Washington (April 14, 2004) --The Treasury Department and the Internal Revenue Service have issued a new interest rate for pension plan funding.

The new rate implements the Pension Funding Equity Act of 2004, signed by President Bush on April 10. Under prior law, the pension funding interest rate was based on the 30-year Treasury bond. The Pension Funding Equity Act replaces the 30-year Treasury bond rate with a new rate based on high-quality, long-term corporate bonds, as specified by the Secretary of the Treasury.

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