29 U.S.C. § 1310 — Authority to require certain information

Page 651 TITLE 29—LABOR § 1310 such amendment relates, see section 7891(f) 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 to plan years beginning after Dec. 31, 1987, see section 9331(f)(1) of Pub. L. 100–203, set out as a note under section 1305 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. PENSION PAYMENT ACCELERATION Pub. L. 114–74, title V, § 502, Nov. 2, 2015, 129 Stat. 593, provided that: ‘‘Notwithstanding section 4007(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1307(a)) and section 4007.11 of title 29, Code of Federal Regulations, for plan years commencing after December 31, 2024, and before January 1, 2026, the pre- mium due date for such plan years shall be the fif- teenth day of the ninth calendar month that begins on or after the first day of the premium payment year.’’ § 1308. Annual report by the corporation (a) As soon as practicable after the close of each fiscal year the corporation shall transmit to the President and the Congress a report rel- ative to the conduct of its business under this subchapter for that fiscal year. The report shall include financial statements setting forth the fi- nances of the corporation at the end of such fis- cal year and the result of its operations (includ- ing the source and application of its funds) for the fiscal year and shall include an actuarial evaluation of the expected operations and status of the funds established under section 1305 of this title for the next five years (including a de- tailed statement of the actuarial assumptions and methods used in making such evaluation). (b) The report under subsection (a) shall in- clude— (1) a summary of the Pension Insurance Modeling System microsimulation model, in- cluding the specific simulation parameters, specific initial values, temporal parameters, and policy parameters used to calculate the fi- nancial statements for the corporation; (2) a comparison of— (A) the average return on investments earned with respect to assets invested by the corporation for the year to which the report relates; and (B) an amount equal to 60 percent of the average return on investment for such year in the Standard & Poor’s 500 Index, plus 40 percent of the average return on investment for such year in the Lehman Aggregate Bond Index (or in a similar fixed income index); and (3) a statement regarding the deficit or sur- plus for such year that the corporation would have had if the corporation had earned the re- turn described in paragraph (2)(B) with respect to assets invested by the corporation. (Pub. L. 93–406, title IV, § 4008, Sept. 2, 1974, 88 Stat. 1014; Pub. L. 109–280, title IV, § 412, Aug. 17, 2006, 120 Stat. 936.) Editorial Notes AMENDMENTS 2006—Pub. L. 109–280 designated existing provisions as subsec. (a) and added subsec. (b). § 1309. Portability assistance The corporation shall provide advice and as- sistance to individuals with respect to evalu- ating the economic desirability of establishing individual retirement accounts or other forms of individual retirement savings for which a deduc- tion is allowable under section 219 of title 26 and with respect to evaluating the desirability, in particular cases, of transferring amounts rep- resenting an employee’s interest in a qualified plan to such an account upon the employee’s separation from service with an employer. (Pub. L. 93–406, title IV, § 4009, Sept. 2, 1974, 88 Stat. 1014; Pub. L. 101–239, title VII, § 7891(a)(1), Dec. 19, 1989, 103 Stat. 2445.) Editorial Notes AMENDMENTS 1989—Pub. L. 101–239 substituted ‘‘Internal Revenue Code of 1986’’ for ‘‘Internal Revenue Code of 1954’’, which for purposes of codification was translated as ‘‘title 26’’ thus requiring no change in text. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 7891(f) of Pub. L. 101–239, set out as a note under section 1002 of this title. § 1310. Authority to require certain information (a) Information required Each person described in subsection (b) shall provide the corporation annually, on or before a date specified by the corporation in regulations, with— (1) such records, documents, or other infor- mation that the corporation specifies in regu- lations as necessary to determine the liabil- ities and assets of plans covered by this sub- chapter; and (2) copies of such person’s audited (or, if un- available, unaudited) financial statements, and such other financial information as the corporation may prescribe in regulations. (b) Persons required to provide information The persons covered by subsection (a) are each contributing sponsor, and each member of a con- tributing sponsor’s controlled group, of a single- employer plan covered by this subchapter, if— (1) the funding target attainment percentage (as defined in subsection (d)) at the end of the preceding plan year of a plan maintained by the contributing sponsor or any member of its controlled group is less than 80 percent; (2) the conditions for imposition of a lien de- scribed in section 1083(k)(1)(A) and (B) or 1085a(g)(1)(A) and (B) of this title or section 430(k)(1)(A) and (B) or 433(g)(1)(A) and (B) of title 26 have been met with respect to any plan maintained by the contributing sponsor or any member of its controlled