29 U.S.C. § 1024 — Filing with Secretary and furnishing in-

Page 393 TITLE 29—LABOR § 1024 APPLICABILITY OF AMENDMENTS BY SUBTITLES A AND B OF TITLE I OF PUB. L. 109–280 For special rules on applicability of amendments by subtitles A (§§ 101–108) and B (§§ 111–116) of title I of Pub. L. 109–280 to certain eligible cooperative plans, PBGC settlement plans, and eligible government contractor plans, see sections 104, 105, and 106 of Pub. L. 109–280, set out as notes under section 401 of Title 26, Internal Revenue Code. GUIDANCE BY SECRETARY OF LABOR Pub. L. 109–280, title V, § 503(a)(2), Aug. 17, 2006, 120 Stat. 943, provided that: ‘‘Not later than 1 year after the date of enactment of this Act [Aug. 17, 2006], the Secretary of Labor shall publish guidance to assist multiemployer defined benefit plans to— ‘‘(A) identify and enumerate plan participants for whom there is no employer with an obligation to make an employer contribution under the plan; and ‘‘(B) report such information under section 103(f)(2)(D) of the Employee Retirement Income Secu- rity Act of 1974 [29 U.S.C. 1023(f)(2)(D)] (as added by this section).’’ TRANSITION RULES Pub. L. 99–272, title XI, § 11016(b)(3), Apr. 7, 1986, 100 Stat. 273, provided that: ‘‘Any regulations, modifica- tions, or waivers which have been issued by the Sec- retary of Labor with respect to section 103(d)(6) of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1023(d)(6)] (as in effect immediately before the date of the enactment of this Act [Apr. 7, 1986]) shall remain in full force and effect until modified by any regulations with respect to such section 103(d)(6) pre- scribed by the Pension Benefit Guaranty Corporation.’’ CONSOLIDATION OF ACTUARIAL REPORTS Secretary of the Treasury and Secretary of Labor to take such steps as may be necessary to assure coordi- nation to the maximum extent feasible between the ac- tuarial reports required by subsec. (d) of this section and section 6059 of Title 26, Internal Revenue Code, see section 1033(c) of Pub. L. 93–406, set out as a note under section 6059 of Title 26. § 1024. Filing with Secretary and furnishing in- formation to participants and certain em- ployers (a) Filing of annual report with Secretary (1) The administrator of any employee benefit plan subject to this part shall file with the Sec- retary the annual report for a plan year within 210 days after the close of such year (or within such time as may be required by regulations promulgated by the Secretary in order to reduce duplicative filing). The Secretary shall make copies of such annual reports available for in- spection in the public document room of the De- partment of Labor. (2)(A) With respect to annual reports required to be filed with the Secretary under this part, the Secretary may by regulation prescribe sim- plified annual reports for any pension plan that— (i) covers fewer than 100 participants; or (ii) is a plan described in section 1060(a) of this title that covers fewer than 1,000 partici- pants, but only if no single employer in the plan has 100 or more participants covered by the plan. (B) Nothing contained in this paragraph shall preclude the Secretary from requiring any infor- mation or data from any such plan to which this part applies where he finds such data or infor- mation is necessary to carry out the purposes of this subchapter nor shall the Secretary be pre- cluded from revoking provisions for simplified reports for any such plan if he finds it necessary to do so in order to carry out the objectives of this subchapter. (3) The Secretary may by regulation exempt any welfare benefit plan from all or part of the reporting and disclosure requirements of this subchapter, or may provide for simplified re- porting and disclosure if he finds that such re- quirements are inappropriate as applied to wel- fare benefit plans. (4) The Secretary may reject any filing under this section— (A) if he determines that such filing is in- complete for purposes of this part; or (B) if he determines that there is any mate- rial qualification by an accountant or actuary contained in an opinion submitted pursuant to section 1023(a)(3)(A) or section 1023(a)(4)(B) of this title. (5) If the Secretary rejects a filing of a report under paragraph (4) and if a revised filing satis- factory to the Secretary is not submitted within 45 days after the Secretary makes his deter- mination under paragraph (4) to reject the fil- ing, and if the Secretary deems it in the best in- terest of the participants, he may take any one or more of the following actions— (A) retain an independent qualified public accountant (as defined in section 1023(a)(3)(D) of this title) on behalf of the participants to perform an audit, (B) retain an enrolled actuary (as defined in section 1023(a)(4)(C) of this title) on behalf of the plan participants, to prepare an actuarial statement, (C) bring a civil action for such legal or equi- table relief as may be