President Approves Pension Relief Bill

On April 10, the President signed new pension funding relief legislation approved by the Senate. The law replaces the 30-year Treasury bond interest rate used to:

• Determine required pension fund contributions
• Provide targeted deficit-contribution reduction relief for the airline and steel industries.
• Authorize select financially stressed multi-employer plans to defer amortization of 80% of the plan’s 2002 net experience losses.

The changes require employers to provide quarterly funding contributions by April 15.

Source—CCH NetNews