Chuck Grassley: “There appears to be broad consensus that pension plan administrators should be required to provide 30 days' notice to…”

“There appears to be broad consensus that pension plan administrators should be required to provide 30 days' notice to affected plan participants before limiting their ability to exercise the rights provided through their pension plans. These advance blackout notices will become integral requirements for how pension plans will operate in the future. Because of this, notice requirements were included both in the pension bill reported by the Health, Education, Labor, and Pensions, HELP, Committee on March 21, and in the bill reported by the Finance Committee unanimously on July 11.”