The ERISA Industry Committee (ERIC) issued a statement commending the U.S. Senate for approving and the Senate HELP Committee Chairman Harkin (D-IA) for introducing legislation to amend the Employee Retirement Income Security Act to clarify the definition of “substantial cessation of operations” for purposes of section 4062(e). ERIC indicated that the legislation helps clarify that regular workforce and operational decisions made by companies that are far less consequential than ceasing operations at a facility in any location will not get swept up into the enforcement actions of the (Pension Benefit Guaranty Corporation (PBGC).
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