Labor Department Finalizes Rule to Improve Security of Small Pension Plan Assets.
Largely unchanged from the proposal, the final regulation is designed to safeguard small pension plan assets by adding new conditions to the audit waiver requirement which focus on persons who hold plan assets, enhanced disclosure to participants and beneficiaries, and improved bonding requirements.
The new conditions in the final rule will apply to the first plan year starting after Apr. 17,2001. This date was chosen to give the employee benefit plan community more time to comply with the new requirements. Accordingly, this change applies to the 2001 year filings for fiscal year filers whose plan years begin after Apr. 17, 2001, and the 2002 filings for calendar year filers.
|Printer friendly Cite/link Email Feedback|
|Article Type:||Brief Article|
|Date:||Apr 1, 2001|
|Previous Article:||CPA Performance View Update.|
|Next Article:||cpa2biz Puts Senior Leadership Team in Place.|