appropriate to enforce the provisions of this part, or (D) take any other action authorized by this subchapter. The administrator shall permit such accountant or actuary to inspect whatever books and records of the plan are necessary for such audit. The plan shall be liable to the Secretary for the expenses for such audit or report, and the Sec- retary may bring an action against the plan in any court of competent jurisdiction to recover such expenses. (6) The administrator of any employee benefit plan subject to this part shall furnish to the Secretary, upon request, any documents relat- ing to the employee benefit plan, including but not limited to, the latest summary plan descrip- tion (including any summaries of plan changes not contained in the summary plan description), and the bargaining agreement, trust agreement, contract, or other instrument under which the plan is established or operated. (b) Publication of summary plan description and annual report to participants and bene- ficiaries of plan Publication of the summary plan descriptions and annual reports shall be made to participants and beneficiaries of the particular plan as fol- lows: (1) The administrator shall furnish to each participant, and each beneficiary receiving ben- Page 394 TITLE 29—LABOR § 1024 1 So in original. Probably should be ‘‘apply)’’. 2 So in original. Comma probably should not appear. efits under the plan, a copy of the summary plan description, and all modifications and changes referred to in section 1022(a) of this title— (A) within 90 days after he becomes a partic- ipant, or (in the case of a beneficiary) within 90 days after he first receives benefits, or (B) if later, within 120 days after the plan be- comes subject to this part. The administrator shall furnish to each partici- pant, and each beneficiary receiving benefits under the plan, every fifth year after the plan becomes subject to this part an updated sum- mary plan description described in section 1022 of this title which integrates all plan amend- ments made within such five-year period, except that in a case where no amendments have been made to a plan during such five-year period this sentence shall not apply. Notwithstanding the foregoing, the administrator shall furnish to each participant, and to each beneficiary receiv- ing benefits under the plan, the summary plan description described in section 1022 of this title every tenth year after the plan becomes subject to this part. If there is a modification or change described in section 1022(a) of this title (other than a material reduction in covered services or benefits provided in the case of a group health plan (as defined in section 1191b(a)(1) of this title)), a summary description of such modifica- tion or change shall be furnished not later than 210 days after the end of the plan year in which the change is adopted to each participant, and to each beneficiary who is receiving benefits under the plan. If there is a modification or change described in section 1022(a) of this title that is a material reduction in covered services or benefits provided under a group health plan (as defined in section 1191b(a)(1) of this title), a summary description of such modification or change shall be furnished to participants and beneficiaries not later than 60 days after the date of the adoption of the modification or change. In the alternative, the plan sponsors may provide such description at regular inter- vals of not more than 90 days. The Secretary shall issue regulations within 180 days after Au- gust 21, 1996, providing alternative mechanisms to delivery by mail through which group health plans (as so defined) may notify participants and beneficiaries of material reductions in covered services or benefits. (2) The administrator shall make copies of the latest updated summary plan description and the latest annual report and the bargaining agreement, trust agreement, contract, or other instruments under which the plan was estab- lished or is operated available for examination by any plan participant or beneficiary in the principal office of the administrator and in such other places as may be necessary to make avail- able all pertinent information to all partici- pants (including such places as the Secretary may prescribe by regulations). (3) Within 210 days after the close of the fiscal year of the plan, the administrator (other than an administrator of a defined benefit plan to which the requirements of section 1021(f) of this title applies) 1 shall furnish to each participant, and to each beneficiary receiving benefits under the plan, a copy of the statements and sched- ules, for such fiscal year, described in subpara- graphs (A) and (B) of section 1023(b)(3) of this title and such other material (including the per- centage determined under section 1023(d)(11) of this title) as is necessary to fairly summarize the latest annual report. (4) The administrator shall, upon