Reuters is reporting on what transpired late yesterday as representatives from the House and the Senate hashed out how to go forward with the Sanders’ and the Harkin’s measures addressing cash balance plans. (Previous post on the issues here.) The article by Reuters–“U.S. lawmakers hit cash balance pension rules“–indicates the following:
Negotiators from both chambers had to reconcile the two approaches as part of the annual spending bill that funds the Treasury Department. They basically embraced the Senate provision and dropped the House language involving the court case.
The article stated further:
. . . lawmakers also said the Treasury must offer legislation within 180 days on how best to convert traditional pensions to the newer cash balance plans — giving the administration another chance to set out a regulatory framework for such changes that Congress might embrace.
You can read about the Senate provision here.
More on this later . . .