What is the Pension protection act?
An act approved by Congress during 2006, but effective for US Pension Plans and their associated benefit payments starting as of January 1, 2008.
There are many aspects to this Act that need to be opined upon by the Internal Revenue Service before any employers or employees can make any compliance or benefit distribution decisions including minimum lump sum provisions for employees leaving their employer to retiree or (possibly under the terms of the plan document) go to another employer where their pension plan allows a rollover lump sum. Also to be determined is the minimum funding provisions for employers.
The IRS is to expected to issue guidance during 2007 and 2008, and as of July 11, 2007, has not committed to a schedule for releasing specific pieces of guidance about how to calculate lump sumps or as to are what the appropriate funding targets.
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