UPDATE 1-US House panel okays pension reform bill

Newswire

(Adds background) WASHINGTON, June 30 (Reuters) - Legislation to stop underfunding of U.S. corporate pensions and avoid a possible taxpayer bailout of the agency that insures them cleared the U.S. House Education and the Workforce Committee on Thursday. Modeled after a Bush administration measure, the bill requires companies to erase the shortfalls in their "defined benefit" pension plans and pay higher premiums to the Pension Benefit Guaranty Corp. (PBGC), the federal agency that ...

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