29 U.S.C. § 1001b : US Code - Section 1001B: Findings and declaration of policy

Search 29 U.S.C. § 1001b : US Code - Section 1001B: Findings and declaration of policy

(a) Findings
The Congress finds that -
(1) single-employer defined benefit pension plans have a
substantial impact on interstate commerce and are affected with a
national interest;
(2) the continued well-being and retirement income security of
millions of workers, retirees, and their dependents are directly
affected by such plans;
(3) the existence of a sound termination insurance system is
fundamental to the retirement income security of participants and
beneficiaries of such plans; and
(4) the current termination insurance system in some instances
encourages employers to terminate pension plans, evade their
obligations to pay benefits, and shift unfunded pension
liabilities onto the termination insurance system and the other
premium-payers.
(b) Additional findings
The Congress further finds that modification of the current
termination insurance system and an increase in the insurance
premium for single-employer defined benefit pension plans -
(1) is desirable to increase the likelihood that full benefits
will be paid to participants and beneficiaries of such plans;
(2) is desirable to provide for the transfer of liabilities to
the termination insurance system only in cases of severe
hardship;
(3) is necessary to maintain the premium costs of such system
at a reasonable level; and
(4) is necessary to finance properly current funding
deficiencies and future obligations of the single-employer
pension plan termination insurance system.
(c) Declaration of policy
It is hereby declared to be the policy of this title -
(1) to foster and facilitate interstate commerce;
(2) to encourage the maintenance and growth of single-employer
defined benefit pension plans;
(3) to increase the likelihood that participants and
beneficiaries under single-employer defined benefit pension plans
will receive their full benefits;
(4) to provide for the transfer of unfunded pension liabilities
onto the single-employer pension plan termination insurance
system only in cases of severe hardship;
(5) to maintain the premium costs of such system at a
reasonable level; and
(6) to assure the prudent financing of current funding
deficiencies and future obligations of the single-employer
pension plan termination insurance system by increasing
termination insurance premiums.