HANYS-Supported Pension Provisions Signed into Law
On Friday, Congress approved a two-year reauthorization of highway and other transportation programs in a bipartisan deal that included a one-year extension of the current student loan interest rate and reauthorization of flood insurance. The President signed the bill into law immediately following its passage to avert the expiration of the transportation programs and a doubling of the student loan interest rate on June 30.
House and Senate negotiators adopted two pension provisions to partially offset the cost of the bill. The measures will smooth the level of contributions employers must make to their defined benefit pension plans and increase employers’ premiums for insurance provided by the Pension Benefit Guaranty Corporation. HANYS supported the inclusion of these pension provisions in the final package. Contact: Chelsi Stevens