President Bush Signs Pension Bill

By December 24, 2008Human Resources, Taxation

Before going into full snowy solstice siesta mode (too ecumenical?), we should make certain to say congratulations and thanks to President Bush for signing H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008. As CQ explains,

President Bush signed a bill Tuesday to ease pension-funding rules for companies and give retirees a reprieve from required withdrawals from their tax-advantaged investment accounts.

And …

The core of the bill would address a problem that corporations have been warning about since the economic recession deepened this year.

Under the 2006 pension law overhaul, companies with defined-benefit plans that aren’t fully funded must begin meeting that goal soon. But the 2008 stock market plunge has decimated the investments of many pension plans, and corporations argue that meeting the law’s funding requirements now would take so much money from corporate budgets it could prevent companies from hiring and investing and could even force layoffs.

The NAM’s news release thanking Congress for passage is here.

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