29 U.S.C. § 1023 — Annual reports

Page 387 TITLE 29—LABOR § 1023 ployee benefit plan shall be prepared on forms pre- scribed by the Secretary, and shall be filed with the Secretary as required by section 1024(a)(1) of this title. Any material modification in the terms of the plan and any change in the information described in subsection (b) shall be filed in accordance with section 1024(a)(1)(D) of this title.’’ Subsec. (b). Pub. L. 105–34, § 1503(b)(2)(A), substituted ‘‘The summary plan description shall contain’’ for ‘‘The plan description and summary plan description shall contain’’. 1996—Subsec. (b). 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 inserted ‘‘in the case of a group health plan (as defined in section 1191b(a)(1) of this title), whether a health insurance issuer (as defined in section 1191b(b)(2) of this title) is responsible for the financing or administration (including payment of claims) of the plan and (if so) the name and address of such issuer;’’ after ‘‘type of administration of the plan;’’ and ‘‘includ- ing the office at the Department of Labor through which participants and beneficiaries may seek assist- ance or information regarding their rights under this chapter and the Health Insurance Portability and Ac- countability Act of 1996 with respect to health benefits that are offered through a group health plan (as defined in section 1191b(a)(1) of this title)’’ after ‘‘presenting claims for benefits under the plan’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2009 AMENDMENT Amendment by Pub. L. 111–3 effective Apr. 1, 2009, and applicable to child health assistance and medical as- sistance provided on or after that date, with certain ex- ceptions, see section 3 of Pub. L. 111–3, set out as an Ef- fective Date note under section 1396 of Title 42, The Public Health and Welfare. 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. 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. § 1023. Annual reports (a) Publication and filing (1)(A) An annual report shall be published with respect to every employee benefit plan to which this part applies. Such report shall be filed with the Secretary in accordance with section 1024(a) of this title, and shall be made available and fur- nished to participants in accordance with sec- tion 1024(b) of this title. (B) The annual report shall include the infor- mation described in subsections (b) and (c) and where applicable subsections (d), (e), (f), and (g) and shall also include— (i) a financial statement and opinion, as re- quired by paragraph (3) of this subsection, and (ii) an actuarial statement and opinion, as required by paragraph (4) of this subsection. (2) If some or all of the information necessary to enable the administrator to comply with the requirements of this subchapter is maintained by— (A) an insurance carrier or other organiza- tion which provides some or all of the benefits under the plan, or holds assets of the plan in a separate account, (B) a bank or similar institution which holds some or all of the assets of the plan in a com- mon or collective trust or a separate trust, or custodial account, or (C) a plan sponsor as defined in section 1002(16)(B) of this title, such carrier, organization, bank, institution, or plan sponsor shall transmit and certify the ac- curacy of such information to the administrator within 120 days after the end of the plan year (or such other date as may be prescribed under reg- ulations of the Secretary). (3)(A) Except as provided in subparagraph (C), the administrator of an employee benefit plan shall engage, on behalf of all plan participants, an independent qualified public accountant, who shall conduct such an examination of any finan- cial statements of the plan, and of other books and records of the plan, as the accountant may deem necessary to enable the accountant to form an opinion as to whether the financial statements and schedules required to be in- cluded in the annual reports by subsection (b) of this section are presented fairly in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Such examination shall be con- ducted in accordance with generally accepted auditing standards, and shall involve such tests of the books and records of the plan as are con- sidered necessary by the independent qualified public accountant. The independent qualified public accountant shall also offer his opinion as to whether the separate schedules specified in subsection (b)(3) of this section and the sum- mary material required under section 1024(b)(3) of this title present fairly, and in all material respects the information contained therein when considered in conjunction with the financial statements taken as a whole. The opinion by the independent qualified public accountant shall be made a part of the annual report. In a case where a plan is not required to file an annual re- port, the requirements of this paragraph shall not apply. In a case where