written re- quest of any participant or beneficiary, furnish a copy of the latest updated summary,2 plan de- scription, and the latest annual report, any ter- minal report, the bargaining agreement, trust agreement, contract, or other instruments under which the plan is established or operated. The administrator may make a reasonable charge to cover the cost of furnishing such complete cop- ies. The Secretary may by regulation prescribe the maximum amount which will constitute a reasonable charge under the preceding sentence. (5) Identification and basic plan information and actuarial information included in the an- nual report for any plan year shall be filed with the Secretary in an electronic format which ac- commodates display on the Internet, in accord- ance with regulations which shall be prescribed by the Secretary. The Secretary shall provide for display of such information included in the annual report, within 90 days after the date of the filing of the annual report, on an Internet website maintained by the Secretary and other appropriate media. Such information shall also be displayed on any Intranet website maintained by the plan sponsor (or by the plan adminis- trator on behalf of the plan sponsor) for the pur- pose of communicating with employees and not the public, in accordance with regulations which shall be prescribed by the Secretary. (c) Statement of rights The Secretary may by regulation require that the administrator of any employee benefit plan furnish to each participant and to each bene- ficiary receiving benefits under the plan a state- ment of the rights of participants and bene- ficiaries under this subchapter. (d) Furnishing summary plan information to em- ployers and employee representatives of mul- tiemployer plans (1) In general With respect to a multiemployer plan sub- ject to this section, within 30 days after the due date under subsection (a)(1) for the filing of the annual report for the fiscal year of the plan, the administrators shall furnish to each employee organization and to each employer with an obligation to contribute to the plan a report that contains— (A) a description of the contribution schedules and benefit formulas under the plan, and any modification to such schedules and formulas, during such plan year; (B) the number of employers obligated to contribute to the plan; (C) a list of the employers that contrib- uted more than 5 percent of the total con- tributions to the plan during such plan year; (D) the number of participants under the plan on whose behalf no contributions were Page 395 TITLE 29—LABOR § 1024 made by an employer as an employer of the participant for such plan year and for each of the 2 preceding plan years; (E) whether the plan was in critical or en- dangered status under section 1085 of this title for such plan year and, if so, include— (i) a list of the actions taken by the plan to improve its funding status; and (ii) a statement describing how a person may obtain a copy of the plan’s funding improvement or rehabilitation plan, as ap- plicable, adopted under section 1085 of this title and the actuarial and financial data that demonstrate any action taken by the plan toward fiscal improvement; (F) the number of employers that with- drew from the plan during the preceding plan year and the aggregate amount of with- drawal liability assessed, or estimated to be assessed, against such withdrawn employers, as reported on the annual report for the plan year to which the report under this sub- section relates; (G) in the case of a multiemployer plan that has merged with another plan or to which assets and liabilities have been trans- ferred, the actuarial valuation of the assets and liabilities of each affected plan during the year preceding the effective date of the merger or transfer, based upon the most re- cent data available as of the day before the first day of the plan year, or other valuation method performed under standards and pro- cedures as the Secretary may prescribe by regulation; (H) a description as to whether the plan— (i) sought or received an amortization extension under section 1084(d) of this title or section 431(d) of title 26 for such plan year; or (ii) used the shortfall funding method (as such term is used in section 1085 of this title) for such plan year; and (I) notification of the right under this sec- tion of the recipient to a copy of the annual report filed with the Secretary under sub- section (a), summary plan description, sum- mary of any material modification of the plan, upon written request, but that— (i) in no case shall a recipient be entitled to receive more than one copy of any such document described during any one 12- month period; and (ii) the administrator may make a rea- sonable charge to cover copying, mailing, and other costs of furnishing copies of in- formation pursuant to this subparagraph. (2) Effect of subsection Nothing in this subsection waives any other