I 

108TH CONGRESS 

1ST SESSION H. R. 3005

To amend title IV of the Employee Retirement Income Security Act of 

1974 to improve disclosure of the funding status of single-employer 

pension plans. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 4, 2003

Mr. DOGGETT (for himself, Mr. GEORGE MILLER of California, Mr. 

MCDERMOTT, Mr. SANDLIN, Mr. STARK, Mr. JEFFERSON, Mr. BECERRA, 

Mr. MATSUI, Mr. KILDEE, Mr. TIERNEY, Mr. DAVIS of Illinois, Mr. 

HASTINGS of Florida, Ms. JACKSON-LEE of Texas, Mr. RUSH, Mr. WU, 

Ms. KILPATRICK, Mr. RYAN of Ohio, Ms. LEE, Mr. LAMPSON, Ms. SOLIS, 

Ms. MILLENDER-MCDONALD, Ms. KAPTUR, Mr. BAIRD, Mr. BROWN of 

Ohio, Mr. VAN HOLLEN, Mr. FARR, Ms. MCCARTHY of Missouri, and Mr. 

STRICKLAND) introduced the following bill; which was referred to the 

Committee on Education and the Workforce 

A BILL

To amend title IV of the Employee Retirement Income Security Act of 1974 to improve disclosure of the funding 

status of single-employer pension plans.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Pension Security Dis5 closure Act of 2003’’. 
2

•HR 3005 IH 

1 SEC. 2. AVAILABILITY FOR PUBLIC DISCLOSURE OF CER2 TAIN INFORMATION REGARDING THE ASSETS 

3 AND LIABILITIES OF CERTAIN UNDER4 FUNDED SINGLE-EMPLOYER PLANS. 

5 (a) IN GENERAL.—Section 4010(c) of the Employee 

6 Retirement Income Security Act of 1974 (29 U.S.C. 

7 1310(c)) is amended to read as follows: 

8 ‘‘(c) PUBLIC DISCLOSURE OF INFORMATION.—

9 ‘‘(1) PUBLIC INFORMATION.—Except as pro10 vided in paragraph (3), the contents of records, doc11 uments, and other information filed with the cor12 poration pursuant to subsection (a) shall be public 

13 information and the corporation shall make any such 

14 information available for inspection in the principal 

15 office of the corporation and shall, upon written re16 quest of any participant or beneficiary, furnish to 

17 such participant or beneficiary a written copy of any 

18 such information. The corporation may by regulation 

19 provide for a reasonable charge to cover the cost of 

20 furnishing any such copy of such information. 

21 ‘‘(2) DISCLOSURE ON THE INTERNET AND

22 OTHER MEDIA.——

23 ‘‘(A) IN GENERAL.—In the case of any 

24 plan whose funding ratio for the most recent re25 porting period was less than 90 percent, the 

26 corporation shall—
3

•HR 3005 IH 

1 ‘‘(i) provide by regulation for timely 

2 disclosure in summary form of the con3 tents of records, documents, and other in4 formation filed thereafter with the corpora5 tion in connection with the plan pursuant 

6 to subsection (a) on a website maintained 

7 by the corporation on the Internet and 

8 other appropriate media, and 

9 ‘‘(ii) immediately upon making the 

10 disclosure required under clause (i), trans11 mit to the plan administrator, in the sum12 mary form described in clause (i), a copy 

13 of the material required to be disclosed 

14 under clause (i). 

15 ‘‘(B) FUNDING RATIO.—For purposes of 

16 this paragraph, the term ‘funding ratio’ for a 

17 reporting period means the ratio of—

18 ‘‘(i) the assets of the plan described in 

19 subsection (a)(1) as of the end of the re20 porting period, to 

21 ‘‘(ii) the liabilities of the plan de22 scribed in subsection (a)(1) as of the end 

23 of the reporting period. 

24 ‘‘(3) DIRECT PROVISION OF INFORMATION TO

25 PARTICIPANTS AND BENEFICIARIES.—Within 30 
4

•HR 3005 IH 

1 days after receipt of material transmitted to the 

2 plan administrator pursuant to paragraph (2)(A)(ii), 

3 the plan administrator shall provide a copy of such 

4 material to each participant and beneficiary under 

5 the plan. 

6 ‘‘(4) EXCEPTION FOR CONFIDENTIAL INFORMA7 TION.—Paragraphs (1), (2), and (3) shall not apply 

8 with respect to information described in subsection 

9 (a) which the corporation has identified by regula10 tion as confidential information.’’. 

11 (b) EFFECTIVE DATE.—The amendments made by 

12 this section shall apply with respect to information pro13 vided to the Pension Benefit Guaranty Corporation pursu14 ant to section 4010 of the Employee Retirement Income 

15 Security Act of 1974 with respect to reporting periods 

16 ending on or after December 31, 2003.

Æ