Business Services Industry
Senate Passes Pension Relief Bill.
Knight Ridder/Tribune Business News, April, 2004
By Eric Torbenson, The Dallas Morning News Knight Ridder/Tribune Business News
Apr. 9--The U.S. Senate overwhelmingly passed a pension relief bill Thursday that, if signed by President Bush, will save companies $80 billion.
Airlines and steel companies will be the biggest beneficiaries of the legislation, which changes a key interest rate calculation for defined benefit pension plans and gives two years of much-lower payments for companies with under-funded plans. Despite some concern that Democrats would put up a strong fight against the pension relief, the vote was 78-19. The House of Representatives passed the same bill last Friday.
Fort Worth-based American Airlines Inc. said it was pleased with the outcome.
"The...
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