Business, Management and Accounting
3 years ago

Employers recover $18 billion from pension plans, undermining retirement income security.

Reversions from Pension Plans: History, Policies, and Prospects
Norman P. Stein

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Defined benefit retirement plans have been terminated by employers, leading to the recovery of assets not used for pension benefits. This undermines tax incentives for employers to offer pension plans. Critics argue that these reversions harm retirement income security and violate labor contract economics. Employees pay into pension plans with reduced wages and expect benefits to increase with inflation. The article shifts focus to tax policy implications of pension reversions, which have not been well understood.