New Pension Bill Offers Some Relief in Light of Market Turmoil; Technical Corrections Enacted

On December 23, 2008, President Bush signed the Worker, Retiree, and Employer Recovery Act of 2008 (the Act). In response to the recent market volatility, the Act provides some relief for companies that contribute to single-employer and multiemployer defined benefit plans, as well as for certain individual taxpayers. It also makes technical corrections to several provisions found in the Pension Protection Act of 2006 (PPA). In order to provide highlights of the Act, we are issuing this high-level summary now, and will provide a more detailed summary next week.

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