Benefits & ERISA Law

House Committee Set to Act on PPA Technical Corrections

By Nick Curabba et al.

House Committee Set to Act on PPA Technical Corrections

Written by Nick Curabba

As reported in BNA Pension & Benefits Daily (subscription required) this morning, the House Ways and Means Committee is scheduled to report out the Pension Protection Technical Corrections Act (H.R.3361) today.  Committee action, originally scheduled for March 10, was delayed at the last minute to accommodate additional revisions and streamlining of the legislation.

The bill would make a series of corrections to the Pension Protection Act of 2006, the comprehensive funding reform legislation enacted in 2006.  The complex nature of the PPA, and the unconventional legislative process used to get in through Congress, made a technical corrections bill almost an inevitability.  While there was some initial wrangling last year to enact a corrections bill that would address some of the more substantive concerns some had with the PPA, this current version of the corrective legislation appears to be limited in scope to corrections of a truly technical nature.

The legislative language is available here, as is a summary prepared by the Ways and Means Committee staff.

Although experience tells us that it is never a good idea to count out rapid and unexpected action on pension-related legislation, in an election-year shortened Congressional session we are less than sanguine about enactment this year. 

Full post as published by Benefits Biz Blog on March 12, 2008 (boomark / email).