by reason of section 1024(a)(2) of this title a plan is required only to file a simplified annual report, the Secretary may waive the requirements of this paragraph. (B) In offering his opinion under this section the accountant may rely on the correctness of any actuarial matter certified to by an enrolled actuary, if he so states his reliance. (C) The opinion required by subparagraph (A) need not be expressed as to any statements re- quired by subsection (b)(3)(G) prepared by a bank or similar institution or insurance carrier regulated and supervised and subject to periodic examination by a State or Federal agency if such statements are certified by the bank, simi- lar institution, or insurance carrier as accurate and are made a part of the annual report. (D) For purposes of this subchapter, the term ‘‘qualified public accountant’’ means— (i) a person who is a certified public account- ant, certified by a regulatory authority of a State; Page 388 TITLE 29—LABOR § 1023 (ii) a person who is a licensed public ac- countant licensed by a regulatory authority of a State; or (iii) a person certified by the Secretary as a qualified public accountant in accordance with regulations published by him for a person who practices in States where there is no certifi- cation or licensing procedure for accountants. (4)(A) The administrator of an employee pen- sion benefit plan subject to the reporting re- quirement of subsection (d) of this section shall engage, on behalf of all plan participants, an en- rolled actuary who shall be responsible for the preparation of the materials comprising the ac- tuarial statement required under subsection (d) of this section. In a case where a plan is not re- quired to file an annual report, the requirement of this paragraph shall not apply, and, in a case where by reason of section 1024(a)(2) of this title, a plan is required only to file a simplified re- port, the Secretary may waive the requirement of this paragraph. (B) The enrolled actuary shall utilize such as- sumptions and techniques as are necessary to enable him to form an opinion as to whether the contents of the matters reported under sub- section (d) of this section— (i) are in the aggregate reasonably related to the experience of the plan and to reasonable expectations; and (ii) represent his best estimate of antici- pated experience under the plan. The opinion by the enrolled actuary shall be made with respect to, and shall be made a part of, each annual report. (C) For purposes of this subchapter, the term ‘‘enrolled actuary’’ means an actuary enrolled under subtitle C of subchapter II of this chapter. (D) In making a certification under this sec- tion the enrolled actuary may rely on the cor- rectness of any accounting matter under sub- section (b) to which any qualified public ac- countant has expressed an opinion, if he so states his reliance. (b) Financial statement An annual report under this section shall in- clude a financial statement containing the fol- lowing information: (1) With respect to an employee welfare ben- efit plan: a statement of assets and liabilities; a statement of changes in fund balance; and a statement of changes in financial position. In the notes to financial statements, disclosures concerning the following items shall be consid- ered by the accountant: a description of the plan including any significant changes in the plan made during the period and the impact of such changes on benefits; a description of material lease commitments, other commitments, and contingent liabilities; a description of agree- ments and transactions with persons known to be parties in interest; a general description of priorities upon termination of the plan; infor- mation concerning whether or not a tax ruling or determination letter has been obtained; and any other matters necessary to fully and fairly present the financial statements of the plan. (2) With respect to an employee pension ben- efit plan: a statement of assets and liabilities, and a statement of changes in net assets avail- able for plan benefits which shall include details of revenues and expenses and other changes ag- gregated by general source and application. In the notes to financial statements, disclosures concerning the following items shall be consid- ered by the accountant: a description of the plan including any significant changes in the plan made during the period and the impact of such changes on benefits; the funding policy (includ- ing policy with respect to prior service cost), and any changes in such policies during the year; a description of any significant changes in plan benefits made during the period; a descrip- tion of material lease commitments, other com- mitments, and contingent liabilities; a descrip- tion of agreements and transactions with per- sons known to be parties in interest; a general description of priorities upon termination of the plan; information concerning whether or not a