Last night, Congress adjoined without acting on H.R. 3361, the House of Representative’s version of the Pension Protection Technical Corrections Act of 2007. The Senate passed S. 1974, the Senate version of the Pension Protection Technical Corrections Act of 2007. The House could still pass their version of the bill after the holiday recess but it will not be in time to delay PPA’s new funding rules for defined benefit plans.
The bill to delay delay implementation of PPA’s new funding rules for single-employer defined benefit plans until January 1, 2009, H.R. 3868, also was not acted on before Congress adjoined last night. Without Congressional action, the new funding rules for defined benefit plans become effective January 1, 2008 without guidance from the IRS.
[tags]Pension Protection Act, ppa, S. 1974, H.R. 3868, H.R. 3361, pension protection technical corrections, ERISA[/tags]
