Congress OKs pension-plan funding relief bill — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Congress OKs pension-plan funding relief bill

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Employer retirement plans suffered huge losses in 2008, and employers would face even more burdens if they had to comply with new, stricter funding rules passed under the Pension Protection Act (PPA) of 2006.

For that reason, Congress last month voted to ease those pension-funding rules by allowing single-employer plans to phase in pension-funding targets over three years and adjust funding contributions and distributions.

The bill (H.R. 7327) also provides for a one-year moratorium on required minimum distributions from individual retirement accounts and defined contribution plans for 2009.

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