Reuters has this report–“House-Senate Panel OKs Pension Relief“:
U.S. House and Senate negotiators agreed on a massive pension relief bill for U.S. companies on Thursday, but a lack of Democratic support made final passage uncertain. The lawmakers, reconciling rival House and Senate bills, agreed to provide about $80 billion in relief for U.S. companies struggling to fund traditional pensions and added $1.6 billion in extra aid for pension plans of major airlines and steel companies.
ERIC issued this statement in response–“ERIC Warns Government Over Roadblocks on Pension Rate Relief Crippling Pension System“:
Conferees meeting today on H.R.3108 accepted a final position that divided conferees along party lines, indicating that it will be very difficult to pass the agreement and forward it to the President.
You can access the Outline of the H.R. 3108 Conference Report here via the American Benefits Council website.
Finally, the Committee on Education and the Workforce has issued this press release–“Short-Term Pension Bill Approved by Conferees; Proposal Ready for House Floor Action“–stating as follows:
House and Senate conferees today adopted a responsible, stopgap pension proposal that employers and workers say Congress desperately needs to pass and send to President Bush before the end of the week. The vote came at the final meeting of a House-Senate conference, chaired by U.S. Rep. John Boehner (R-OH), which has been racing the clock to send a bill to the President before a crucial deadline for employers and employees is reached later this month. Employers must make their quarterly contributions by April 15th. The House is scheduled to adjourn at the end of this week, meaning action on the pension relief bill must be completed this week. “This urgently needed pension relief legislation is now on its way to the House and Senate floor, and that’s encouraging news for American workers,” Boehner said. “The proposal adopted by conferees today is a fair and responsible proposal that meets the goal that conferees agreed upon, which was to target multiemployer relief only to those plans most in need. Most importantly, I believe this compromise is a proposal the President will sign.”