Pension Relief Bill with RMD Moratorium Slides Through U.S. Senate

December 11, 2008 (PLANSPONSOR.com) - A day after U.S. House lawmakers unanimously okayed a pension reform measure, the Senate followed suit with its own unanimous approval of the bill.

Long-time pension activist U.S. Senator Benjamin L. Cardin (D-Maryland) issued a statement late Thursday praising his Senate colleagues for moving the Pension Protection Technical Corrections Act of 2008 through the process on a rapid timetable.

The House measure, H.R. 7237, passed out of the Senate as H.R. 6382, according to House and Senate records. 

"This bill is critically important for millions of seniors who might have been penalized financially for our nation's economic downturn," Cardin said in a statement. "If we had failed to pass this moratorium, seniors would have been forced to take a loss on their investments just because they reached age 70 ½, after they worked hard all their lives to save for retirement."

In addition to the RMD issue, the bill includes a variety of pension funding measures and other provisions being sought by retirement services industry trade groups.