provision under this subchapter requiring plan administrators to provide, upon request, infor- mation to employers that have an obligation to contribute under the plan. (e) Cross references For regulations respecting coordination of reports to the Secretaries of Labor and the Treasury, see section 1204 of this title. (Pub. L. 93–406, title I, § 104, Sept. 2, 1974, 88 Stat. 847; Pub. L. 99–272, title XI, § 11016(b)(2), Apr. 7, 1986, 100 Stat. 273; Pub. L. 100–203, title IX, § 9342(a)(2), Dec. 22, 1987, 101 Stat. 1330–371; Pub. L. 101–239, title VII, § 7894(b)(3), (4), Dec. 19, 1989, 103 Stat. 2448; Pub. L. 104–191, title I, § 101(c)(1), Aug. 21, 1996, 110 Stat. 1951; Pub. L. 104–204, title VI, § 603(b)(3)(D), Sept. 26, 1996, 110 Stat. 2938; Pub. L. 105–34, title XV, § 1503(c)(1), (2)(A), (d)(1)–(3), Aug. 5, 1997, 111 Stat. 1062; Pub. L. 109–280, title V, §§ 503(c)(1), (d), 504(a), Aug. 17, 2006, 120 Stat. 943–945; Pub. L. 110–458, title I, § 105(c)(1), Dec. 23, 2008, 122 Stat. 5105; Pub. L. 116–94, div. O, title I, § 101(d)(2), Dec. 20, 2019, 133 Stat. 3145.) Editorial Notes AMENDMENTS 2019—Subsec. (a)(2)(A). Pub. L. 116–94 added subpar. (A) and struck out former subpar. (A) which read as fol- lows: ‘‘With respect to annual reports required to be filed with the Secretary under this part, he may by reg- ulation prescribe simplified annual reports for any pen- sion plan which covers less than 100 participants.’’ 2008—Subsec. (b)(3). Pub. L. 110–458, § 105(c)(1)(A)(ii), which directed substitution of ‘‘the administrator’’ for ‘‘the administrators’’ in par. (3), could not be executed because the words ‘‘the administrators’’ did not appear. Pub. L. 110–458, § 105(c)(1)(A)(i), substituted ‘‘section 1021(f)’’ for ‘‘section 1023(f)’’. Subsec. (d)(1)(E)(ii). Pub. L. 110–458, § 105(c)(1)(B), in- serted ‘‘funding’’ after ‘‘plan’s’’. 2006—Pub. L. 109–280, § 503(d)(1), substituted ‘‘partici- pants and certain employers’’ for ‘‘participants’’ in sec- tion catchline. Subsec. (b)(3). Pub. L. 109–280, § 503(c)(1), which di- rected amendment of par. (3) by inserting ‘‘(other than an administrator of a defined benefit plan to which the requirements of section 1023(f) of this title applies)’’ after ‘‘the administrators’’, was executed by making the insertion after ‘‘the administrator’’, to reflect the probable intent of Congress. Subsec. (b)(5). Pub. L. 109–280, § 504(a), added par. (5). Subsecs. (d), (e). Pub. L. 109–280, § 503(d)(2), (3), added subsec. (d) and redesignated former subsec. (d) as (e). 1997—Subsec. (a)(1). Pub. L. 105–34, § 1503(c)(1), amend- ed par. (1) generally, substituting present provisions for provisions requiring filing of annual report, plan de- scription, summary plan description, as well as modi- fications and changes in plan descriptions. Subsec. (a)(6). Pub. L. 105–34, § 1503(c)(2)(A), added par. (6). Subsec. (b)(1). Pub. L. 105–34, § 1503(d)(1), substituted ‘‘section 1022(a) of this title’’ for ‘‘section 1022(a)(1) of this title’’ wherever appearing. Subsec. (b)(2). Pub. L. 105–34, § 1503(d)(2), substituted ‘‘the latest updated summary plan description and’’ for ‘‘the plan description and’’. Subsec. (b)(4). Pub. L. 105–34, § 1503(d)(3), struck out ‘‘plan description’’ before ‘‘, plan description, and the latest annual report’’. 1996—Subsec. (b)(1). Pub. L. 104–204 made technical amendment to references in original act which appear in text as references to section 1191b of this title. Pub. L. 104–191, in closing provisions, substituted ‘‘1022(a)(1) of this title (other than a material reduction in covered services or benefits provided in the case of a group health plan (as defined in section 1191b(a)(1) of this title)),’’ for ‘‘1022(a)(1) of this title,’’ and inserted at end ‘‘If there is a modification or change described in section 1022(a)(1) of this title that is a material re- duction in covered services or benefits provided under a group health plan (as defined in section 1191b(a)(1) of this title), a summary description of such modification or change shall be furnished to participants and bene- ficiaries not later than 60 days after the date of the adoption of the modification or change. In the alter- native, the plan sponsors may provide such description at regular intervals of not more than 90 days. The Sec- Page 396 TITLE 29—LABOR § 1025 retary shall issue regulations within 180 days after Au- gust 21, 1996, providing alternative mechanisms to de- livery by mail through which group health plans (as so defined) may notify participants and beneficiaries of material reductions in covered services or benefits.’’ 1989—Subsec. (a)(5)(B). Pub. L. 101–239, § 7894(b)(3), substituted a comma for period at end. Subsec. (b)(1). Pub. L. 101–239, § 7894(b)(4), struck out comma after ‘‘summary’’. 1987—Subsec. (b)(3). Pub. L. 100–203 inserted ‘‘(includ- ing the percentage determined under section 1023(d)(11) of this title)’’ after ‘‘material’’. 