President Signs Pension Legislation

On December 23, 2008, the President signed the Worker, Retiree and Employer Recovery Act of 2008 (HR 7327). 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 enactment date for the legislation now becomes December 23, 2008.