IRS Guidance On Diversification Out Of Employer Securities
December 13, 2006, 12:00 AM EST
Law360, New York (December 13, 2006, 12:00 AM EST) -- The Pension Protection Act of 2006 (the “PPA”) requires defined contribution retirement plans that hold publicly-traded employer securities to offer participants a right to diversify out of employer securities beginning as of the first day of the 2007 plan year and requires the plan administrator to provide notice of such diversification right to participants or their beneficiaries.
IRS Notice 2006-107 provides guidance on the new diversification rules and establishes a January 1, 2007 deadline for providing the notice on diversification rights for calendar year plans....
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