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CCH® PENSION — 03/18/10

Pension funding relief included in amendment to tax extenders bill

Pension funding relief for single- and multiemployer plans, which had earlier been dropped from a jobs bill, is part of an amendment to a larger tax extenders measure moving through Congress. On March 1, 2010, Senate Finance Committee Chairman Max Baucus (D-MT) offered a substitute amendment to the Tax Extenders Bill of 2009 (H.R. 4213) which was approved by the House on December 9, 2009. The substitute amendment (The American Workers, State, and Business Relief Bill) would extend a large package of expired tax provisions, as well as provide pension funding relief.

According to a Senate press release, released on March 2, 2010, the Baucus amendment provides "temporary, targeted funding relief for single employer and multiemployer pension plans that suffered significant losses in asset value due to the steep market slide in 2008." At press time, the Senate was debating the conditions for providing relief. In addition, an amendment was added to the bill that would allow distributable 401(k) account balances to be converted to Roth accounts within the 401(k) plan.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

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