Hill reformers take up pension issues

Employee Benefit News, June, 2003 by Karen Lee

Two years after Congress phased in higher contribution limits for 401(k)s and IRAs and made it easier to establish both DB and DC retirement plans, reformers are back with a sequel.

At press time, committee leaders were nearly ready to start work on the "Pension Preservation and Savings Expansion Act," introduced by Reps. Rob Portman (R-Ohio) and Ben Cardin (D-Md.). Employer and pension industry groups say the most important provisions are those to replace the 30-year Treasury rate in defined benefit pension calculations and the promise to extend the reforms Congress passed in 2001.

Although the proposals to hasten increased contribution limits on 401(k)s and IRAs and better access to retirement planning services have grabbed more headlines, some benefit experts...

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