New Temporary Pension Funding Relief
On December 23, 2008, President Bush signed the Worker, Retiree and Employer Recovery Act of 2008 (the “Act”). Among other provisions, the Act provided technical corrections to the Pension Protection Act of 2006 (“PPA”) and provided relief for defined benefit sponsors to ease their pension funding obligations over the next few years. Revisions to the PPA allow companies to smooth out unexpected asset losses arising from current economic conditions when determining how much they must contribute to reach required funding levels.
Employee Benefit Plan Commentator is provided by Somerset’s Employee Benefits Team for our clients and other interested persons upon request. For additional information on the issues discussed, please contact Yvette C. Ward, CPA. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review.
These articles were written by and published herein
with the permission from professionals of BDO Seidman, LLP. Somerset is a
member of the BDO Seidman Alliance, a nationwide association of
independently owned accounting and consulting firms.
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