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On November 18, 2010, the Employee Benefits Security Administration (”EBSA”) of the U.S. Department of Labor issued a proposed regulation in the Federal Register implementing the annual funding notice requirements of ERISA Section 101(f) for defined benefit plan administrators.
The proposed rule requires that administrators of defined benefit plans governed by Title IV of ERISA provide annual funding notices to the Pension Benefit Guaranty Corp., plan participants and beneficiaries, labor organizations representing such plan participants and beneficiaries, and employers contributing to applicable multi-employer plans.
Under the proposed rule, the notices must include information on the plan’s funding percentage, indicating how well the plan is funded, as well as its assets and liabilities, including a breakdown of how the plan has invested its assets. The proposed rule includes sample model notices for both single employer and multi-employer plans and requires notice be provided no later than 120 days from the end of the plan year.
Parties may submit written comments by January 18, 2011.