Every plan sponsor of every single ERISA defined benefit pension plan will need to take notice of this new pension reform legislation. Most sponsors of single-employer plans will need to accelerate plan contributions, many by a very significant amount. Although the new rules for the most part will not kick in until 2008, planning for these changes will need to take place immediately. Even where a plan sponsor does not anticipate an increase in required contributions, other provisions of the Act change the rules with respect to new or expanded notice and disclosure requirements, deduction limits, Pension Benefit Guaranty Corporation (PBGC) premiums and filing requirements. Plans sponsors will also be affected by new disclosure rules under FAS 158 as early as December 2006.