A new bill could help individuals cope with falling retirement account balances and employers cope with falling pension funding levels.
The bill, the “Worker, Retiree and Employer Recovery Act of 2008,” was introduced today by a group of 4 key senators.
The sponsors, who hope to get the bill through Congress by Friday, before the Senate leaves for the Thanksgiving recess, include Sens. Max Baucus, D-Mont., the chairman of the Senate Finance Committee; Charles Grassley, R-Iowa, the highest ranking Republican on the Senate Finance Committee; Edward Kennedy, D-Mass., the chairman of the Senate Health, Education, Labor and Pension Committee; and Michael Enzi, R-Wyo., the highest ranking Republican on the HELP Committee.
The bill, which at press time did not yet have a bill number, would:
- Give retirement plan owners ages 70 1/2 or older more time to take distributions. The provision would eliminate the pressure for retirees to sell assets while the market is down.