MADISON, Wis. — Since most credit union plans are relatively well funded, the recently signed Pension Protection Act of 2006 is not a "panic type" of legislation, CUNA Mutual Group has assured.

While there are several pieces that speak to credit unions, larger entities such as the airline and steel industries should expect a much greater impact, said Sharon Severson, director of pension client services at CUNA Mutual.

"A lot of credit unions have moved to 401(k) plans and there are many provisions [in PPA] that talk about automatic 401(k) plans," Severson said. "This legislation clarifies the ambiguous rules that have been there in the past."

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