Private Sector Pension Derisking and Participant Protections

This document is about the testimony provided by David Certner of AARP on the risks to pension plan participants and beneficiaries from pension de-risking transactions, such as the transfer of pension obligations to insurance companies through annuity purchases and the offering of lump sum distributions. Certner expresses concerns about the loss of ERISA protections, the adequacy of state guaranty fund coverage, and the potential for participants to make unwise choices when presented with lump sum offers.