社会法外文翻译中英文稿 - 天津师大经济法网.docVIP

Pension Protection Act of 2006 From Wikipedia, the free encyclopedia President George W. Bush signs into law, the Pension Protection Act of 2006 The Pension Protection Act of 2006 (Pub. L. 109–280), 120 Stat. 780, was signed into law by U.S. President George W. Bush on August 17, 2006. Contents 1 Pension reform 2 Charitable organization reform 2.1 Supporting Organizations 3 Tax Savings 3.1 Public Safety Officers 3.2 Early withdrawal penalty exceptions 3.3 Inherited IRAs 4 External links Pension reform This legislation requires companies who have underfunded their pension plans to pay higher premiums to the PBGC and extends the requirement of providing extra funding to the pension systems of companies that terminate their pension plans. It also requires companies to more accurately analyze their pension plans obligations, closes loopholes that previously allowed some companies to underfund their plans by skipping payments, and raises the cap on the amount employers are allowed to invest in their own plans. This will allow employers to deduct more money using the pension tax shield in times of high profits. It requires actuaries to use the equivalent of the projected accrued benefit cost method for determining annual normal cost. Other elements: Provides statutory authority for employers to automatically enroll workers in defined contribution plans, formerly, the authority came from DoL rulemaking Expands disclosure that workers have about the performance of their pensions Removes the conflict of interest fiduciary liability from giving self-interested investment advice for retirement accounts Gives workers greater control over how their accounts are invested Extends the 2001 tax acts contribution limits for IRAs and 401(k)s. Charitable organization reform The Pension Protection Act also reformed several types of tax-exempt charitable organizations including donor-advised funds, private foundations, and supporting organizations. Supporting Organizations