The Senate overwhelmingly passed a pension reform bill that would reduce employers' mandatory contribution to employee pension plans. A version of the legislation passed the House last fall. The Senate, however, went further in easing employers' contribution requirements, voting 86 to 9 in favor of a bill that reportedly would reduce mandatory contributions across all affected industries by some $16 billion over two years. The bills, targeted to help the steel and airline industries the most, would ease corporate pension funding requirements for two years by tying benefit calculations to higher long-term corporate bond rates. It also applies to certain 501(c)(5) organizations. The House and Senate bills must be reconciled before Congress can take further action. According to the American Hospital Association, 68% of hospital systems and 51% of stand-alone hospitals offer defined-benefit pension plans-- by Jeff Tieman
Senate passes bill reducing employers' pension load
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