Pomeroy bill would give pension plans more time to amortize recent losses -- at a cost

Funding relief legislation proposed by Rep. Earl Pomeroy, D-ND, would allow more time to amortize losses from the financial crisis if sponsors of single-employer pension plans provide minimum benefits or contributions under qualified plans or freeze executive benefits under nonqualified deferred compensation plans. Though prospects for enactment are uncertain, the bill is welcome news to single-employer and multiemployer plan sponsors seeking short-term and more long-lasting relief.   (Select News, 3 Sep 2009)

• Full text of Pomeroy's discussion draft for pension funding relief bill (PDF)
• Section-by-section summary of Pomeroy's discussion draft (PDF)

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