Senate Endorses Pension Overhaul

By: 23 Newsroom
By: 23 Newsroom

The Senate has overwhelmingly passed a bill that would save employers tens of billions of dollars in pension costs.

Republican Norm Coleman of Minnesota says the legislation protects American workers and their pension benefits. The vote was 86 to nine.

The bill would reconfigure how employers must fund defined benefit plans. It has to be reconciled with the House version, which has incurred opposition at the White House. That's because it has special breaks for the steel and airline industries, which have chronic problems with pension underfunding.

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