The House of Representatives last week passed a pension reform bill that could significantly impact the money management industry.

The Pension Protection Act of 2005, which was passed in the House by a vote of 294 -132, is specifically designed to shore up the U.S. Pension Benefit Guarantee Corp., the insurer of corporate pension plans. But the act, which must be reconciled with a Senate bill passed last month, also enhances the defined contribution program by making permanent the higher annual contribution limits for IRAs and qualified pension plans, including the catch-up provisions for individuals aged 50 and higher. Known as the EGTTRA provisions, they were scheduled to sunset in 2010.

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