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August 18, 2006 at 03:37 PM
The new Pension Protection Act of 2006 will require defined benefit and defined contribution retirement plan sponsors to send more information to participants.
Analysts at Milliman Inc., Seattle, have described the new retirement plan disclosure and notice requirements in a summary of the PPA.
President Bush signed H.R. 4, the bill that created the PPA, Thursday.
PPA provisions that will revamp defined benefit plan funding rules, encourage investment advisors to offer 401(k) plan investment advice and establish federal marketing standards for corporate-owned life insurance have been getting most of the attention.
But the Milliman analysts note that the new PPA disclosure and notice requirements will require employers to give participants more information and to provide that information more quickly.
The U.S. Department of Labor is supposed to publish model notices and instructions for complying with the new rules in about a year, the analysts write.
