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DOL "present" on PPA notice rules.(Department of Labor)(Field Assistance Bulletin from Employee Benefits Security Administration)(Pension Protection Act of 2006)
On December 20, 2006, the DOL's Employee Benefits Security Administration gave plan administrators a Christmas present in the form of Field Assistance Bulletin (FAB) 2006-03. This FAB provides general guidance regarding new participant notice requirements in the Pension Protection Act of 2006. These changes are effective for plan years beginning after December 31, 2006.
PPA [section] 508(a) made a number of significant changes to ERISA's participant notice requirements. The most important change is an affirmative obligation to automatically furnish benefits statements. Plans with individual accounts that allow participant direction of investments must provide a …
