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