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President Bush Signs Pension Protection Act of 2006
September 26th, 2006
On August 3, 2006, the Senate passed HR4, the Pension Protection Act of 2006, by a vote of 93 to 5. The Senate passage of the most comprehensive pension reform legislation in decades comes on the heels of House passage on July 28, 2006. The pension bill was signed by President Bush on August 17.
Most importantly, the legislation includes the permanent extension of the EGTRRA retirement savings provisions, which is a huge victory. The legislation also overhauls pension funding rules, and includes reforms affecting hybrid plans, defined contribution plans, and nonqualified deferred compensation plans.
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