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Senators Pose New Pension Rules Amid Crisis

Law360 (November 20, 2008, 12:00 AM EST) -- The Senate Finance Committee has offered to change pension plan rules in light of the faltering economy, a week after 300 pension providers asked Congress to loosen the rules that they argue are diverting cash from their payrolls.

Four senators unveiled a bipartisan package Wednesday modifying the pension distribution requirements for both senior citizens and businesses. The modifications give companies tax breaks to free cash for payroll, while ensuring that retirees older than 70.5 avoid tax hits on their pensions amid a down market.

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