29 U.S.C. § 1058 — Mergers and consolidations of plans or

Page 442 TITLE 29—LABOR § 1058 § 1058. Mergers and consolidations of plans or transfers of plan assets A pension plan may not merge or consolidate with, or transfer its assets or liabilities to, any other plan after September 2, 1974, unless each participant in the plan would (if the plan then terminated) receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit he would have been entitled to receive immediately be- fore the merger, consolidation, or transfer (if the plan had then terminated). The preceding sentence shall not apply to any transaction to the extent that participants either before or after the transaction are covered under a multi- employer plan to which subchapter III of this chapter applies. (Pub. L. 93–406, title I, § 208, Sept. 2, 1974, 88 Stat. 865; Pub. L. 96–364, title IV, § 402(b)(1), Sept. 26, 1980, 94 Stat. 1299.) Editorial Notes AMENDMENTS 1980—Pub. L. 96–364 substituted provisions respecting applicability of preceding sentence to transactions under a covered multiemployer plan to which sub- chapter III applies, for provisions relating to applica- bility of paragraph to a multiemployer plan only to ex- tent determined by Corporation. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–364 effective Sept. 26, 1980, except as specifically provided, see section 1461(e) of this title. § 1059. Recordkeeping and reporting require- ments (a)(1) Except as provided by paragraph (2) every employer shall, in accordance with such regulations as the Secretary may prescribe, maintain records with respect to each of his em- ployees sufficient to determine the benefits due or which may become due to such employees. The plan administrator shall make a report, in such manner and at such time as may be pro- vided in regulations prescribed by the Secretary, to each employee who is a participant under the plan and who— (A) requests such report, in such manner and at such time as may be provided in such regu- lations, (B) terminates his service with the em- ployer, or (C) has a 1-year break in service (as defined in section 1053(b)(3)(A) of this title). The employer shall furnish to the plan adminis- trator the information necessary for the admin- istrator to make the reports required by the pre- ceding sentence. Not more than one report shall be required under subparagraph (A) in any 12- month period. Not more than one report shall be required under subparagraph (C) with respect to consecutive 1-year breaks in service. The report required under this paragraph shall be in the same form, and contain the same information, as periodic benefit statements under section 1025(a) of this title. (2) If more than one employer adopts a plan, each such employer shall furnish to the plan ad- ministrator the information necessary for the administrator to maintain the records, and make the reports, required by paragraph (1). Such administrator shall maintain the records, and make the reports, required by paragraph (1). (b) If any person who is required, under sub- section (a), to furnish information or maintain records for any plan year fails to comply with such requirement, he shall pay to the Secretary a civil penalty of $10 for each employee with re- spect to whom such failure occurs, unless it is shown that such failure is due to reasonable cause. (Pub. L. 93–406, title I, § 209, Sept. 2, 1974, 88 Stat. 865; Pub. L. 110–458, title I, § 105(f), Dec. 23, 2008, 122 Stat. 5105.) Editorial Notes AMENDMENTS 2008—Subsec. (a)(1). Pub. L. 110–458, § 105(f)(1), in in- troductory provisions, substituted ‘‘such regulations as the Secretary may prescribe’’ for ‘‘regulations pre- scribed by the Secretary’’ and, in concluding provi- sions, inserted last sentence and struck out former last sentence which read as follows: ‘‘The report required under this paragraph shall be sufficient to inform the employee of his accrued benefits under the plan and the percentage of such benefits which are nonforfeitable under the plan.’’ Subsec. (a)(2). Pub. L. 110–458, § 105(f)(2), added par. (2) and struck out former par. (2) which read as follows: ‘‘If more than one employer adopts a plan, each such em- ployer shall, in accordance with regulations prescribed by the Secretary, furnish to the plan administrator the information necessary for the administrator to main- tain the records and make the reports required by para- graph (1). Such administrator shall maintain the records and, to the extent provided under regulations prescribed by the Secretary, make the reports, required by paragraph (1).’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment by Pub. L. 110–458 effective as if included in the provisions of Pub. L. 109–280 to which the amend- ment relates, except as otherwise provided, see section 112 of Pub. L. 110–458, set out as a note under section 72 of Title 26, Internal Revenue Code. REGULATIONS Secretary authorized, effective Sept. 2, 1974, to pro- mulgate regulations wherever provisions of this sub- chapter call for the promulgation of regulations, see section 1031 of this title. § 1060. Multiple employer plans and other special rules (a) Plan maintained by more than one employer Notwithstanding any other provision of this part or part 3, the following provisions of this subsection shall apply to a plan maintained by more than one employer: (1) Section 1052 of this title shall be applied as if all employees of each of the employers were employed by a single employer. (2) Sections 1053 and 1054 of this title shall be applied as if all such employers constituted a single employer, except that the application of any rules with respect to breaks in service