MassMutual Praises Congress for Passage of Worker, Retiree, and Employer Recovery Act
(Springfield, MA) - MassMutual Financial Group applauded today the unanimous passage by Congress of The Worker, Retiree, and Employer Recovery Act designed to provide temporary relief to retirees and employers sponsoring defined benefit pension plans. The White House has confirmed that President Bush will sign the legislation into law.
The Act addresses the dramatic and unanticipated increases in pension funding requirements resulting from the current economic and market turmoil. Employers sponsoring defined benefit plans, including more than 400 MassMutual Retirement Services’ defined benefit plan clients which are primarily small to mid-sized companies that span a range of industries and regions of the country, will benefit from these changes. The Act provides the necessary temporary assistance to employers to allow them to maintain their focus of job creation and economic stability while remaining on a path of sound pension funding.
In addition to crucial temporary relief for sponsors of defined benefit plans, the measure also includes a provision to help retirees who have recently seen their retirement savings account balances decline. “Without speedy enactment of this legislation, more employers would have been unable to remain committed to the defined benefit system, weakening this important pillar of retirement security for millions of Americans,” said Elaine Sarsynski, executive vice president of MassMutual’s Retirement Services Division and chairman and CEO of MassMutual International LLC.
MassMutual congratulates the 110th Congress on their action and expresses its appreciation to President Bush for agreeing to sign the legislation into law. “We look forward to working with the new Congress and the new administration in 2009 to pursue additional steps to enhance stability and predictability in defined benefit pension plans,” said Kenneth S. Cohen, senior vice president and deputy general counsel, MassMutual.
For more information about MassMutual Retirement Services, please contact your retirement plan advisor or call MassMutual at (866) 444-2601.
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