Business leaders have responded positively to the Bush administration?s plan for overhauling the retirement benefits system. With the Pension Benefit Guaranty Corporation (PBGC) running at a $23.3 billion dollar deficit, everyone agrees that intervention is necessary to stabilize the nation's retirement system. However, businesses are concerned that the proposed increase in the yearly per-worker premiums companies pay plus additional administrative complexities could cause more firms to end their pension plans for employees.
See "Pension overhaul: Devil's in the details - Businesses fear costs, complexity", Adam Geller, The Boston Globe, January 11, 2005