tax ruling or determination letter has been ob- tained; and any other matters necessary to fully and fairly present the financial statements of such pension plan. (3) With respect to all employee benefit plans, the statement required under paragraph (1) or (2) shall have attached the following informa- tion in separate schedules: (A) a statement of the assets and liabilities of the plan aggregated by categories and val- ued at their current value, and the same data displayed in comparative form for the end of the previous fiscal year of the plan; (B) a statement of receipts and disburse- ments during the preceding twelve-month pe- riod aggregated by general sources and appli- cations; (C) a schedule of all assets held for invest- ment purposes aggregated and identified by issuer, borrower, or lessor, or similar party to the transaction (including a notation as to whether such party is known to be a party in interest), maturity date, rate of interest, col- lateral, par or maturity value, cost, and cur- rent value; (D) a schedule of each transaction involving a person known to be party in interest, the identity of such party in interest and his rela- tionship or that of any other party in interest to the plan, a description of each asset to which the transaction relates; the purchase or selling price in case of a sale or purchase, the rental in case of a lease, or the interest rate and maturity date in case of a loan; expense incurred in connection with the transaction; the cost of the asset, the current value of the asset, and the net gain (or loss) on each trans- action; (E) a schedule of all loans or fixed income obligations which were in default as of the close of the plan’s fiscal year or were classified during the year as uncollectable and the fol- lowing information with respect to each loan on such schedule (including a notation as to whether parties involved are known to be par- ties in interest): the original principal amount of the loan, the amount of principal and inter- est received during the reporting year, the un- paid balance, the identity and address of the obligor, a detailed description of the loan (in- cluding date of making and maturity, interest Page 389 TITLE 29—LABOR § 1023 rate, the type and value of collateral, and other material terms), the amount of principal and interest overdue (if any) and an expla- nation thereof; (F) a list of all leases which were in default or were classified during the year as uncollect- able; and the following information with re- spect to each lease on such schedule (including a notation as to whether parties involved are known to be parties in interest): the type of property leased (and, in the case of fixed as- sets such as land, buildings, leasehold, and so forth, the location of the property), the iden- tity of the lessor or lessee from or to whom the plan is leasing, the relationship of such lessors and lessees, if any, to the plan, the em- ployer, employee organization, or any other party in interest, the terms of the lease re- garding rent, taxes, insurance, repairs, ex- penses, and renewal options; the date the leased property was purchased and its cost, the date the property was leased and its ap- proximate value at such date, the gross rental receipts during the reporting period, expenses paid for the leased property during the report- ing period, the net receipts from the lease, the amounts in arrears, and a statement as to what steps have been taken to collect amounts due or otherwise remedy the default; (G) if some or all of the assets of a plan or plans are held in a common or collective trust maintained by a bank or similar institution or in a separate account maintained by an insur- ance carrier or a separate trust maintained by a bank as trustee, the report shall include the most recent annual statement of assets and li- abilities of such common or collective trust, and in the case of a separate account or a sep- arate trust, such other information as is re- quired by the administrator in order to com- ply with this subsection; and (H) a schedule of each reportable trans- action, the name of each party to the trans- action (except that, in the case of an acquisi- tion or sale of a security on the market, the report need not identify the person from whom the security was acquired or to whom it was sold) and a description of each asset to which the transaction applies; the purchase or sell- ing price in case of a sale or purchase, the rental in case of a lease, or the interest rate and maturity date in case of a loan; expenses incurred in connection with the transaction; the cost of the asset, the current value of the asset, and the net gain (or loss) on each trans- action. For purposes of the preceding sen- tence, the term ‘‘reportable transaction’’ means a transaction to which the plan is a party if such transaction is— (i) a transaction involving an amount in excess of 3 percent of the current value of