Benefits & ERISA Law

House of Representatives Moves Forward on Pension Protection Technical Corrections Act

By Suzanne Wynn

In a surprise move, the House of Representatives passed the Pension Protection Technical Corrections Act, H.R. 3361, on March 12, 2008. The bill’s status is now engrossed as passed/agreed to in the House. The companion Senate bill, S.1974, was passed by the Senate in December, 2007.

It was a surprising move by the House because the bill had not had much activity since being introduced on August 3, 2007, and was not expected to pass the House until later this year, if at all. I will have a more in-depth analysis of the exact provisions in the bill coming up later today. The Pension Protection Technical Corrections Act as introduced in the House contained a number of provisions which require analysis to determine if they survived to the final version of the House bill.

For example, plans were required to adopt an amendment for the changes made by the Pension Funding Equity Act (PFEA) by the last day of the first plan year beginning on or after January 1, 2006. Section 301 of the Pension Protection Act extended this deadline to the last day of the first plan year beginning on or after January 1, 2008. Section 4(a) of S. 1974, and Section 4(a) of H.R. 3361 (as introduced) extended the deadline to the last day of the first plan year beginning on or after January 1, 2009. It is these types of changes which require a thorough analysis of the bill as engrossed.

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Full post as published by Pension Protection Act Blog on March 14, 2008 (boomark / email).