Washington (June 18, 2004) -- The Treasury Department and the Internal Revenue Service this week announced the withdrawal of proposed regulations on cash balance pension plans and cash balance conversions.

The regulations, which were proposed in December of 2002, would have applied the statutory age-discrimination rules to cash balance plans and cash balance conversions. The Treasury and the IRS will not publish new age-discrimination guidance for cash balance plans or other hybrid plans while these issues are under consideration by Congress.

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