That’s the amount of new money that Bloomberg estimates will go into 401(k) plans as a result of the Pension Protection Act of 2006 because the new law: Permits automatic enrollment of employees in 401(k) plans Allows small employers to establish combined defined benefit and automatic enrollment 401(k) plans Makes permanent higher contribution limits for … Continue Reading
The new Pension Protection Act of 2006 opens the door for ERISA fiduciaries – a registered investment advisor, bank, insurance company or broker/dealer – to be compensated for giving investment advice to retirement plan participants. The Act creates a prohibited transaction exemption to these fiduciaries subject to certain safeguards to protect participants from abuse. More … Continue Reading
On Thursday, August 3, the Senate passed significant pension reform legislation by a wide margin (93 to 5). The bill enacted by the Senate is identical to the one passed by the House of Representatives last week. The President is expected to sign the bill into law. The legislation, called the “Pension Protection Act of … Continue Reading
