MADISON, Wis. — To help credit unions with the highlights of the recently signed Pension Protection Act of 2006, CUNA Mutual Group has put together an executive summary.
|The summary includes information on pension plan funding, cash balance plans, 401(k) plan automatic enrollment, defined benefit and 401(k) combo plans, vesting, rollovers, reporting and disclosures, and plan investments. The summary can be found at http://www.cunamutual.com/cmg/media/00015514.doc.
|President Bush signed into law the Pension Protection Act of 2006 on Aug. 17. Many of the provisions of the new law are aimed at strengthening the funding rules for defined benefit pension plans. However, the legislation also made significant changes that will impact 401(k) plans, individual retirement accounts, fiduciaries, and reporting and disclosure rules that plan administrators will need to follow, CUNA Mutual said.
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