participant statements - vesting

[k man]

is it sufficient to list the participants actual vested percentage or must the plan's vesting schedule be listed on the statement as well?

[J Simmons]

I would specify the percent vested, the vesting years earned, and reference the vesting schedule in the SPD.

[k man]

I would specify the percent vested, the vesting years earned, and reference the vesting schedule in the SPD.

listened to a web conference by aspaa i believe by aspaa i believe and they handed out a statement which included the actual vesting schedule. is there disagreement out there on this point?

?

[J Simmons]

I would specify the percent vested, the vesting years earned, and reference the vesting schedule in the SPD.

listened to a web conference by aspaa i believe by aspaa i believe and they handed out a statement which included the actual vesting schedule. is there disagreement out there on this point?

?

Did aspaa represent the sample provided as the very minimum it thought necessary? or might it have had more info than aspaa thought minimally necessary? The reason I ask is that the individual benefits statements are to provide "the nonforfeitable pension benefits, if any, which have accrued, or the earliest date on which benefits will become nonforfeitable" (ERISA 105a2AiII, as amended by PPA '06) or alternatively "such information as is necessary to enable a participant or beneficiary to determine their nonforfeitable vested benefits" (ERISA 105a2C, as amended by PPA '06).

The Committee Report specifies that the statements should indicate "the participant's or beneficiary's vested accrued benefit or the earliest date on which the accrued benefit will become vested". Joint Committee Taxation (J.C.T. REP. NO. JCX-38-06), PPA '06 Act section 508.

I could find nothing on point in DOL Field Advisory Bulletin 2006-3 specifying in detail what must be provided.

The sample including the vesting schedule would certainly seem to satisfy the requirement, but so too it would seem would just providing info about the amount of vested benefits--not going into detail about vesting years, vesting schedule, etc.

[k man]

I would specify the percent vested, the vesting years earned, and reference the vesting schedule in the SPD.

listened to a web conference by aspaa i believe by aspaa i believe and they handed out a statement which included the actual vesting schedule. is there disagreement out there on this point?

?

Did aspaa represent the sample provided as the very minimum it thought necessary? or might it have had more info than aspaa thought minimally necessary? The reason I ask is that the individual benefits statements are to provide "the nonforfeitable pension benefits, if any, which have accrued, or the earliest date on which benefits will become nonforfeitable" (ERISA 105a2AiII, as amended by PPA '06) or alternatively "such information as is necessary to enable a participant or beneficiary to determine their nonforfeitable vested benefits" (ERISA 105a2C, as amended by PPA '06).

The Committee Report specifies that the statements should indicate "the participant's or beneficiary's vested accrued benefit or the earliest date on which the accrued benefit will become vested". Joint Committee Taxation (J.C.T. REP. NO. JCX-38-06), PPA '06 Act section 508.

I could find nothing on point in DOL Field Advisory Bulletin 2006-3 specifying in detail what must be provided.

The sample including the vesting schedule would certainly seem to satisfy the requirement, but so too it would seem would just providing info about the amount of vested benefits--not going into detail about vesting years, vesting schedule, etc.

in reviewing the asppa materials they seem to merely suggest giving the vesting schedule but i agree with you that it is not required by the law.