Current Employment

Companies sponsoring underfunded pension plans got an early Christmas present today as the President signed H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008 (“Act”), which delays required minimum distributions from certain retirement accounts for one year, makes changes to funding requirements for certain pension plans, and makes other miscellaneous changes to tax and pension laws. We reported earlier that the administration was initially opposed to such legislation, but it has apparently realized the necessity of such an extension for many, if not most, defined benefit sponsors.