CHANTILLY, Va. - Despite last minute efforts by the Sheet Metal and Air Conditioning Contractors' National Association (SMACNA) to secure significant relief provisions for multiemployer plans in the Pension Funding Relief Act of 2004 (H.R. 3108/P.L. 108-218), a narrowly tailored relief reported by the Senate-House conference committee was approved 78 to 19 in final passage by the Senate, says the association.

It is estimated the law will provide relief to only about 2 percent of multiemployer pension plans facing a funding deficiency, says SMACNA. The law provides $80 billion in relief over 2 years for more than 31,000 companies that operate traditional pension plans, including relief for struggling industries that exposes the Pension Benefit Guaranty Corporation (PBGC) to additional risk, the association says.

According to SMACNA, the multiemployer plan relief previously passed by the Senate but rejected by House Republicans would have provided meaningful relief to plans, would have been at no cost to the Treasury, and would not have put the PBGC at risk.