1986—Subsec. (a)(2)(A). Pub. L. 99–272 struck out pro- vision permitting the Secretary to waive or modify the requirements of section 1023(d)(6) of this title if he found that the interests of the plan participants were not harmed and the expense of compliance was not jus- tified by the needs of the participants, the Pension Benefit Guaranty Corporation, and the Department of Labor for some portion or all of the information other- wise required under section 1023(d)(6) of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2019 AMENDMENT Amendment by Pub. L. 116–94 applicable to plan years beginning after Dec. 31, 2020, see section 101(e) of Pub. L. 116–94, set out as a note under section 408 of Title 26, Internal Revenue Code. 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. EFFECTIVE DATE OF 2006 AMENDMENT Amendment by section 503(c)(1), (d) of Pub. L. 109–280 applicable to plan years beginning after Dec. 31, 2007, see section 503(f) of Pub. L. 109–280, set out as a note under section 1021 of this title. Pub. L. 109–280, title V, § 504(b), Aug. 17, 2006, 120 Stat. 945, provided that: ‘‘The amendment made by this sec- tion [amending this section] shall apply to plan years beginning after December 31, 2007.’’ EFFECTIVE DATE OF 1996 AMENDMENTS Amendment by Pub. L. 104–204 applicable with re- spect to group health plans for plan years beginning on or after Jan. 1, 1998, see section 603(c) of Pub. L. 104–204 set out as a note under section 1003 of this title. Amendment by Pub. L. 104–191 applicable with re- spect to group health plans for plan years beginning after June 30, 1997, except as otherwise provided, see section 101(g) of Pub. L. 104–191, set out as an Effective Date note under section 1181 of this title. EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–239 effective, except as otherwise provided, as if originally included in the pro- vision of the Employee Retirement Income Security Act of 1974, Pub. L. 93–406, to which such amendment relates, see section 7894(i) of Pub. L. 101–239, set out as a note under section 1002 of this title. EFFECTIVE DATE OF 1987 AMENDMENT Amendment by Pub. L. 100–203 applicable with re- spect to reports required to be filed after Dec. 31, 1987, see section 9342(d)(1) of Pub. L. 100–203, set out as a note under section 1132 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–272 effective Jan. 1, 1986, with certain exceptions, see section 11019 of Pub. L. 99–272, set out as a note under section 1341 of this title. 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. MODEL NOTICES AND FORMS For provisions requiring the Secretary of Labor to publish a model form for providing the statements, schedules, and other material required to be provided under subsec. (d) of this section, see section 503(e) of Pub. L. 109–280, set out as a note under section 1021 of this title. § 1025. Reporting of participant’s benefit rights (a) Requirements to provide pension benefit statements (1) Requirements (A) Individual account plan The administrator of an individual ac- count plan (other than a one-participant re- tirement plan described in section 1021(i)(8)(B) of this title) shall furnish a pen- sion benefit statement— (i) at least once each calendar quarter to a participant or beneficiary who has the right to direct the investment of assets in his or her account under the plan, (ii) at least once each calendar year to a participant or beneficiary who has his or her own account under the plan but does not have the right to direct the invest- ment of assets in that account, and (iii) upon written request to a plan bene- ficiary not described in clause (i) or (ii). (B) Defined benefit plan The administrator of a defined benefit plan (other than a one-participant retirement plan described in section 1021(i)(8)(B) of this title) shall furnish a pension benefit state- ment— (i) at least once every 3 years to each participant with a nonforfeitable accrued benefit and who is employed by the em- ployer maintaining the plan at the time the statement is to be furnished, and (ii) to a participant or beneficiary of the plan upon written request. Information furnished under clause (i) to a participant may be based on reasonable esti- mates determined under regulations pre- scribed by the Secretary, in consultation with the Pension Benefit Guaranty Corpora- tion. (2) Statements (A) In general A pension benefit statement under para- graph (1)— (i) shall indicate, on the basis of the lat- est available information— (I) the total benefits accrued, and (II) the nonforfeitable pension benefits, if any, which have accrued, or the ear- liest date on which benefits will become nonforfeitable, (ii) shall include an explanation of any permitted disparity under section 401(l) of title 26 or any floor-offset arrangement that may be applied in determining any accrued benefits described in clause (i), (iii) shall be written in a manner cal- culated to be understood by the average plan participant, and