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ARTICLE · 18 JANUARY 2007

DOL Eases Investment Diversification Notice Requirement For Certain Plans

Cooley LLP
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On December 20, 2007, the Department of Labor ("DOL") released Field Assistance Bulletin No. 2006-03 (the "FAB") containing guidance for its staff, as well as plan sponsors and administrators, relating to certain notice requirements enacted under the Pension Protection Act of 2006 ("PPA").

United StatesEmployment and HR
Michelle Lara
Michelle Lara
Thomas Reicher
Thomas Reicher
Paul Ritter
Paul Ritter
Lisette Sell
Lisette Sell
David Walsh
David Walsh
Thomas Welk
Thomas Welk
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On December 20, 2007, the Department of Labor ("DOL") released Field Assistance Bulletin No. 2006-03 (the "FAB") containing guidance for its staff, as well as plan sponsors and administrators, relating to certain notice requirements enacted under the Pension Protection Act of 2006 ("PPA"). While the FAB generally addresses the PPA’s requirement for periodically furnishing pension benefit statements, it also clarifies and eases the PPA’s requirement for notifying plan participants and beneficiaries of their right to diversify plan investments.

As discussed in a previous Alert, the notice regarding diversification must describe the right to diversify (including the frequency with which such right may be exercised) and the importance of investment diversification. The IRS issued a Model Notice earlier this month that, after customizing to reflect a plan’s unique provisions, may be distributed to participants as required. However, confusion remained as to how the diversification notice

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