Page 505 TITLE 29—LABOR § 1311

§ 1308. Annual report by the corporation

As soon as practicable after the close of each

fiscal year the corporation shall transmit to the

President and the Congress a report relative to

the conduct of its business under this subchapter for that fiscal year. The report shall include financial statements setting forth the finances of the corporation at the end of such fiscal year and the result of its operations (including 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 detailed statement of the actuarial assumptions

and methods used in making such evaluation).

(Pub. L. 93–406, title IV, §4008, Sept. 2, 1974, 88

Stat. 1014.)

§ 1309. Portability assistance

The corporation shall provide advice and assistance to individuals with respect to evaluating the economic desirability of establishing individual retirement accounts or other forms of

individual retirement savings for which a deduction is allowable under section 219 of title 26 and

with respect to evaluating the desirability, in

particular cases, of transferring amounts representing 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.)

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.

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) of this

section shall provide the corporation annually,

on or before a date specified by the corporation

in regulations, with—

(1) such records, documents, or other information that the corporation specifies in regulations as necessary to determine the liabilities and assets of plans covered by this subchapter; and

(2) copies of such person’s audited (or, if unavailable, 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) of this

section are each contributing sponsor, and each

member of a contributing sponsor’s controlled

group, of a single-employer plan covered by this

subchapter, if—

(1) 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 maintained by the contributing

sponsor and the members of its controlled

group exceed $50,000,000 (disregarding plans

with no unfunded vested benefits);

(2) the conditions for imposition of a lien described in section 1082(f)(1)(A) and (B) of this

title or section 412(n)(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

(3) minimum funding waivers in excess of

$1,000,000 have been granted with respect to

any plan maintained by the contributing sponsor or any member of its controlled group, and

any portion thereof is still outstanding.

(c) Information exempt from disclosure requirements

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, except as may be relevant to any administrative

or judicial action or proceeding. Nothing in this

section is intended to prevent disclosure to either body of Congress or to any duly authorized

committee or subcommittee of the Congress.

(Pub. L. 93–406, title IV, §4010, as added Pub. L.

103–465, title VII, §772(a), Dec. 8, 1994, 108 Stat.

5044.)

EFFECTIVE DATE

Section 772(c) of Pub. L. 103–465 provided that: ‘‘The

amendments made by this section [enacting this section] shall be effective on the date of enactment of this

Act [Dec. 8, 1994].’’

§ 1311. Notice to participants

(a) In general

The plan administrator of a plan subject to

the additional premium under section

1306(a)(3)(E) of this title shall provide, in a form

and manner and at such time as prescribed in

regulations of the corporation, notice to plan

participants and beneficiaries of the plan’s funding status and the limits on the corporation’s

guaranty should the plan terminate while

underfunded. Such notice shall be written in a

manner so as to be understood by the average

plan participant.

(b) Exception

Subsection (a) of this section shall not apply

to any plan to which section 1082(d) of this title

does not apply for the plan year by reason of

paragraph (9) thereof.

(Pub. L. 93–406, title IV, §4011, as added Pub. L.

103–465, title VII, §775(a), Dec. 8, 1994, 108 Stat.

5046.)

EFFECTIVE DATE

Section 775(c) of Pub. L. 103–465 provided that: ‘‘The

amendment made by this section [enacting this section] shall be effective for plan years beginning after

the date of enactment of this Act [Dec. 8, 1994].’’