Which of these two board meeting actions constitutes an amendment that

[Guest wwest]

What constitutes an amendment to trigger 204(h) notice in a DB plan?

1st Board meeting: Board adopts the "idea" of a new pension design and names key features which are supposed to be presented to the Board at a later date for formal approval when the plan document is finalized. (Assume amendments trigger 204(h) notice.)

2nd Board meeting adopts the final plan document which specifies features that were not specifically named in the 1st Board meeting. These features include an early retirement subsidy, a deferred annuity interest crediting, and variations to the plan for a certain subsidiary.

Which Board meeting starts the timing for the 204(h) notice?

[Guest ptpnthr]

If the notice wasn't sent in between the two, it won't matter because the action won't be effective until 15 days after the notice is provided. I assume, however, you are asking to determine when the amendment was adopted. From what you gave, it sounds like the second one is where the amendment was actually adopted. Think of this way, did the first Board meeting satisfy the plan's procedures for amendments? Any lawyer worth her salt, however, could make a good argument in court, particularly since (I assume) the 402(h) notice went out prior to the second meeting, thus suggesting the adoption of an amendment. Was the amendment executed prior to the second meeting?

[KJohnson]

I agree it would be the second for 204(h) purposes. However, be careful 204(h) may not be your only disclosure obligation.

A number of courts have stated that, from a fiduciary standpoint certain plan design features should be disclosed to participants as soon as they are under "serious consideration"