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May 12, 2008 DOL Home > Rulemaking > Unified Agenda

EBSA Unified Agenda - [Proposed Rule Stage]
RIN: 1210-AB20	Publication ID: Fall 2007

Title: Periodic Pension Benefit Statements
Abstract: Section 508 of the Pension Protection Act of 2006 (PPA) amended section 105 of ERISA to require plans that are subject to ERISA to automatically provide participants and certain beneficiaries with individual pension benefit statements. Generally, defined benefit plans must provide the statement every three years, with an annual alternative. Individual account plans that permit participant direction must provide the statement quarterly and individual account plans that do not permit participant direction must provide the statement annually. The PPA directed the Department of Labor to provide a model statement within one year of enactment of the statute and the Department has been given interim final rulemaking authority.
Agency: Department of Labor(DOL)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Proposed Rule Stage
Major: Undetermined	Unfunded Mandates: Undetermined
CFR Citation: 29 CFR 2520 (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 29 USC 1025; ERISA sec 105; PL 109-280 sec 508, Pension Protection Act of 2006; 29 USC 1135; ERISA sec 505

Legal Deadline:

Action Source Date

Final Statutory 08/18/2007

Statement of Need: This rulemaking is needed to implement the new pension benefit statement requirements in section 105 of ERISA, with respect to which Congress directed the Secretary of Labor to issue model benefit statements.

Summary of the Legal Basis: Section 505 of ERISA provides that the Secretary may prescribe such regulations as she finds necessary and appropriate to carry out the provisions of title I of the Act. In addition, section 508(b)(2) of the PPA provides that the Secretary may promulgate any interim final rules as the Secretary determines appropriate to carry out the new pension benefit statement requirements.

Alternatives: Alternatives will be considered following a determination of the scope and nature of the regulatory guidance needed by the public.

Anticipated Costs and Benefits: Preliminary estimates of the anticipated costs and benefits will be developed, as appropriate, following a determination regarding the alternatives to be considered.

Timetable:

Action	Date	FR Cite
NPRM	04/00/2008

Regulatory Flexibility Analysis Required: Undetermined	Government Levels Affected: Undetermined
Federalism: No
Energy Effects: No	Included in the Regulatory Plan: Yes
Initial (Administrative Startup and /or Capital) Cost: $0	Yearly (Annual Operating) Cost: $0
Agency Contact: Suzanne Adelman Senior Pension Law Specialist Department of Labor Employee Benefits Security Administration 200 Constitution Avenue NW., FP Building, Room N5669, Washington, DC 20210 Phone:202 693-8500 Fax:202 219-7291