Senate Passes Pension Reform Legislation

The Senate, on November 16, 2005, approved the Pension Security and Transparency Bill of 2005 (Sen 1783) by a vote of 97 to 2. Key provisions in the legislation include strengthening funding requirements for defined benefit plans, new rules for multi-employer plans, encouraging automatic enrollment in and portability of 401(k) and other defined contribution plans, permitting state and local government adoption of 401(k) plans, and special rules to help troubled industries such as the airline industry avoid plan terminations. The House is expected to take up its version of the legislation in December; that legislation cleared the House Ways and Means Committee on November 9, 2005. The Administration has expressed concern that the Senate legislation does not go far enough to fund the Pension Benefit Guaranty Corporation (PBGC).

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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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