Single-Employer Variable-Rate Premium Act of 1987

Summary

Single-Employer Variable-Rate Premium Act of 1987 - Amends the Employee Retirement Income Security Act of 1974 to revise, for plan year 1988 and thereafter, the annual premium for the guaranty fund covering singe-employer basic pension benefits plans. Changes from a fixed rate per participant to a formula yielding a variable rate dependent on the number of participants and the funding target deficiency, if any. Sets forth formulas for determining the new premium. Requires the Pension Benefit Guaranty Corporation (PBGC) to: (1) review triennially the claims experience and financial condition of the single-employer program; (2) determine the premium revenue necessary for the next funding charge period; and (3) adjust the premium charge to meet such revenue needs. Prohibits the triennial adjustment from yielding an increase or decrease in premium in excess of 50 percent. Fixes a maximum premium amount for a plan year. Authorizes specified surcharges, which are exempted from the premium cap. Makes each contributing sponsor of a single-employer plan or member of a sponsor's controlled group liable to the PBGC for payment of the plan's premiums.

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1 official file

• Introduced in House

  summary · EN · 9 April 1987

  Open at official source

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