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November 4, 2008    DOL > EBSA > Newsroom > News Release

News Release

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Release Date: December 20, 2006
Contact Name: Gloria Della
Phone Number: 202.693.8664

Employee Benefits Security Administration Releases Field Assistance Bulletin on Individual Benefit Statements And Diversification Notices

Washington - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today released Field Assistance Bulletin (FAB) 2006-03 which provides guidance relating to individual benefit statements and notices of freedom to divest employer securities.

The Pension Protection Act of 2006 (PPA) improved the individual benefit statements required to be provided to participants and beneficiaries under the Employee Retirement Income Security Act (ERISA). Among the new requirements are more frequent periodic pension benefit statements and new notices regarding participant diversification rights. These new requirements generally are effective for plan years beginning after December 31, 2006.

In an effort to address interim interpretive and compliance concerns, pending the adoption of regulations by the department, the FAB provides the views of the department as to what would constitute good faith compliance with certain of these new requirements. The FAB specifically provides guidance on form, manner, content, and timing requirements pertaining to individual benefit statements. The FAB also provides guidance on the extent to which furnishing the first individual benefit statements can satisfy diversification notice requirements.

The FAB is part of the department’s ongoing compliance assistance program to help employers, plan officials, service providers and others comply with ERISA. Field Assistance Bulletins are available on the Internet at www.dol.gov/ebsa.

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202.693.7765 or TTY 202.693.7755. The U.S. Department of Labor is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.



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