Lawmakers compromise to pass major reforms of pension funding rules; Massive plan failures spur years-long drive to overhaul system.(Spotlight: Year in Review: Employee Benefits)

Business Insurance,  December, 2006  by Geisel, Jerry

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Byline: Jerry Geisel A multiyear drive to tighten pension plan funding rules came to an end in 2006 with Congress passing the biggest changes in pension funding rules since the enactment of the original pension reform law more than three decades ago. That drive had its roots in several massive pension plan failures and the accompanying realization of the weaknesses in pension funding rules.

One example: In the three years prior to the federal Pension Benefit Guaranty Corp. taking over its pension plan in 2002, Bethlehem Steel Corp. did not contribute anything to its pension ...

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