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PENSION BILL PASSES

August 04, 2006

While the estate tax bill went down in flames last night, the pension reform bill (H.R. 4; big pdf file) sailed through the Senate; the President is expected to sign the bill.

The pension bill is quite complicated. The bill's principal purpose is to shore up defined benefit plans, unless you work in the airline industry. It also includes important 401(k) and IRA provisions and a package of charitable reforms. It's nothing but bad news for the Wyobraska Wildlife Museum and its patrons, as the bill closes the "dead critter loophole."

Baluchithere model on display at the Wyobraska Wildlife Museum, Gering, Nebraska. Rumors that the museum is making space in its extinct beast wing for a defined benefit plan display are unconfirmed at this time.