Yahoo! News – Senate Sends Pensions Relief Bill to Bush: “The 78-19 vote on the pension relief bill came just a week before many quarterly payments [were due. M]illions of dollars that would have had to go into pension funds can be diverted to more immediately productive activities.
‘This is tremendous news for our members,’ said Dorothy Coleman, vice president for tax policy at the National Association of Manufacturers.
The legislation would reformulate over the next two years how companies calculate their pension contributions, replacing an outdated formula with one that more accurately reflects current interest rates. It is backed by both companies and unions. “