§ 1024 TITLE 29—LABOR Page 374

ance company, insurance service, or other similar 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 approximate 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 organization; dividends or retroactive rate adjustments, commissions, and administrative service 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 organization does not maintain separate experience

records covering the specific groups it serves,

the report shall include in lieu of the information 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.

(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.)

AMENDMENTS

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 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). Pub. L. 96–364 added par.

(10) and redesignated former pars. (10) and (11) as (11)

and (12), respectively.

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 respect 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 promulgate regulations wherever provisions of this subchapter call for the promulgation of regulations, see

section 1031 of this title.

TRANSITION RULES

Section 11016(b)(3) of Pub. L. 99–272 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 Pub. L. 93–406, set out as a note under

section 6059 of Title 26.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1021, 1024, 1029

of this title; title 5 section 8439; title 31 section 9503.

§ 1024. Filing and furnishing of information

(a) Filing of annual report with Secretary

(1) The administrator of any employee benefit

plan subject to this part shall file with the Secretary 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 inspection in the public document room of the Department of Labor.

(2)(A) With respect to annual reports required

to be filed with the Secretary under this part, he

may by regulation prescribe simplified annual

reports for any pension plan which covers less

than 100 participants.

(B) Nothing contained in this paragraph shall

preclude the Secretary from requiring any information or data from any such plan to which this

part applies where he finds such data or information is necessary to carry out the purposes of
Page 375 TITLE 29—LABOR § 1024

this subchapter nor shall the Secretary be precluded 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 reporting and disclosure if he finds that such requirements are inappropriate as applied to welfare benefit plans.

(4) The Secretary may reject any filing under

this section—

(A) if he determines that such filing is incomplete for purposes of this part; or

(B) if he determines that there is any material 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 satisfactory to the Secretary is not submitted within

45 days after the Secretary makes his determination under paragraph (4) to reject the filing, and if the Secretary deems it in the best interest 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 equitable 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 Secretary 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 relating to the employee benefit plan, including but

not limited to, the latest summary plan description (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 beneficiaries of plan

Publication of the summary plan descriptions

and annual reports shall be made to participants

and beneficiaries of the particular plan as follows:

(1) The administrator shall furnish to each

participant, and each beneficiary receiving benefits under the plan, a copy of 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 participant, 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 becomes subject to this part.

The administrator shall furnish to each participant, and each beneficiary receiving benefits

under the plan, every fifth year after the plan

becomes subject to this part an updated summary plan description described in section 1022

of this title which integrates all plan amendments 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 receiving 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 modification 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 intervals of not more than 90 days. The Secretary

shall issue regulations within 180 days after August 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 established 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 available all pertinent information to all participants (including such places as the Secretary

may prescribed by regulations).

(3) Within 210 days after the close of the fiscal

year of the plan, the administrators shall furnish to each participant, and to each beneficiary

receiving benefits under the plan, a copy of the

statements and schedules, for such fiscal year,

described in subparagraphs (A) and (B) of section

1023(b)(3) of this title and such other material

(including the percentage determined under sec-
§ 1025 TITLE 29—LABOR Page 376

1So in original. Comma probably should not appear.

tion 1023(d)(11) of this title) as is necessary to

fairly summarize the latest annual report.

(4) The administrator shall, upon written request of any participant or beneficiary, furnish

a copy of the latest updated summary,1 plan description, and the latest annual report, any terminal 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 copies. The Secretary may by regulation prescribe

the maximum amount which will constitute a

reasonable charge under the preceding sentence.

(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 beneficiary receiving benefits under the plan a statement of the rights of participants and beneficiaries under this subchapter.

(d) 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.)

AMENDMENTS

1997—Subsec. (a)(1). Pub. L. 105–34, §1503(c)(1), amended par. (1) generally, substituting present provisions for

provisions requiring filing of annual report, plan description, summary plan description, as well as modifications 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 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 intervals of not more than 90 days. The Secretary shall issue regulations within 180 days after August 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.’’

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 ‘‘(including the percentage determined under section 1023(d)(11)

of this title)’’ after ‘‘material’’.

1986—Subsec. (a)(2)(A). Pub. L. 99–272 struck out provision 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 justified by the needs of the participants, the Pension

Benefit Guaranty Corporation, and the Department of

Labor for some portion or all of the information otherwise required under section 1023(d)(6) of this title.

EFFECTIVE DATE OF 1996 AMENDMENTS

Amendment by Pub. L. 104–204 applicable with respect 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 respect 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 provision 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 respect 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 promulgate regulations wherever provisions of this subchapter call for the promulgation of regulations, see

section 1031 of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1021, 1022, 1023,

1027, 1029, 1132, 1185 of this title; title 31 section 9503.

§ 1025. Reporting of participant’s benefit rights

(a) Statement furnished by administrator to participants and beneficiaries

Each administrator of an employee pension

benefit plan shall furnish to any plan participant or beneficiary who so requests in writing, a

statement indicating, on the basis of the latest

available information—

(1) the total benefits accrued, and

(2) the nonforfeitable pension benefits, if

any, which have accrued, or the earliest date

on which benefits will become nonforfeitable.

(b) One-per-year limit on reports

In no case shall a participant or beneficiary be

entitled under this section to receive more than