President Signs the Pension Protection Act
Friday August 18, 2006
President Bush has signed the Pension Protection Act into law. Gina Gwozdz, CPA, announced the signing of the HR 4, which is now Public Law 109-280. The official White House announcement summarizes many of the important provisions of the new law. The President said, "This legislation strengthens the pension insurance system and ensures that workers will receive better information about their pension plans." Some companies are planning to borrow large amounts of money to shore up their pension plans, according to a report by CFO.com.
The Pension Protection Act provides wide-ranging tax changes that effect nearly every American. The law extends higher contribution limits for 401k and IRA retirement plans, forces pension plans to become fully funded, and implements strict documentation requirements for charitable donations.
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