the assets of the plan; (ii) any transaction (other than a trans- action respecting a security) which is part of a series of transactions with or in conjunc- tion with a person in a plan year, if the ag- gregate amount of such transactions exceeds 3 percent of the current value of the assets of the plan; (iii) a transaction which is part of a series of transactions respecting one or more secu- rities of the same issuer, if the aggregate amount of such transactions in the plan year exceeds 3 percent of the current value of the assets of the plan; or (iv) a transaction with or in conjunction with a person respecting a security, if any other transaction with or in conjunction with such person in the plan year respecting a security is required to be reported by rea- son of clause (i). (4) The Secretary may, by regulation, relieve any plan from filing a copy of a statement of as- sets and liabilities (or other information) de- scribed in paragraph (3)(G) if such statement and other information is filed with the Sec- retary by the bank or insurance carrier which maintains the common or collective trust or separate account. (c) Information to be furnished by administrator The administrator shall furnish as a part of a report under this section the following informa- tion: (1) The number of employees covered by the plan. (2) The name and address of each fiduciary. (3) Except in the case of a person whose com- pensation is minimal (determined under regu- lations of the Secretary) and who performs solely ministerial duties (determined under such regulations), the name of each person (in- cluding but not limited to, any consultant, broker, trustee, accountant, insurance carrier, actuary, administrator, investment manager, or custodian who rendered services to the plan or who had transactions with the plan) who re- ceived directly or indirectly compensation from the plan during the preceding year for services rendered to the plan or its partici- pants, the amount of such compensation, the nature of his services to the plan or its par- ticipants, his relationship to the employer of the employees covered by the plan, or the em- ployee organization, and any other office, po- sition, or employment he holds with any party in interest. (4) An explanation of the reason for any change in appointment of trustee, accountant, insurance carrier, enrolled actuary, adminis- trator, investment manager, or custodian. (5) Such financial and actuarial information including but not limited to the material de- scribed in subsections (b) and (d) of this sec- tion as the Secretary may find necessary or appropriate. (d) Actuarial statement With respect to an employee pension benefit plan (other than (A) a profit sharing, savings, or other plan, which is an individual account plan, (B) a plan described in section 1081(b) of this title, or (C) a plan described both in section 1321(b) of this title and in paragraph (1), (2), (3), (4), (5), (6), or (7) of section 1081(a) of this title) an annual report under this section for a plan year shall include a complete actuarial state- ment applicable to the plan year which shall in- clude the following: (1) The date of the plan year, and the date of the actuarial valuation applicable to the plan year for which the report is filed. Page 390 TITLE 29—LABOR § 1023 (2) The date and amount of the contribution (or contributions) received by the plan for the plan year for which the report is filed and con- tributions for prior plan years not previously reported. (3) The following information applicable to the plan year for which the report is filed: the normal costs or target normal costs, the ac- crued liabilities or funding target, an identi- fication of benefits not included in the cal- culation; a statement of the other facts and actuarial assumptions and methods used to de- termine costs, and a justification for any change in actuarial assumptions or cost meth- ods; and the minimum contribution required under section 1082 of this title. (4) The number of participants and bene- ficiaries, both retired and nonretired, covered by the plan. (5) The current value of the assets accumu- lated in the plan, and the present value of the assets of the plan used by the actuary in any computation of the amount of contributions to the plan required under section 1082 of this title and a statement explaining the basis of such valuation of present value of assets. (6) Information required in regulations of the Pension Benefit Guaranty Corporation with respect to: (A) the current value of the assets of the plan, (B) the present value of all nonforfeitable benefits for participants and beneficiaries receiving payments under the plan, (C) the present value of all nonforfeitable benefits for all other participants and bene- ficiaries, (D) the present value of all accrued bene- fits which are not nonforfeitable (including a separate accounting of such benefits which are benefit commitments, as