Pension Protection Act of 2006
E34504
The Pension Protection Act of 2006 is a major U.S. federal law that overhauled pension and retirement plan funding rules, strengthened protections for workers’ benefits, and expanded retirement savings incentives.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
pension law ⓘ |
| affects |
employers sponsoring 401(k) plans
ⓘ
employers sponsoring defined benefit plans ⓘ retirement plan participants ⓘ tax treatment of retirement savings ⓘ |
| aimsTo |
encourage automatic enrollment in retirement plans
ⓘ
improve transparency of pension plan funding ⓘ increase retirement savings participation rates ⓘ reduce risk to the Pension Benefit Guaranty Corporation ⓘ |
| amends |
Employee Retirement Income Security Act of 1974
ⓘ
Internal Revenue Code ⓘ
surface form:
Internal Revenue Code of 1986
|
| country |
United States of America
ⓘ
surface form:
United States
|
| enactedBy | United States Congress ⓘ |
| introducedConcept |
at-risk funding rules for underfunded plans
ⓘ
automatic enrollment safe harbor for 401(k) plans ⓘ benefit restrictions for underfunded plans ⓘ charitable IRA rollover for certain taxpayers ⓘ funding target attainment percentage ⓘ nonspouse beneficiary rollovers to IRAs ⓘ permanent higher contribution limits for retirement plans ⓘ qualified default investment alternatives ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| policyArea |
employee benefits
ⓘ
labor policy ⓘ tax policy ⓘ |
| presidentAtSigning | George W. Bush ⓘ |
| primarySubject |
defined benefit pension plans
ⓘ
defined contribution plans ⓘ pension regulation ⓘ retirement savings ⓘ |
| publicLawNumber | Public Law 109-280 ⓘ |
| purpose |
encourage retirement savings
ⓘ
protect workers’ retirement benefits ⓘ reduce risk of pension plan underfunding ⓘ strengthen pension funding rules ⓘ |
| regulates |
401(k) plans
ⓘ
403(b) plans ⓘ 457(b) governmental plans ⓘ cash balance plans ⓘ defined benefit pension plans ⓘ |
| requires |
additional contributions for at-risk pension plans
ⓘ
disclosure of plan funding status ⓘ more rapid funding of defined benefit plan shortfalls ⓘ plan sponsors to provide more detailed funding notices to participants ⓘ |
| shortName | PPA 2006 ⓘ |
| signedBy | George W. Bush ⓘ |
| strengthens | Pension Benefit Guaranty Corporation funding rules ⓘ |
| yearEnacted | 2006 ⓘ |
Referenced by (3)
Full triples — surface form annotated when it differs from this entity's canonical label.