The President on April 10, 2004, signed the Pension Funding Equity Act of 2004, P.L. 108-218 . The legislation is designed to provide a temporary replacement for pension liability calculation based on 30-year Treasury bonds. Pension providers would be able, through 2005, to calculate liability based on average corporate bond rates. The agreement also includes some pension funding relief for the airline and steel industries and certain multiemployer plans. With enactment, companies will be able to assume a higher interest rate in their pension accrual calculations, saving them millions of dollars in pension funding obligations. April 15, 2004 had been the next key date for determining those pension funding obligations.
Wolters Kluwer Tax and Accounting
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