirement Security: A Road Map for Policy Makers.  

"The research tells a compelling story.  DB plans are the real deal," Almeida said.  "Pensions have a unique ability to provide retirement security, are economically efficient, and Americans want a future with pensions." The full presentation is available here. 

Following the forum, the PBGC presented the Jacob Javits Award for Outstanding Contribution to Retirement Security to Robert E. Nagle of McLean, Va, who was instrumental in drafting legislation that was enacted as the Employee Retirement Security Income Act of 1974.   

Posted by:  Kelly Kenneally, NIRS Communications, December 8, 2009