defined in sec- tion 1301(a)(16) of this title), and (E) the actuarial assumptions and tech- niques used in determining the values de- scribed in subparagraphs (A) through (D). (7) A certification of the contribution nec- essary to reduce the minimum required con- tribution determined under section 1083 of this title, or the accumulated funding deficiency determined under section 1084 of this title, to zero. (8) A statement by the enrolled actuary— (A) that to the best of his knowledge the report is complete and accurate, and (B) the applicable requirements of sections 1083(h), 1084(c)(3), and 1085a(c)(3) of this title (relating to reasonable actuarial assump- tions and methods) have been complied with. (9) A copy of the opinion required by sub- section (a)(4). (10) A statement by the actuary which dis- closes— (A) any event which the actuary has not taken into account, and (B) any trend which, for purposes of the ac- tuarial assumptions used, was not assumed to continue in the future, but only if, to the best of the actuary’s knowl- edge, such event or trend may require a mate- rial increase in plan costs or required con- tribution rates. (11) If the current value of the assets of the plan is less than 70 percent of— (A) in the case of a single-employer plan, the funding target (as defined in section 1083(d)(1) of this title) of the plan, or (B) in the case of a multiemployer plan, the current liability (as defined in section 1084(c)(6)(D) of this title) under the plan, the percentage which such value is of the amount described in subparagraph (A) or (B). (12) A statement explaining the actuarial as- sumptions and methods used in projecting fu- ture retirements and forms of benefit distribu- tions under the plan. (13) Such other information regarding the plan as the Secretary may by regulation re- quire. (14) Such other information as may be nec- essary to fully and fairly disclose the actu- arial position of the plan. Such actuary shall make an actuarial valuation of the plan for every third plan year, unless he determines that a more frequent valuation is necessary to support his opinion under sub- section (a)(4) of this section. (e) Statement from insurance company, insur- ance service, or other similar organizations which sell or guarantee plan benefits If some or all of the benefits under the plan are purchased from and guaranteed by an insur- ance company, insurance service, or other simi- lar organization, a report under this section shall include a statement from such insurance company, service, or other similar organization covering the plan year and enumerating— (1) the premium rate or subscription charge and the total premium or subscription charges paid to each such carrier, insurance service, or other similar organization and the approxi- mate number of persons covered by each class of such benefits; and (2) the total amount of premiums received, the approximate number of persons covered by each class of benefits, and the total claims paid by such company, service, or other orga- nization; dividends or retroactive rate adjust- ments, commissions, and administrative serv- ice or other fees or other specific acquisition costs paid by such company, service, or other organization; any amounts held to provide benefits after retirement; the remainder of such premiums; and the names and addresses of the brokers, agents, or other persons to whom commissions or fees were paid, the amount paid to each, and for what purpose. If any such company, service, or other organiza- tion does not maintain separate experience records covering the specific groups it serves, the report shall include in lieu of the informa- tion required by the foregoing provisions of this paragraph (A) a statement as to the basis of its premium rate or subscription charge, the total amount of premiums or subscription charges received from the plan, and a copy of the financial report of the company, service, or other organization and (B) if such company, service, or organization incurs specific costs in connection with the acquisition or retention of any particular plan or plans, a detailed statement of such costs. Page 391 TITLE 29—LABOR § 1023 (f) Additional information with respect to de- fined benefit plans (1) Liabilities under 2 or more plans (A) In general In any case in which any liabilities to par- ticipants or their beneficiaries under a de- fined benefit plan as of the end of a plan year consist (in whole or in part) of liabil- ities to such participants and beneficiaries under 2 or more pension plans as of imme- diately before such plan year, an annual re- port under this section for such plan year shall include the funded percentage of each of such 2 or more pension plans as of the last day of such plan year and the funded per- centage of the plan with respect to which the annual report is filed as of the last day of such plan year. (B) Funded percentage For purposes of this