New pension legislation signed into law in April
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Manufacturing News, Source : North American Industry
Published : 12 May 2004 15:30
President George W. Bush signed legislation into law in April that aims to save employer sponsors of pension plans $80 billion over the next two years. The savings could provide much-needed help to several struggling industries.
The law will gradually change how companies calculate pension contributions over the next two years. Union leaders concerned about the possibility that companies will abandon their retirement plans, supported the new law.
The amount that some industries, including financially strapped airlines and steel companies, must pay to replenish currently underfunded pension plans will also be cut by approximately $1.6 billion.
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