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NEWSPension Protection Act
On August 17, 2006, President Bush signed the Pension Protection Act (PPA), which is over 900 pages long and makes many changes to the laws affecting retirement plans, sponsoring employers, and participating employees. The changes include comprehensive pension funding reform and other significant changes affecting hybrid defined benefit plans, defined contribution plans, non-qualified deferred compensation, and health plans. Most funding reforms take effect for the 2008 plan year, with the 2004-2005 temporary funding rules basically extended through 2007, although with new generally higher deduction limits. Other changes have different effective dates. Economic Growth and Tax Relief Act of 2001
On June 7, 2001 President Bush signed the Economic Growth and Tax Relief Act of 2001. This Act will strengthen and expand our nation's employer sponsored retirement system in addition to providing tax relief to individuals. The Act includes many positive changes that will promote retirement savings by encouraging new plan formation (particularly for growing businesses), strengthening retirement plan funding, ensuring protection of plan members, and reducing administrative burdens. The changes are effective in 2002 unless otherwise noted. Key elements of the Act include: |