• Summary of Significant Provisions in the Pension Protection Act of 2006 Relating to Single Employer Defined Benefit Plans
  • September 28, 2006
  • Law Firm: Orrick, Herrington & Sutcliffe LLP - San Francisco Office
  • On August 17, 2006, the President signed the Pension Protection Act of 2006 (the "Pension Act"). The Pension Act is hundreds of pages long, and makes significant changes to the rules governing retirement plans. The main focus of the Pension Act is defined benefit plans; specifically, more stringent rules concerning the funding of such plans. These rules will increase the costs of maintaining defined benefit plans. They also will likely continue the trend away from defined benefits plans toward a retirement system more focused on defined contribution plans.