paragraph, the term ‘‘funded percentage’’— (i) in the case of a single-employer plan, means the funding target attainment per- centage, as defined in section 1083(d)(2) of this title, and (ii) in the case of a multiemployer plan, has the meaning given such term in sec- tion 1085(i)(2) of this title. (2) Additional information for multiemployer plans With respect to any defined benefit plan which is a multiemployer plan, an annual re- port under this section for a plan year shall in- clude, in addition to the information required under paragraph (1), the following, as of the end of the plan year to which the report re- lates: (A) The number of employers obligated to contribute to the plan. (B) A list of the employers that contrib- uted more than 5 percent of the total con- tributions to the plan during such plan year. (C) The number of participants under the plan on whose behalf no contributions were made by an employer as an employer of the participant for such plan year and for each of the 2 preceding plan years. (D) The ratios of— (i) the number of participants under the plan on whose behalf no employer had an obligation to make an employer contribu- tion during the plan year, to (ii) the number of participants under the plan on whose behalf no employer had an obligation to make an employer contribu- tion during each of the 2 preceding plan years. (E) Whether the plan received an amortiza- tion extension under section 1084(d) of this title or section 431(d) of title 26 for such plan year and, if so, the amount of the difference between the minimum required contribution for the year and the minimum required con- tribution which would have been required without regard to the extension, and the pe- riod of such extension. (F) Whether the plan used the shortfall funding method (as such term is used in sec- tion 1085 of this title) for such plan year and, if so, the amount of the difference between the minimum required contribution for the year and the minimum required contribu- tion which would have been required without regard to the use of such method, and the pe- riod of use of such method. (G) Whether the plan was in critical or en- dangered status under section 1085 of this title for such plan year, and if so, a sum- mary of any funding improvement or reha- bilitation plan (or modification thereto) adopted during the plan year, and the funded percentage of the plan. (H) 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. (I) 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. (g) Additional information with respect to pooled employer and multiple employer plans An annual report under this section for a plan year shall include— (1) with respect to any plan to which section 1060(a) of this title applies (including a pooled employer plan), a list of employers in the plan and a good faith estimate of the percentage of total contributions made by such employers during the plan year and the aggregate ac- count balances attributable to each employer in the plan (determined as the sum of the ac- count balances of the employees of such em- ployer (and the beneficiaries of such employ- ees)); and (2) with respect to a pooled employer plan, the identifying information for the person des- ignated under the terms of the plan as the pooled plan provider. (Pub. L. 93–406, title I, § 103, Sept. 2, 1974, 88 Stat. 841; Pub. L. 96–364, title III, § 307, Sept. 26, 1980, 94 Stat. 1295; Pub. L. 99–272, title XI, § 11016(b)(1), Apr. 7, 1986, 100 Stat. 272; Pub. L. 100–203, title IX, § 9342(a)(1), Dec. 22, 1987, 101 Stat. 1330–371; Pub. L. 101–239, title VII, § 7881(j)(1), Dec. 19, 1989, 103 Stat. 2442; Pub. L. 109–280, title I, § 108(a)(2), (3), formerly § 107(a)(2), (3), title V, § 503(a)(1), (b), Aug. 17, 2006, 120 Stat. 818, 942, 943, renumbered Pub. L. 111–192, title II, § 202(a), June 25, 2010, 124 Stat. 1297; Pub. L. 110–458, title I, § 101(d)(1)(A), Dec. 23, 2008, 122 Stat. 5098; Pub. L. 113–97, title I, §§ 102(b)(5), 104(c), Apr. 7, 2014, 128 Stat. 1116, 1121; Pub. L. 116–94, div. O, title I, § 101(d)(1), Dec. 20, 2019, 133 Stat. 3145.) Editorial Notes AMENDMENTS 2019—Subsec. (a)(1)(B). Pub. L. 116–94, § 101(d)(1)(A), substituted ‘‘applicable subsections (d), (e), (f), and (g)’’ Page 392 TITLE 29—LABOR § 1023 for ‘‘applicable subsections (d), (e), and (f)’’ in introduc- tory provisions. Subsec. (g). Pub. L. 116–94, § 101(d)(1)(B), amended sub- sec. (g) generally. Prior to amendment, text read as fol- lows: ‘‘With respect to any multiple employer plan, an annual report under this section for a plan year shall include a list of participating employers and a good faith estimate of the percentage of total contributions made by such participating employers during the plan year.’’ 2014—Subsec. (d)(8)(B). Pub. L. 113–97, § 102(b)(5), sub- stituted ‘‘sections 1083(h), 1084(c)(3), and 1085a(c)(3) of this title’’ for ‘‘sections 1083(h) and 1084(c)(3) of this title’’. Subsec. (g). Pub. L. 113–97, § 104(c), added subsec. (g). 