On its face, the Pension Protection Act of 2006 (PPA) encourages the purchase of long-term care insurance by allowing policyholders to take tax-free distributions from their life and annuity policies to pay their long-term care insurance premiums (Section 844). Bills numbers restart every two years. Also establishes a new independent audit requirement for defined contribution plans with eligible investment advice arrangements with respect compliance with applicable requirements for such arrangements. The PPA requires that employers who choose automatic enrollment plans explain that the employee has the right to change the rate of contribution to the 401(k), or to opt out of the plan altogether. HYPERLINK "" \l "top#top" \o "#top" Back to top Additional Resources: To read the Act in its entirety, the full text of the Act (HR 4) is available at the Government Printing Office website. Rehabilitation Plan. Found inside – Page 636119 29 U.S.C. § 1306(a)(3)(E)(ii); CCH, Legislation 2006, Pension Protection Act of 2006: Law, Explanation and Analysis ... 127 House Committee on Education & the Workforce, Bill Summary, 636 EMPLOYEE BENEFITS AND EXECUTIVE COMPENSATION. The Pension Protection Act is the most comprehensive reform of the nation's pension laws since the enactment of the Employee Retirement . This page was last edited on 25 January 2021, at 23:32. The Pension Protection Act (PPA) of 2006 made some of the most dramatic changes to America's pension laws in decades. Whether or not your employer offers an attractive pension, consider talking to a financial advisor as you prepare for retirement. It's packed with solid, easy-to follow advice, including: A comprehensive collection of sample documents, with advice on how to use them and which plans they cover Worksheets that provide step-by-step guidance to every aspect of ERISA ... President Bush intends to sign the bill as soon as it reaches his desk. The PPA looks to strengthen the traditional private pension system by offering incentives to employers, as well as providing to employees a more stable path to retirement. For retirement savings plans (such as 401(k) plans) for which employees have control over their investment choices, statements must be provided once every quarter. JCX-38-06). ^ � � � � � $ � � � � � � � � � $ _ h � � � b � � � � � � b b � � � M M M � " b � b � � M � � M M � ` b b p � �mqӿ� � � � 0 1 D , U � R U p U b p , � � r | M � d R g � � � � � C One tax benefit allowed under the pension protection act is that qualified retired "Public Safety Officers" may exclude from income the cost of health insurance. You get all the expert guidance you need to: Understand the Pension Protection Act of 2006 Evaluate different pension plans Plan for retirement while you’re working Ensure that you get your pension Request essential plan documents ... L. 110-28, set out as a note under section 414 of Title 26, Internal Revenue Code. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. Summary of Pension Protection Act of 2006. Employees of three or more years have the option to transfer the value of the stock into mutual funds or other investments that the employer offers with the plan. v v v b b b b b b ���� INCLUDEPICTURE "cid:image001.jpg@01C4578C.6C24DE50" \* MERGEFORMATINET Summary of Pension Protection Act of 2006 On August 17, 2006, President Bush signed into law the Pension Protection Act of 2006 (the Act), which is the most comprehensive pension reform legislation since ERISA was enacted in 1974.
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