WASHINGTON (AP) — Employers that still offer workers traditional pension plans are in line for hefty insurance premium increases under the budget agreement struck in Congress, the second time in two years that lawmakers have turned to them to help finance spending deals.
The basic annual government-charged premium for pension insurance already was scheduled to rise from $42 for each covered worker in the private sector to $49 in 2014. The new budget agreement would raise that premium to $57 in 2015 and again to $64 the following year.
The U.S. Chamber of Commerce and National Association of Manufacturers support the overall deal, yet they and other business groups warn that the fees will have a negative impact.
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