group; or Page 652 TITLE 29—LABOR § 1310 1 See References in Text note below. (3) minimum funding waivers in excess of $1,000,000 have been granted with respect to any plan maintained by the contributing spon- sor or any member of its controlled group, and any portion thereof is still outstanding. (c) Information exempt from disclosure require- ments Any information or documentary material submitted to the corporation pursuant to this section shall be exempt from disclosure under section 552 of title 5, and no such information or documentary material may be made public, ex- cept as may be relevant to any administrative or judicial action or proceeding. Nothing in this section is intended to prevent disclosure to ei- ther body of Congress or to any duly authorized committee or subcommittee of the Congress. (d) Additional information required (1) In general The information submitted to the corpora- tion under subsection (a) shall include— (A) the amount of benefit liabilities under the plan determined using the assumptions used by the corporation in determining li- abilities; (B) the funding target of the plan deter- mined as if the plan has been in at-risk sta- tus for at least 5 plan years; and (C) the funding target attainment percent- age of the plan. (2) Definitions For purposes of this subsection: (A) Funding target The term ‘‘funding target’’ has the mean- ing provided under section 1083(d)(1) of this title. (B) Funding target attainment percentage The term ‘‘funding target attainment per- centage’’ has the meaning provided under section 1083(d)(2) of this title. (C) At-risk status The term ‘‘at-risk status’’ has the meaning provided in section 1083(i)(4) of this title. (3) Pension stabilization disregarded For purposes of this section, the segment rates used in determining the funding target and funding target attainment percentage shall be determined by not taking into ac- count any adjustment under section 1083(h)(2)(C)(iv) 1 of this title. (e) Notice to Congress The corporation shall, on an annual basis, sub- mit to the Committee on Health, Education, Labor, and Pensions and the Committee on Fi- nance of the Senate and the Committee on Edu- cation and the Workforce and the Committee on Ways and Means of the House of Representa- tives, a summary report in the aggregate of the information submitted to the corporation under this section. (Pub. L. 93–406, title IV, § 4010, as added Pub. L. 103–465, title VII, § 772(a), Dec. 8, 1994, 108 Stat. 5044; amended Pub. L. 109–280, title I, § 108(b)(3), formerly § 107(b)(3), title V, § 505(a), (b), Aug. 17, 2006, 120 Stat. 819, 946, renumbered Pub. L. 111–192, title II, § 202(a), June 25, 2010, 124 Stat. 1297; Pub. L. 110–458, title I, § 105(d), Dec. 23, 2008, 122 Stat. 5105; Pub. L. 112–141, div. D, title II, § 40211(b)(3)(D), July 6, 2012, 126 Stat. 849; Pub. L. 113–97, title I, § 102(b)(8), Apr. 7, 2014, 128 Stat. 1117.) Editorial Notes REFERENCES IN TEXT Section 1083(h)(2)(C)(iv) of this title, referred to in subsec. (d)(3), was in the original ‘‘section 302(h)((2)(C)(iv)’’ (sic) and was translated as if it had read ‘‘section 303(h)(2)(C)(iv)’’ to reflect the probable intent of Congress. AMENDMENTS 2014—Subsec. (b)(2). Pub. L. 113–97 substituted ‘‘sec- tion 1083(k)(1)(A) and (B) or 1085a(g)(1)(A) and (B) of this title or section 430(k)(1)(A) and (B) or 433(g)(1)(A) and (B) of title 26’’ for ‘‘section 1083(k)(1)(A) and (B) of this title or section 430(k)(1)(A) and (B) of title 26’’. 2012—Subsec. (d)(3). Pub. L. 112–141 added par. (3). 2008—Subsec. (d)(2)(B). Pub. L. 110–458 substituted ‘‘section 1083(d)(2)’’ for ‘‘section 1082(d)(2)’’. 2006—Subsec. (b)(1). Pub. L. 109–280, § 505(a), added par. (1) and struck out former par. (1) which read as fol- lows: ‘‘the aggregate unfunded vested benefits at the end of the preceding plan year (as determined under section 1306(a)(3)(E)(iii) of this title) of plans main- tained by the contributing sponsor and the members of its controlled group exceed $50,000,000 (disregarding plans with no unfunded vested benefits);’’. Subsec. (b)(2). Pub. L. 109–280, § 108(b)(3), formerly § 107(b)(3), as renumbered by Pub. L. 111–192, substituted ‘‘1083(k)(1)(A) and (B)’’ for ‘‘1082(f)(1)(A) and (B)’’ and ‘‘430(k)(1)(A) and (B)’’ for ‘‘412(n)(1)(A) and (B)’’. Subsecs. (d), (e). Pub. L. 109–280, § 505(b), added sub- secs. (d) and (e). Statutory Notes and Related Subsidiaries 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 2012 AMENDMENT Amendment by Pub. L. 112–141 applicable with re- spect to plan years beginning after Dec. 31, 2011, except as otherwise provided, see section 40211(c) of Pub. L. 112–141, set out as a note under section 404 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 108(b)(3) of Pub. L. 109–280 ap- plicable to plan years beginning after 2007, see section 108(e) of Pub. L. 109–280, set out as a note under section 1021 of this title. Pub. L. 109–280, title V, § 505(c), Aug. 17, 2006, 120 Stat. 946, provided that: ‘‘The amendments made by this sec- tion [amending this section] shall apply with respect to years beginning after 2007.’’ EFFECTIVE DATE Pub. L. 103–465, title VII, § 772(c), Dec. 8, 1994, 108 Stat. 5044, provided that: ‘‘The amendments made by this Page 653 TITLE 29—LABOR § 1321 1 So in original. The comma probably should be a semicolon. 