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Category Archives: Quarterly Benefit Statements 508
Fee and Expense Information for 401(k) Plans is About to Become Clearer
On July 22, 2008, the Dept. of Labor released new proposed regulations on fiduciary requirements for disclosures in participant-directed individual account plans effective for plan years beginning after January 1, 2009. Participant-directed Individual account plans are plans such as 401(k) … Continue reading
DOL Working Group Ideas for Benefit Statements
The ERISA Advisory Council’s Working Group on Participant Benefit Statements has delivered it’s report to the Dept. of Labor. This working group was formed to study the Pension Protecion Act’s requirement that benefits statements are furnished to plan participants in … Continue reading
Posted in Quarterly Benefit Statements 508
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Benefit Statement Deadline Changed for Non-Participant Directed Accounts
The Dept. of Labor has updated Field Advisory Bulletin 2006-03. FAB 2006-03, issued last year, requires that pension benefit statement information will be furnished to participants and beneficiaries not later than 45 days following the end of the calendar quarter … Continue reading
Possible Quarterly Benefit Statement Relief in Sight
The ERISA Advisory Council is meeting next week, on Sept. 18th, 19th, and 20th. The schedule is: Sept. 18 – 9am to 5pm is testimony on benefit statements required by the Pension Protection Act; Sept. 19 – 9am is full … Continue reading
How Many Notices Can a Participant Handle
Several conversations today all circled around to the same point – how to map out the notices currently required to be provided to participants and beneficiaries into a coherent schedule so that the required information is provided by the required … Continue reading
Vesting Schedule Included or Not Included in QBS
Interesting question today – should the Quarterly Benefit Statement include the vesting schedule for the plan. The easiest answer to this question is to avoid it all together and provide the alternate notice because the alternate notice does not require … Continue reading
The Content of PPA Benefit Statements
Yesterday was a brief look at who should receive a pension benefit statement required by the Pension Protection Act, and when they should receive it by. Today, I wanted to take a brief look at what information the statement should … Continue reading
The Who and When of PPA Benefit Statements
Section 508 of the Pension Protection Act requires that participants and beneficiaries – or at least SOME participants and beneficiaries – must be provided with a benefit statement containing some very specific information by some very certain deadlines. Determining what … Continue reading
Quarterly Benefit Statement – Include Vesting or Not?
A interesting debate has started on BenefitsLink.com about the contents of the new quarterly benefit statements required by PPA Section 508. The question is whether the quarterly benefit statements must include vesting information, or can it be provided to participants … Continue reading
