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MADISON, Wis. – At press time, President Bush was expected to sign legislation that proponents say could potentially provide an estimated $80 million in relief to U.S. companies, including credit unions, which have defined pension programs for their employees. The bill, passed April 8 by the Senate, aims to replace the current 30-year Treasury bond interest rate used by employers to determine how much they should set aside to fund employee pensions plans. A new formula, based on more conservative, corporate bond rates, would allow businesses to make smaller contributions under the old formula. CUNA Mutual Group, which has supported the bill, reports that an estimated 20-30% of the nation’s credit unions have defined benefit pension plans and stand to be favorably impacted by the legislation.

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