Worker, Retiree, and Employer Recovery Act of 2008

Title:
Worker, Retiree, and Employer Recovery Act of 2008
Publication:
Tax Alert
Attorney:
Practice:

On December 23, 2008, President Bush signed into law the Worker, Retiree, and Employer Recovery Act of 2008 (the “Act”). Among other things, the Act:

The Act also makes certain technical corrections to the Pension Protection Act of 2006, including the requirement that company-sponsored plans offer nonspouse beneficiaries a rollover option for plan years beginning after 2009; that employers in multiemployer plans retain certain pension plan information; and that the termination of a hybrid defined benefit/defined contribution plan be effectuated on a separate plan basis. The Act also allows pension plans that offer a lump sum benefit to use a discount interest rate assumption of 5.5%.