“House Backs Cut In Pension Outlays Over Two Years“: the Wall Street Journal reports. (Subscription required.) “The House voted to allow businesses to contribute $26 billion less to corporate pension plans over the next two years” according to the article. Apparently, the House measure will now go to a divided Senate. Quote of Note: “While it’s still early to predict, some congressional aides say the basic temporary relief that the House passed Wednesday is the most likely outcome. The Bush administration issued a statement Wednesday urging Congress not to add special relief aimed at helping airlines or other troubled industries. The White House termed the House bill “an important first step toward providing a permanent replacement for the interest rate now used to determine pension liabilities.”
More articles:
- CNNMoney: “House OKs temporary pension fix: Bill lets companies assume higher rate of return on contributions, thus lowering pension payments”
- Newsday.com: “House Provides Relief for Pension Plans”
- ERISA Industry Committee: “Pension Funding Bill Clears the House; ERIC Hails Its Passage”
The Bill is HR 3108, entitled the Pension Funding Equity Act of 2003.”