Senate Passes Pension Relief Bill

By JIM ABRAMS Associated Press Writer

WASHINGTON (AP) - The Senate on Wednesday passed legislation that could save employers tens of billions of dollars in pension payments and help protect the pensions of American workers.

"The retirement security of millions of workers hangs in the balance," Sen Max Baucus, D-Mont., said before the Senate voted 86-9 to approve legislation to reconfigure how employers must fund their defined benefit pension plans.

The bill, the first major act of this legislative session, enjoyed wide bipartisan support in an election year when congressional harmony is expected to be rare.

"This is about protecting American workers and their pension benefits," said Sen. Norm Coleman, R-Minn.

The bill still must be reconciled with the House version and ironed out with the administration, which is balking at a provision giving special treatment to airlines and steelmakers with chronic pension underfunding problems.