Filed Under:Life Insurance, Life Planning Strategies

Obama's 2013 Budget Calls for Stronger Defined Benefit Pension System

President Barack Obama waves after delivering remarks on government reform, Friday, Jan. 13, 2012. (AP Photo/Haraz N. Ghanbari)
President Barack Obama waves after delivering remarks on government reform, Friday, Jan. 13, 2012. (AP Photo/Haraz N. Ghanbari)

The President came out swinging for the middle class Monday in his fiscal year (FY) 2013 budget proposal, and part of that is a budget request to strengthen the defined benefit pension system by giving the board of the Pension Benefit Guaranty Corp. (PBGC) authority to adjust premiums and evaluate risks to it, and keep it viable for the times when plans fail.

The U.S. Department of Labor total budget request totals $12 billion in discretionary funding.

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Nichole Morford

Nichole Morford
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