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CCH® PENSION AND BENEFITS — 9/28/06

Senate measure would protect retirement benefits of defense contractors

The Senate has approved an amendment to a Department of Defense authorization bill that would protect the retirement benefits of employees of companies contracting with the U.S. Department of Defense.

The amendment, included in legislation to provide funds for the Defense Department in fiscal 2007 (H.R. 5631), would prohibit the Department from contracting with firms for work currently performed by government workers if the only cost savings of a contract results from an employer offering no retirement benefits or benefits inferior to those offered by the federal government. Under the amendment, the Department would be required to exclude the costs of retirement benefits from the cost comparison in a competitive bid. The bipartisan amendment was backed by Sens. Edward Kennedy (D-MA) and Orrin Hatch (R-UT).

For more information on this and related topics, consult the CCH Pension Plan Guide.

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