2 pages. Excerpt: Time is of the essence. Congress must not wait to act until next April or September when the first pension contributions for 2009 are due. Chief financial officers are setting their companies' spending and retrenchment plans for next year now. Without immediate Congressional action, prudent plan sponsors will have to assume that they will be making dramatically increased pension contributions next year and will retrench to pay for or offset those contributions accordingly. Even if Congress ultimately acts by next April, it will be too late to avoid the lay-offs, 401(k) and other benefit cutbacks, and reduced business spending.

MORE >>