Oct 5 2006
Benefits Update – Fall 2006 | Employee Benefits
Author(s): Blitman & King LLP
The New Funding Rules Have Been Enacted – Is Your Pension Ready?
On August 17, 2006, President Bush signed into law the Pension Protection Act of 2006 (“PPA”). The PPA represents the firs t major overhaul in pension plan funding requirements since Congress enacted the Employee Retirement Income Security Act in September 1974 (“ERISA”). This newsletter discusses the background for the legislation, then discusses the PPA’s changes to funding, reporting and disclosure, withdrawal liability requirements, and briefly discusses other miscellaneous changes. Most of the changes required by the PPA will take effect in 2008 although specific provisions of the statue have other effective dates.