Congress Passes Pension Legislation

On December 11, 2008, the Senate, following House action of December 10, passed the Worker, Retiree and Employer Recovery Act of 2008 (HR 7327) by unanimous consent. The legislation includes provisions suspending the required minimum distribution excise tax for 2009, providing temporary funding relief for multi-employer plans, and allowing the rollover of amounts received in an airline carrier bankruptcy to a Roth IRA. The legislation also includes a number of pension-related technical corrections to prior pension legislation. Included as revenue raisers are increases in the failure to file penalties for partnerships and S Corporations.

The legislation now moves to the President for his expected signature.