HVAC Breaking News

Feb. 18, 2003: Congress Set To Discuss Pension Reform

February 18, 2003
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ROCKVILLE, Md. — The Mechanical Contractors Association of America (MCAA) reports that proposals are being readied for a new round of pension reform bills in Congress.

Reps. Benjamin L. Cardin (D-Md.) and Rob Portman (R-Ohio) are said to be preparing another pension reform measure. Proposals are being developed to consider multi-employer plan amendments to the Employee Retirement Income Security Act (ERISA), allowing plans to amortize stock market losses from 1999 through June 2003 over 30 years, which would be up from the 15 years currently allowed.

Advocates of the ERISA change are saying that an extension of the amortization period for investment losses during plan years 1999 through June 2003 would avoid the need for large minimum funding contribution increases in the short term for the many plans that have seen equity market declines.

Publication date: 02/17/2003

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