Sponsors of defined benefit pension plans will be able to use excess money in their plans to fund the purchase of life insurance for their retirees for the first time under a provision of legislation passed by Congress.
The provision was among a number of defined benefit plan issues addressed as part of H.R. 4348, the Surface Transportation Extension Act of 2012.
The bill was passed by the House and Senate within minutes of each other on Friday. Besides extending the highway construction program until Sept. 2014, the bill also reauthorized the National Flood Insurance Program until 2017 and ensured that the rates on student loans remained the same until next July.
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