The U.S. Department of Labor (DOL) recently issued guidance on the new disclosure requirements for single-employer defined benefit plans under the Moving Ahead for Progress in the 21st Century Act (MAP-21). Plan administrators of single-employer defined benefit plans that meet certain requirements must disclose the effect of MAP-21 on the plan’s funding and the plan sponsor’s minimum required contribution to the plan. The new guidance sets forth technical questions and answers, and includes a model supplement to the model annual funding notice that may be used to comply with the new disclosure requirements. Because calendar year plans must provide the required disclosures by April 30, 2013, plan sponsors should ensure their plans’ annual funding notices incorporate the most recent guidance from the DOL.
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