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Guest Article

(From the July 14, 2008 issue of Deloitte's Washington Bulletin, a periodic update of legal and regulatory developments relating to Employee Benefits.)

PPA Technical Corrections Bill Passes House with Smoothing Provisions

The Pension Protection Technical Correction Act of 2008 (H.R. 3361) -- introduced June 26, 2008 by Charles Rangel (D-NY) and George Miller (D-CA) -- passed the House of Representatives on July 9. The Act contains the 24-month asset smoothing provisions approved by the Senate last December 2007 (in S. 1974), and constitutes a significant move forward in finalizing the long-awaited PPA technical corrections. The bill now awaits action in the Senate.

In addition to the asset smoothing clarification, the House Bill makes technical corrections to conform ERISA and the Internal Revenue Code to the Pension Protection Act with respect to:

The target normal cost of benefits.
Specified implementation and effective dates for certain requirements.
One-participant retirement plans.
Special age-related rules in accrued benefit requirements for applicable defined benefit plans.
Inapplicability in certain cases of the limitation on income deductions (for tax purposes) for employer contributions to one or more defined benefit plans.

The House Bill also makes technical correction to the:

Railroad Retirement Act of 1974 regarding retirement payments to persons not entitled to an annuity.
Age Discrimination in Employment Act regarding age-related rules for determining the market rate of return in the calculation of interest credits in government defined benefit plans.
Internal Revenue Code regarding interest rate assumptions required with respect to certain small employer plans, and the penalties for failure to file partnership and S corporation returns.

We are closely tracking the progress of this bill and will provide additional updates, as well as more extensive analysis, in future editions of Washington Bulletin.

The information in this Washington Bulletin is general in nature only and not intended to provide advice or guidance for specific situations.

If you have any questions or need additional information about articles appearing in this or previous versions of Washington Bulletin, please contact: Robert Davis 202.879.3094, Elizabeth Drigotas 202.879.4985, Mary Jones 202.378.5067, Stephen LaGarde 202.879-5608, Erinn Madden 202.572.7677, Bart Massey 202.220.2104, Mark Neilio 202.378.5046, Tom Pevarnik 202.879.5314, Sandra Rolitsky 202.220.2025, Tom Veal 312.946.2595, Deborah Walker 202.879.4955.

BenefitsLink is an independent national employee benefits information provider, not formally affiliated with the firms and companies who kindly provide much of the content and advertisements published on this Web site, including the article shown above.