With a flick of the pen, President Bush has signed into law The Pension Protection Act of 2006, reported to be the biggest pension reform in 30 years, and certain to bring lots of ka-ching into the coffers of funds of all types. Specifically, hedge funds and private equity funds will benefit, as the law exempts big institutional investors, such as public pension plans, as well as foreign plans and certain church funds, as “benefit plan investors,” which means they can invest in alternative investments to their heart’s content. As Daniel Primack of PE Week Wire notes, however, fundies should be aware of a couple of points. First, if 25% or more of a fund’s total assets are derived from organizations still defined as “benefit plans investors,” they are still subject to the Employee Retirement Income Security Act. Some public pensions still need to redefine themselves to meet the new standard for “benefit plans investors.” Finally, the law won’t make a difference to those already exempt as “venture capital operating companies” or “real estate operating companies.” Other than that, let the cash keep on coming.