The "Pension Protection Act of 2006" (H.R. 4) means a whole lot of work for accounting firms. First of all, it is a massive piece of legislation that goes way beyond pension reform, so firms will first be analyzing what it says. The various publishers are helping with summaries of the numerous provisions, providing detailed analysis, and identifying tax-planning strategies that the new law will generate.
Firms will be sending newsletters and e-mail to clients containing an overview of the changes, as well as specialized communications on provisions with specific application to certain clients. Firms will also, in some cases, be contacting clients and advising them whether they should take advantage of any of the changes. For example, it mighty pay for some clients to convert a pension plan to a cash-balance plan, or for a non-spousal beneficiary of a retirement plan distribution to make a rollover.
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