WASHINGTON (CN) - The Labor Department's Employee Benefits Security Administration plans to implement an annual funding notice requirement for all defined benefit plans.
Recent amendments to the Employee Retirement Income Security Act generally require the administrators of all defined benefit plans, not just multiemployer defined benefit plans, provide an annual funding notice to the Pension Benefit Guaranty Corporation, participants, beneficiaries, and certain others.
The funding notice must include, among other information, the plan's funding target attainment percentage or funded percentage, over a period of time, and other information relevant to the plan's funded status.
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