The U.S. Senate and House of Representatives have approved the Pension Protection Act of 2006. President Bush is expected to sign the measure, which is the most comprehensive overhaul of pension laws in 30 years.
Among other things, the new legislation will: require employers to fully fund pensions, with time limits for funding shortfalls; encourage more employers to use automatic enrollment in 401(k) plans; increase 401(k) contribution limits; require single-employer plans that are fully funded to pay variable-rate premiums to the Pension Benefit Guaranty Corporation (PBGC); and set standards for retirement plan compliance with age discrimination rules.
Join us this fall in San Francisco for the California Employment Law Update conference, a 3-day event that will teach you everything you need to know about new laws and regulations, and your compliance obligations, for the year ahead—it’s one-stop shopping at its best.
Additional Resources:
Pension Reform information U.S. Department of Labor
Pension Protection Act of 2006