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Pension Reform Legislation Becomes Law
President Bush on August 17 signed into law comprehensive pension reform legislation that will transform rules governing defined benefit plans, clarify rules for hybrid plans, make permanent retirement savings provisions set to expire in 2010, and strengthen rights and informationrequirements for participants of defined contribution plans. In addition to pension reforms, the Pension Protection Act of 2006 also includes a handful of tax incentives to promote charitable giving and provisions to curb abuses among tax-exempt organizations.
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