House Passes Revised Pension Liability Calculator

On October 8, 2003, the House passed the Pension Funding Equity Bill of 2003 (HR 3108) by a 397 to 2 vote. The bill is designed to provide a replacement for the liability calculation based on 30-year Treasury bonds, since 30-year Treasury bonds are no longer being issued. For 2003, the calculation would still be based on 30-year Treasury bonds, but would provide a range of 90 percent to 120 percent of the interest rate on 30-year bonds maturing in 2031. For 2004 and 2005, the calculations would be based on a four-year average of conservative corporate bond rates. The bill would generally permit employers to lower their pension contributions and is also projected to be a revenue raiser for the government. Congress is expected to pass this or similar legislation by the end of the year.

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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