Released: November 21, 2008

Easing of pension rules sought

Source: Nancy Trejos, Washington Post (Free Registration)

The crippled stock market and stagnant economy have driven many companies to seek relief from a rule requiring that they keep their pensions fully funded. Four senators sought to come to the companies’ aid this week, but their measure has come up short, for now.

Sens. Max Baucus (D-Mont.), Charles E. Grassley (R-Iowa), Edward M. Kennedy (D-Mass.) and Mike Enzi (R-Wyo.) on Wednesday proposed legislation for consideration by the full Senate that would waive a requirement that companies immediately fully fund their pension plans if they fail to meet certain benchmarks, even if their pensions have suffered big losses. 

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