Require both single and multiemployer plans to include more detailed and specific information on their Form 5500 filings, the equivalent of a pension plan's federal tax return. Enhance Form 4010 disclosure requirements and make all Form 4010 information filed with the PBGC available to the public, except for sensitive corporate proprietary information. Require both single and multiemployer pension plans to notify workers and retirees of the funded status of their plan within 90 days after the close of the plan year. Require both single and multiemployer pension plans to provide the summary annual report notice to workers and retirees this notice within 15 days of the Form 5500 filing deadline.
Expanding Access to High Quality, Professional Investment Advice
The Pension Protection Act will:
Implement a comprehensive investment advice proposal that has passed the House three times with significant Democrat support, twice in the 107th Congress and once in the 108th Congress.
Allow employers to provide rank-and-file workers with access to a qualified investment adviser who can inform them of the need to diversify and help them choose appropriate investments.
Include tough fiduciary and disclosure safeguards to ensure that advice provided to employees is solely in their best interest.
The measure, passed the same day the federal Pension Benefit Guaranty Corp. assumed liability for United Airlines' pension plans, aims to reduce similar pension defaults in the future.
The 279-131 vote came only hours before the House was expected to begin a five-week summer break.
The legislation gives special repayment breaks to the airline industry.
New rules governing defined-benefit pension plans offered by private employers may join changes to the government Social Security program in a retirement security package now being cobbled together in...