President Bush is expected to sign the legislation shortly.
Pension reform passes.
The pension reform provisions include a number of benefits for association executives that ASAE has backed for some time. The bill allows for some flexibility between types of savings plans, but not for exempt organization 457 plans. Section 527 correction not included in final bill. This bill passed and was sent to a conference committee to hammer out differences between it and House-passed tax cuts. Under this proposal, many PACs that already report substantially similar information to state agencies would no longer have to file the periodic form 8872 with the Internal Revenue Service.