GATT News for a New Year

By: Marvin Snyder

Through the wonders of federal law-making an international treaty on world market trading conditions contains provisions that concern private pension plans in the United States of America. The treaty is GATT (General Agreement on Tariffs and Trade of 1994) and the pension section of it will consolidate the mortality basis and interest rates used to determine lump sum equivalents of monthly annuity benefits in defined benefit pension plans covered by ERISA (Employee Retirement Income Security Act of 1974, as amended).