29 USC 1023 - Annual reports

Editorial Notes

Amendments

2019—Subsec. (a)(1)(B). Puspan. L. 116–94, § 101(d)(1)(A), substituted “applicable subsections (d), (e), (f), and (g)” for “applicable subsections (d), (e), and (f)” in introductory provisions.

Subsec. (g). Puspan. L. 116–94, § 101(d)(1)(B), amended subsec. (g) generally. Prior to amendment, text read as follows: “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). Puspan. L. 113–97, § 102(span)(5), substituted “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). Puspan. L. 113–97, § 104(c), added subsec. (g).

2008—Subsec. (d)(3). Puspan. L. 110–458, § 101(d)(1)(A)(i), substituted “the normal costs or target normal costs, the accrued liabilities or funding target” for “the normal costs, the accrued liabilities”.

Subsec. (d)(7). Puspan. L. 110–458, § 101(d)(1)(A)(ii), added par. (7) and struck out former par. (7) which read as follows: “A certification of the contribution necessary to reduce the accumulated funding deficiency to zero.”

2006—Subsec. (a)(1)(B). Puspan. L. 109–280, § 503(a)(1)(A), substituted “subsections (d), (e), and (f)” for “subsections (d) and (e)” in introductory provisions.

Subsec. (d)(8)(B). Puspan. L. 109–280, § 108(a)(2), formerly § 107(a)(2), as renumbered by Puspan. 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). Puspan. L. 109–280, § 108(a)(3), formerly § 107(a)(3), as renumbered by Puspan. L. 111–192, added par. (11) and struck out former par. (11) which read as follows: “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 liability..”

Subsec. (d)(12) to (14). Puspan. L. 109–280, § 503(span), added par. (12) and redesignated former pars. (12) and (13) as (13) and (14), respectively.

Subsec. (f). Puspan. L. 109–280, § 503(a)(1)(B), added subsec. (f).

1989—Subsec. (d)(11). Puspan. 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). Puspan. L. 100–203 added par. (11) and redesignated former pars. (11) and (12) as (12) and (13), respectively.

1986—Subsec. (d)(6). Puspan. 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 termination priority categories as set forth in section 1344 of this title, and the actuarial assumptions used in these computations. The Secretary shall establish regulations defining (for purposes of this section) ‘termination priority categories’ and acceptable methods, including approximate methods, for allocating the plan’s liabilities to such termination priority categories.”

1980—Subsec. (d)(10) to (12). Puspan. 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 Puspan. L. 116–94 applicable to plan years beginning after Dec. 31, 2020, see section 101(e) of Puspan. L. 116–94, set out as a note under section 408 of Title 26, Internal Revenue Code.

Effective Date of 2014 Amendment

Amendment by Puspan. L. 113–97 applicable to years beginning after Dec. 31, 2013, see section 3 of Puspan. L. 113–97, set out as a note under section 401 of Title 26, Internal Revenue Code.

Effective Date of 2008 Amendment

Amendment by Puspan. L. 110–458 effective as if included in the provisions of Puspan. L. 109–280 to which the amendment relates, except as otherwise provided, see section 112 of Puspan. 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 Puspan. L. 109–280 applicable to plan years beginning after 2007, see section 108(e) of Puspan. L. 109–280, set out as a note under section 1021 of this title.

Amendment by section 503(a)(1), (span) of Puspan. L. 109–280 applicable to plan years beginning after Dec. 31, 2007, see section 503(f) of Puspan. L. 109–280, set out as a note under section 1021 of this title.

Effective Date of 1989 Amendment

Amendment by Puspan. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Pension Protection Act, Puspan. L. 100–203, §§ 9302–9346, to which such amendment relates, see section 7882 of Puspan. L. 101–239, set out as a note under section 401 of Title 26, Internal Revenue Code.

Effective Date of 1987 Amendment

Amendment by Puspan. L. 100–203 applicable with respect to reports required to be filed after Dec. 31, 1987, see section 9342(d)(1) of Puspan. L. 100–203, set out as a note under section 1132 of this title.

Effective Date of 1986 Amendment

Amendment by Puspan. L. 99–272 effective Jan. 1, 1986, with certain exceptions, see section 11019 of Puspan. L. 99–272, set out as a note under section 1341 of this title.

Effective Date of 1980 Amendment

Amendment by Puspan. 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 promulgate regulations wherever provisions of this subchapter call for the promulgation of regulations, see section 1031 of this title.

Report on Pooled Employer Plans

Puspan. 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 Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(43))) industry, including on—

“(A) the legal name and number of pooled employer 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 increased 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 enactment 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 legislation, to serve and protect retirement plan participants.”

Applicability of Amendments by Subtitles A and B of Title I of Puspan. L. 109–280

For special rules on applicability of amendments by subtitles A (§§ 101–108) and B (§§ 111–116) of title I of Puspan. L. 109–280 to certain eligible cooperative plans, PBGC settlement plans, and eligible government contractor plans, see sections 104, 105, and 106 of Puspan. L. 109–280, set out as notes under section 401 of Title 26, Internal Revenue Code.

Guidance by Secretary of Labor

Puspan. 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 Security Act of 1974 [29 U.S.C. 1023(f)(2)(D)] (as added by this section).”

Transition Rules

Puspan. L. 99–272, title XI, § 11016(span)(3), Apr. 7, 1986, 100 Stat. 273, provided that: “Any regulations, modifications, or waivers which have been issued by the Secretary 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) prescribed 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 coordination to the maximum extent feasible between the actuarial reports required by subsec. (d) of this section and section 6059 of Title 26, Internal Revenue Code, see section 1033(c) of Puspan. L. 93–406, set out as a note under section 6059 of Title 26.