7/1/2004: IRS Delays Implementation of Disclosure Rules for Certain Plans Offering Lump Sum Payment Option (Internal Revenue Service [IRS])

Excerpt: [T]here will be a delay in the effective date for recently issued regulations that set forth information required to be explained to pension plan participants regarding the optional forms of benefit offered by the plan.... [but] the delay does not apply to the extent a plan offers a lump sum payment that is less valuable than the qualified joint and survivor annuity offered by the plan.