Max Baucus: “Joint Statement of Senators Max Baucus and Chuck Grassley The Pension Protection Act of 2006 arguably marks the most…”

“Joint Statement of Senators Max Baucus and Chuck Grassley The Pension Protection Act of 2006 arguably marks the most sweeping changes to the pension laws since the enactment of the Employee Retirement Income Security Act of 1974. In general, the Act, which was signed into law on August 17, 2006, changes the funding rules for single-employer defined benefit pension plans, expands the deduction limits for contributions to such plans, modifies the rules for determining lump sum distributions, and provides clarification and adds new rules for cash balance pension plans. The Act also provides special funding rules for plans maintained by airlines and airline catering companies, provides new rules for multiemployer pension plans, and requires increased disclosure of pension plan information.”