March 13 (Bloomberg) — Senators reached an agreement today that would restore benefits for the long-term unemployed that expired late last year, Rhode Island Democrat Jack Reed announced.

The deal, struck by Reed, Nevada Republican Dean Heller and eight other senators, would reauthorize emergency unemployment benefits for five months.

The cost of the benefits would be covered by extending so-called pension smoothing, which was set to phase out this year. That maneuver would give companies more time to make payments to pension funds, meaning their short-term taxable income would rise because they could claim fewer deductions.

Other offsets include extending customs user fees through 2024 and allowing single-employer pension plans to prepay their flat-rate premiums to the Pension Benefit Guaranty Corp.

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