This strategy is a blueprint for competitiveness that will unleash the economy and manufacturing’s outsized multiplier effect. Importantly, manufacturers’ aspirations—the four goals laid out in the pages that follow—are ones that all Americans who want to maintain our country’s economic advantage can rally around.
Pension Fix Provides Benefits to Manufacturers and Workers
Congress Should Act Quickly to Pass Pension “Smoothing”
06/28/12 - National Association of Manufacturers (NAM) Vice President for Tax and Domestic Economic Policy Dorothy Coleman issued this statement today following the announcement of the highway transportation conference agreement (H.R. 4348):
“Manufacturers have been leaders in providing generous retirement benefits to their employees. To ensure this continues, we need to correct the flaws in the pension funding formula to provide a more predictable financial obligation for employers year to year. The NAM led a business community coalition in working with Congress to pass a policy agreement that offers a balanced solution that benefits both manufacturers and their employees.
Today’s historically low interest rates have resulted in artificially high funding obligations for companies. These unusually high funding obligations divert critical resources from business investment growth and job creation to meet an artificial need. We strongly urge Congress to adopt the conference agreement on H.R. 4348, which will provide greater certainty and predictability for companies that provide pension benefits and will allow manufacturers to invest more resources in their businesses and employees.”