The groundhog isn't the only one who saw a shadow on Monday. Single-employer defined benefit plans saw the shadow cast by a new rule from the Department of Labor's Employee Benefits Security Administration on plan funding notices.
The rule, published in the Feb. 2 issue of the Federal Register, not only laid out the requirements for annual funding notices for single-employer DB plans, but provided model notices for both single- and multiemployer plans.
Until now, only multiemployer plans were required to provide funding notices, but the new rule, applicable to notices for plan years beginning on or after Jan. 1, lays out exactly what information sponsors must provide. (Lest they feel left out, multiemployer plans also came in for some tweaks.)
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