29 U.S.C. § 1030 — Alternative methods of compliance

Page 401 TITLE 29—LABOR § 1030a 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. 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. § 1029. Forms (a) Information required on forms Except as provided in subsection (b) of this section, the Secretary may require that any in- formation required under this subchapter to be submitted to him, including but not limited to the information required to be filed by the ad- ministrator pursuant to section 1023(b)(3) and (c) of this title, must be submitted on such forms as he may prescribe. (b) Information not required on forms The financial statement and opinion required to be prepared by an independent qualified pub- lic accountant pursuant to section 1023(a)(3)(A) of this title, the actuarial statement required to be prepared by an enrolled actuary pursuant to section 1023(a)(4)(A) of this title and the sum- mary plan description required by section 1022(a) of this title shall not be required to be submitted on forms. (c) Format and content of summary plan descrip- tion, annual report, etc., required to be fur- nished to plan participants and beneficiaries The Secretary may prescribe the format and content of the summary plan description, the summary of the annual report described in sec- tion 1024(b)(3) of this title and any other report, statements or documents (other than the bar- gaining agreement, trust agreement, contract, or other instrument under which the plan is es- tablished or operated), which are required to be furnished or made available to plan participants and beneficiaries receiving benefits under the plan. (Pub. L. 93–406, title I, § 109, Sept. 2, 1974, 88 Stat. 850.) Statutory Notes and Related Subsidiaries 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. § 1030. Alternative methods of compliance (a) The Secretary on his own motion or after having received the petition of an administrator may prescribe an alternative method for satis- fying any requirement of this part with respect to any pension plan, or class of pension plans (including pension-linked emergency savings ac- count features within a pension plan), subject to such requirement if he determines— (1) that the use of such alternative method is consistent with the purposes of this sub- chapter and that it provides adequate disclo- sure to the participants and beneficiaries in the plan, and adequate reporting to the Sec- retary, (2) that the application of such requirement of this part would— (A) increase the costs to the plan, or (B) impose unreasonable administrative burdens with respect to the operation of the plan, having regard to the particular charac- teristics of the plan or the type of plan in- volved; and (3) that the application of this part would be adverse to the interests of plan participants in the aggregate. (b) An alternative method may be prescribed under subsection (a) by regulation or otherwise. If an alternative method is prescribed other than by regulation, the Secretary shall provide notice and an opportunity for interested persons to present their views, and shall publish in the Federal Register the provisions of such alter- native method. (Pub. L. 93–406, title I, § 110, Sept. 2, 1974, 88 Stat. 851; Pub. L. 117–328, div. T, title I, § 127(c)(1), Dec. 29, 2022, 136 Stat. 5324.) Editorial Notes AMENDMENTS 2022—Subsec. (a). Pub. L. 117–328 inserted ‘‘(including pension-linked emergency savings account features within a pension plan)’’ after ‘‘class of pension plans’’ in introductory provisions. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2022 AMENDMENT Amendment by Pub. L. 117–328 applicable to plan years beginning after Dec. 31, 2023, see section 127(g) of Pub. L. 117–328, 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. § 1030a. Eliminating unnecessary plan require- ments related to unenrolled participants (a) In general Notwithstanding any other provision of this subchapter, with respect to any individual ac- count plan, no disclosure, notice, or other plan document (other than the notices and docu- ments described in paragraphs (1) and (2)) shall be required to be furnished under this sub- chapter to any unenrolled participant if the unenrolled participant is furnished— (1) an annual reminder notice of such par- ticipant’s eligibility to participate in such plan and any applicable election deadlines under the plan; and (2) any document requested by such partici- pant that the participant would be entitled to receive notwithstanding this section. (b) Unenrolled participant For purposes of this section, the term ‘‘unenrolled participant’’ means an employee who— (1) is eligible to participate in an individual account plan; (2) has been furnished—