By April 30, 2009, many defined benefit plans had to send to participants, among others, the first new funding notice required by the Pension Protection Act of 2006 (see my blog entry of April 16, 2009). This notice is intended to provide information about the plan’s funding status, and several other matters, and must be provided even if the plan is not experiencing any funding difficulties. Nevertheless, it has occurred to some, including the Pension Benefit Guaranty Corporation (the “PBGC”), that a participant will automatically assume the worst about the plan upon receiving the notice. Therefore, on its website, the PBGC has offered a few words intended to calm down participants. The PBGC’s statements are here.
Published By Stanley D. Baum, New York ERISA attorney, Of Counsel at Cary Kane LLP Handling matters in ERISA, employee benefits, disability, and employment law for employers, individuals and unions.