Compliance November 17, 2008

PBGC Puts Out Distress Termination Info Release Rule

November 17, 2008 (PLANSPONSOR.com) - The nation's private-sector pension insurer will release a final rule Tuesday dealing with releasing information about distress plan terminations.
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A Pension Benefit Guaranty Corporation (PBGC) news release said the new rule mandates that plan administrators, plan sponsors, and the PBGC disclose certain information about distress plan terminations or PBGC-initiated terminations if affected parties ask for it.

The rule implements section 506 of the Pension Protection Act of 2006, which, in turn, amends sections 4041 and 4042 of the Employee Retirement Income Security Act of 1974 (ERISA).

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The final rule will appear in the  Federal Register  on November 18, 2008.

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