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.