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NEWS RELEASE
December 11, 2008
Council commends Senate on passage of pension reliefBush Administration urged to sign bill into law as soon as possibleWASHINGTON, D.C. — “The Senate’s approval of the Worker, Retiree, and Employer Recovery Act (H.R. 7327) — and passage by the House of Representatives yesterday – is a crucial first step to ensure stability in pension plan funding next year,” American Benefits Council President James A. Klein today, upon Senate passage of the measure by unanimous consent. “We urge President Bush to sign this legislation into law as soon as possible.” In addition to crucial temporary relief for sponsors of defined benefit plans, the measure also includes a provision to help retirees who have recently seen their retirement savings account balances decline. The Council’s earlier news release detailed the key provisions of H.R. 7327. “This legislation, if signed into law, will help mitigate the artificially inflated funding obligations brought about by unprecedented market volatility and help avoid triggering a requirement for many employers to restrict pension benefits. Instead those funds will be available for job retention, job creation and capital investment,” Klein said. “We congratulate the 110th Congress on this action today, and we look forward to working with the new Congress and the new administration in 2009 to pursue further efforts to stabilize pension plan funding during these difficult economic times,” Klein said. “The Council is committed to the principles of security and predictability in pension policy, principles that will benefit plan participants, plan sponsors and the economy as a whole.” To arrange an interview with a member of the Council staff, please contact Jason Hammersla, Council director, communications, at jhammersla@abcstaff.org or by phone at (202) 289-6700.
The American Benefits Council is the national trade association for companies concerned about federal legislation and regulations affecting all aspects of the employee benefits system. The Councils member's represent the entire spectrum of the private employee benefits community and either sponsor directly or administer retirement and health plans covering more than 100 million Americans. http://www.americanbenefitscouncil.org/issues/retirement/pension.cfm
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