Time Deadline for Annual Valuation & Annual Participant Stmts

[Guest Dash02]

In my initial review of the PPA legislation, I recall reading that a new time deadline was imposed for completing the annual valuation of plan assets and the provision of annual participant statements in the case of a plan that utilized a pooled investment approach (i.e., non-self-directed) for all or part of the plan's assets.

A situation has now arisen that involves this issue. However, I am now unable to find this supposed time deadline in the PPA.

Can someone, please, help me out on this? Thanks.

[Belgarath]

I suspect that you may possibly be referring to the new "quarterly statement" requirement of PPA 508, which amended ERISA 105(a) and 502©? If there are participants who have the right to direct the investments of all or a portion of their account in a DC plan, even if the investments are "pooled" then a statement must be provided no later than 45 days following the end of each quarter. But this statement can be on the basis of "latest available" information.

If you are referring to something else, then I'm sorry but I don't know what you might be referring to.

(Perhaps you mean the new requirement to provide DB statements at least every three years, or annually for DC where there are no self-directed accounts? Since ever TPA I know of already does this, I tend not to think of it as a new requirement!)