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Friday April 09, 03:54
Senate passes pension relief bill

The Senate on Thursday sent President Bush a stopgap pension measure that expected to save corporations tens of billions of dollars in funding costs over the next two years. The bill makes a change in the method used to calculate required pension fund contributions. It would replace the current 30-year Treasury bond interest rate that is used by many employers to calculate the amount of money they must set aside in their employee pension plans with a blend of corporate bond index rates. The new rates would be used through 2005. The Pension Benefit Guaranty Corp. estimates the change would save companies around $80 billion.(CBS.MW)
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