2 So in original. A semicolon probably should appear. 3 So in original. Subtitle B of title IV of Pub. L. 93–406, classi- fied to this subtitle, does not contain parts. section [enacting this section] shall be effective on the date of enactment of this Act [Dec. 8, 1994].’’ 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. § 1311. Repealed. Pub. L. 109–280, title V, § 501(b)(1), Aug. 17, 2006, 120 Stat. 939 Section, Pub. L. 93–406, title IV, § 4011, as added Pub. L. 103–465, title VII, § 775(a), Dec. 8, 1994, 108 Stat. 5046, related to notice to participants of plan’s funding sta- tus and limitations on corporation’s guaranty. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal applicable to plan years beginning after Dec. 31, 2006, see section 501(d)(1) of Pub. L. 109–280, set out as an Effective Date of 2006 Amendment note under sec- tion 1021 of this title. SUBTITLE B—COVERAGE § 1321. Coverage (a) Plans covered Except as provided in subsection (b), this sub- chapter applies to any plan (including a suc- cessor plan) which, for a plan year— (1) is an employee pension benefit plan (as defined in paragraph (2) of section 1002 of this title) established or maintained— (A) by an employer engaged in commerce or in any industry or activity affecting com- merce, or (B) by any employee organization, or orga- nization representing employees, engaged in commerce or in any industry or activity af- fecting commerce, or (C) by both, which has, in practice, met the requirements of part I of subchapter D of chapter 1 of title 26 (as in effect for the preceding 5 plan years of the plan) applicable to the plans described in paragraph (2) for the preceding 5 plan years; or (2) is, or has been determined by the Sec- retary of the Treasury to be, a plan described in section 401(a) of title 26, or which meets, or has been determined by the Secretary of the Treasury to meet, the requirements of section 404(a)(2) of title 26. For purposes of this subchapter, a successor plan is considered to be a continuation of a prede- cessor plan. For this purpose, unless otherwise specifically indicated in this subchapter, a suc- cessor plan is a plan which covers a group of em- ployees which includes substantially the same employees as a previously established plan, and provides substantially the same benefits as that plan provided. (b) Plans not covered This section does not apply to any plan— (1) which is an individual account plan, as defined in paragraph (34) of section 1002 of this title,1 (2) established and maintained for its em- ployees by the Government of the United States, by the government of any State or po- litical subdivision thereof, or by any agency or instrumentality of any of the foregoing, or to which the Railroad Retirement Act of 1935 or 1937 [45 U.S.C. 231 et seq.] applies and which is financed by contributions required under that Act, or which is described in the last sentence of section 1002(32) of this title 2 (3) which is a church plan as defined in sec- tion 414(e) of title 26, unless that plan has made an election under section 410(d) of title 26, and has notified the corporation in accord- ance with procedures prescribed by the cor- poration, that it wishes to have the provisions of this part 3 apply to it,1 (4)(A) established and maintained by a soci- ety, order, or association described in section 501(c)(8) or (9) of title 26, if no part of the con- tributions to or under the plan is made by em- ployers of participants in the plan, or (B) of which a trust described in section 501(c)(18) of title 26 is a part; (5) which has not at any time after Sep- tember 2, 1974, provided for employer contribu- tions; (6) which is unfunded and which is main- tained by an employer primarily for the pur- pose of providing deferred compensation for a select group of management or highly com- pensated employees; (7) which is established and maintained out- side of the United States primarily for the benefit of individuals substantially all of whom are nonresident aliens; (8) which is maintained by an employer sole- ly for the purpose of providing benefits for cer- tain employees in excess of the limitations on contributions and benefits imposed by section 415 of title 26 on plans to which that section applies, without regard to whether the plan is funded, and, to the extent that a separable part of a plan (as determined by the corpora- tion) maintained by an employer is main- tained for such purpose, that part shall be treated for purposes of this subchapter, as a separate plan which is an excess benefit plan; (9) which is established and maintained ex- clusively for substantial owners; (10) of an international organization which is exempt from taxation under the International Organizations Immunities Act [22 U.S.C. 288 et seq.]; (11) maintained solely for the purpose of complying with applicable workmen’s com- pensation laws or unemployment compensa- tion or disability insurance laws; (12) which is a defined benefit plan, to the extent that it is treated as an individual ac- count plan under paragraph (35)(B) of section 1002 of this title; or (13) established and maintained by a profes- sional service employer which does not at any