Notice, Reporting And Disclosure Requirements Under The Pension Protection Act.
Extract
Notice, Reporting And Disclosure Requirements Under The Pension Protection Act.
The Pension Protection Act of 2006 (PPA), which was enacted into law on August 17, makes significant changes to, among other things, the notice, reporting and disclosure rules that apply to retirement plans. For example, under the PPA, benefit statements containing specified information will have to be provided regularly to participants in all pension plans (not only on request as under current law). Also, with respect to the reporting rules for defined benefit plans, additional information will be required, but the summary annual report requirements that previously existed will be repealed. Rules applicable to multiemployer plans also will be revised to require that a new summary report be provided to employers, unions and the PBGC, and that notices of certain plan information be provided to certain parties upon their written request. Changes to the timing and content of distribution and QJSA election notices, and the corresponding consent and election periods, for certain distributions from qualified retirement plans also are included.
Some of these changes are effective now or will go into effect quite soon, and in many cases even the changes that have ...See the full content of this document