Worker, Retiree, and Employer Recovery Act of 2008

The Act was signed into law on December 23, 2008. Key attributes include:

The legislation was designed, in part; to ease the funding requirements of the PPA and to clarify that pension plans may smooth the value of pension assets over 24 months.
Plans would be required to fund only up to the level of the transition target percentage for that year.
Permits employers to look back to the plan’s funding status from the previous year to avoid restrictions on benefit plans that are less than 60% funded.