After squabbling over the terms for weeks, the Senate passed legislation on Wednesday that will require U.S. firms that have defined benefit pensions to increase contributions to the Pension Benefit Guaranty Corp. and set aside more money for retirees, according to MarketWatch.com.

Pensions Benefit Guaranty Corp. has been warning U.S. firms and industries that pension plans are underfunded by $450 billion, $354 billion at large companies alone.

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