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April 30, 2009

WRERA-The Worker, Retiree, and Employer Recovery Act of 2008/H.R. 7327

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Definition

A bill that made technical corrections to the Pension Protection Act of 2006 (PPA 06) and provides for additional amendments to PPA-06, the Internal Revenue Code, ERISA , and the Age Discrimination in Employment Act of 1967 (“ADEA”).
The Worker, Retiree, and Employer Recovery Act of 2008 provisions include the following:
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Additional Helpful Information
Provisions were also included for defined benefit plans. These included:
  • Reform of the funding rules for Single-Employer Defined Benefit Pension Plans
  • Pension Benefit Guaranty Corporation (PBGC) Guarantee and Related Provisions
  • Increase in Pension Plan Diversification and Participation and Other Pension Provisions
  • Modification of interest rate assumption required with respect to certain small employer plans
  • Extension of the transitional rule for single-employer defined benefit pension plans, to plan year beginning after 2008 even if, for each preceding plan year after 2007, the plan’s shortfall amortization base was not zero.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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