Senate Approves Pension Funding Bill; Relief for Airlines Included
The bill, passed 93-5, will help financially troubled Delta Air Lines and Northwest Airlines.
* Companies with severely underfunded pension plans would have to make accelerated contributions, would be restricted in making deferred-compensation payouts to executives, and would be prohibited from making additional pension promises if they don't have the money to pay them upfront.
* Companies would face new rules for how they get credit for making larger-than-necessary pension contributions in good years.
* Companies will be encouraged to make enrollment in 401(k) tax-advantaged savings programs automatic to get more workers to save.
* People with 401(k) and IRA investments would get greater access to investment advice.
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