Congress recently passed a federal highway bill that includes provisions to freeze student loan interest rates and stabilize corporate pension funding requirements. That bill was signed into law by the President last Friday.
The new law stabilizes the interest rate formula for private sector pension plans and thus provides some measure of certainty to U.S. businesses committed to meeting their pension funding obligations.
The previous pension-funding requirements failed to reflect the successful long-term investments that CenturyLink and other companies have been making in their employees and their pensions.
CenturyLink is committed to providing our employees with the pensions they’ve earned. We have an estimated 145,000 eligible participants in our affiliated pensions and it is our obligation to properly fund those pensions and keep them solvent.
The new law gives CenturyLink a more historically accurate and less volatile way to achieve full pension funding while simultaneously stimulating growth and providing good jobs.
As a company, CenturyLink will continue to invest millions of dollars in new communications technologies and broadband infrastructure that help us meet our commitments to our customers and employees.
The pension stabilization legislation will allow our company to achieve the proper balance of protecting our employees and continuing to make meaningful investments that spur employment.