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Bush signs pension relief bill into law

December 25, 2008 00:00:00


WASHINGTON, Dec 24 (Reuters): President George W Bush Tuesday signed into law a measure intended to help company pension plans and retirees that have been hard hit by the financial crisis.
Despite some concerns about the legislation, Bush decided that in the current financial environment the benefits outweighed the problems, the White House said.
Generally healthy multi-employer pension plans hurt by the stock market decline would not have to make drastic pension plan contribution increases and worker benefit cutbacks that many companies had feared.
A multi-employer pension plan, unlike a traditional single-employer plan, covers workers from more than one company and allows workers to move from job to job and still contribute to the plan.

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