Pension Bill Talks Collapse | Conference Work Stops This Morning
An $80 billion pension relief program has hit a snag once moving to conference: House and Senate negotiators have sparred over funding relief for multi-employer plans. Rep. John A. Boehner, (R-Ohio), chairman of the conference, was quoted by CQ as saying, "These talks are in serious danger. This bill is in serious jeopardy." The dispute stems from the ongoing problem of roughly 31,000 companies with defined-benefit pension plans. Current law mandates a certain amount of contributions to their plans, and these companies are seeking a change in the formula which would allow them to contribute less over the next two years. Work on the conference stopped this morning due to the dispute, with Senate leaders seeking a greater effort to aid the multi-employer plans, which number around 1,600.