2008—Subsec. (d)(3). Pub. L. 110–458, § 101(d)(1)(A)(i), substituted ‘‘the normal costs or target normal costs, the accrued liabilities or funding target’’ for ‘‘the nor- mal costs, the accrued liabilities’’. Subsec. (d)(7). Pub. L. 110–458, § 101(d)(1)(A)(ii), added par. (7) and struck out former par. (7) which read as fol- lows: ‘‘A certification of the contribution necessary to reduce the accumulated funding deficiency to zero.’’ 2006—Subsec. (a)(1)(B). Pub. L. 109–280, § 503(a)(1)(A), substituted ‘‘subsections (d), (e), and (f)’’ for ‘‘sub- sections (d) and (e)’’ in introductory provisions. Subsec. (d)(8)(B). Pub. L. 109–280, § 108(a)(2), formerly § 107(a)(2), as renumbered by Pub. L. 111–192, substituted ‘‘the applicable requirements of sections 1083(h) and 1084(c)(3)’’ for ‘‘the requirements of section 1082(c)(3)’’. Subsec. (d)(11). Pub. L. 109–280, § 108(a)(3), formerly § 107(a)(3), as renumbered by Pub. L. 111–192, added par. (11) and struck out former par. (11) which read as fol- lows: ‘‘If the current value of the assets of the plan is less than 70 percent of the current liability under the plan (within the meaning of section 1082(d)(7) of this title), the percentage which such value is of such liabil- ity..’’ Subsec. (d)(12) to (14). Pub. L. 109–280, § 503(b), added par. (12) and redesignated former pars. (12) and (13) as (13) and (14), respectively. Subsec. (f). Pub. L. 109–280, § 503(a)(1)(B), added sub- sec. (f). 1989—Subsec. (d)(11). Pub. L. 101–239 substituted ‘‘70 percent’’ for ‘‘60 percent’’ and ‘‘the percentage which such value is of such liability.’’ for ‘‘such percentage’’. 1987—Subsec. (d)(11) to (13). Pub. L. 100–203 added par. (11) and redesignated former pars. (11) and (12) as (12) and (13), respectively. 1986—Subsec. (d)(6). Pub. L. 99–272 amended par. (6) generally. Prior to amendment, par. (6) read as follows: ‘‘The present value of all of the plan’s liabilities for nonforfeitable pension benefits allocated by the termi- nation priority categories as set forth in section 1344 of this title, and the actuarial assumptions used in these computations. The Secretary shall establish regula- tions defining (for purposes of this section) ‘termi- nation priority categories’ and acceptable methods, in- cluding approximate methods, for allocating the plan’s liabilities to such termination priority categories.’’ 1980—Subsec. (d)(10) to (12). Pub. L. 96–364 added par. (10) and redesignated former pars. (10) and (11) as (11) and (12), respectively. 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 2014 AMENDMENT Amendment by Pub. L. 113–97 applicable to years be- ginning after Dec. 31, 2013, see section 3 of Pub. L. 113–97, set out as a note under section 401 of Title 26, In- ternal 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 108(a)(2), (3) of Pub. L. 109–280 applicable to plan years beginning after 2007, see sec- tion 108(e) of Pub. L. 109–280, set out as a note under section 1021 of this title. Amendment by section 503(a)(1), (b) 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. EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Pension Protection Act, Pub. L. 100–203, §§ 9302–9346, to which such amendment relates, see section 7882 of Pub. L. 101–239, set out as a note under section 401 of Title 26, Internal Revenue Code. 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. 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. 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. REPORT ON POOLED EMPLOYER PLANS Pub. L. 117–328, div. T, title III, § 344, Dec. 29, 2022, 136 Stat. 5380, provided that: ‘‘The Secretary of Labor shall— ‘‘(1) conduct a study on the pooled employer plan (as such term is defined in section 3(43) of the Em- ployee Retirement Income Security Act of 1974 (29 U.S.C. 1002(43))) industry, including on— ‘‘(A) the legal name and number of pooled em- ployer plans; ‘‘(B) the number of participants in such plans; ‘‘(C) the range of investment options provided in such plans; ‘‘(D) the fees assessed in such plans; ‘‘(E) the manner in which employers select and monitor such plans; ‘‘(F) the disclosures provided to participants in such plans; ‘‘(G) the number and nature of any enforcement actions by the Secretary of Labor on such plans; ‘‘(H) the extent to which such plans have in- creased retirement savings coverage in the United States; and ‘‘(I) any additional information as the Secretary determines is necessary; and ‘‘(2) not later than 5 years after the date of enact- ment of this Act [Dec. 29, 2022], and every 5 years thereafter, submit to Congress and make available on a publicly accessible website of the Department of Labor, a report on the findings of the study under paragraph (1), including recommendations on how pooled employer plans can be improved, through leg- islation, to serve and protect retirement plan partici- pants.’’ 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-