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a one-participant retirement plan described in
section 101(i)(8)(B)) shall furnish a pension ben-
efit statement—
‘‘(i) at least once every 3 years to each
participant with a nonforfeitable accrued
benefit and who is employed by the em-
ployer maintaining the plan at the time the
statement is to be furnished, and
‘‘(ii) to a participant or beneficiary of
the plan upon written request.
Information furnished under clause (i) to a par-
ticipant may be based on reasonable estimates
determined under regulations prescribed by the
Secretary, in consultation with the Pension Ben-
efit Guaranty Corporation.
‘‘(2) STATEMENTS.—
‘‘(A) IN GENERAL.—A pension benefit state-
ment under paragraph (1)—
‘‘(i) shall indicate, on the basis of the
latest available information—
‘‘(I) the total benefits accrued,
and
‘‘(II) the nonforfeitable pension
benefits, if any, which have accrued, or
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the earliest date on which benefits will
become nonforfeitable,
‘‘(ii) shall include an explanation of
any permitted disparity under section
401(l) of the Internal Revenue Code of 1986
or any floor-offset arrangement that may be
applied in determining any accrued benefits
described in clause (i),
‘‘(iii) shall be written in a manner cal-
culated to be understood by the average plan
participant, and
‘‘(iv) may be delivered in written, elec-
tronic, or other appropriate form to the ex-
tent such form is reasonably accessible to
the participant or beneficiary.
‘‘(B) ADDITIONAL
INFORMATION.—In the
case of an individual account plan, any pension
benefit statement under clause (i) or (ii) of para-
graph (1)(A) shall include—
‘‘(i) the value of each investment to
which assets in the individual account have
been allocated, determined as of the most re-
cent valuation date under the plan, includ-
ing the value of any assets held in the form
of employer securities or employer real
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property, without regard to whether such se-
curities or real property were contributed
by the plan sponsor or acquired at the di-
rection of the plan or of the participant or
beneficiary, and
‘‘(ii) in the case of a pension benefit
statement under paragraph (1)(A)(i)—
‘‘(I) an explanation of any limi-
tations or restrictions on any right of
the participant or beneficiary under
the plan to direct an investment, and
‘‘(II) a notice that investments in
any individual account may not be
adequately diversified if the value of
any investment in the account exceeds
20 percent of the fair market value of
all investments in the account.
‘‘(C) ALTERNATIVE
NOTICE.—The require-
ments of subparagraph (A)(i)(II) are met if, at
least annually and in accordance with require-
ments of the Secretary, the plan—
‘‘(i) updates the information described
in such paragraph which is provided in the
pension benefit statement, or
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‘‘(ii) provides in a separate statement
such information as is necessary to enable
a participant or beneficiary to determine
their nonforfeitable vested benefits.
‘‘(3) DEFINED BENEFIT PLANS.—
‘‘(A) ALTERNATIVE NOTICE.—In the case of
a defined benefit plan, the requirements of para-
graph (1)(B)(i) shall be treated as met with re-
spect to a participant if at least once each year
the administrator provides to the participant no-
tice of the availability of the pension benefit
statement and the ways in which the participant
may obtain such statement. Such notice may be
delivered in written, electronic, or other appro-
priate form to the extent such form is reasonably
accessible to the participant.
‘‘(B) YEARS IN WHICH NO BENEFITS AC-
CRUE.—The Secretary may provide that years in
which no employee or former employee benefits
(within the meaning of section 410(b) of the In-
ternal Revenue Code of 1986) under the plan
need not be taken into account in determining
the 3-year period under paragraph (1)(B)(i).’’
(2) CONFORMING AMENDMENTS.—
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(A) Section 105 of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1025) is
amended by striking subsection (d).
(B) Section 105(b) of such Act (29 U.S.C.
1025(b)) is amended to read as follows:
‘‘(b) LIMITATION ON NUMBER OF STATEMENTS.—In
no case shall a participant or beneficiary of a plan be enti-
tled to more than 1 statement described in subparagraph
(A)(iii) or (B)(ii) of subsection (a)(1), whichever is applica-
ble, in any 12-month period.’’
(C) Section 502(c)(1) of such Act (29 U.S.C.
1132(c)(1)) is amended by striking ‘‘or section
101(f)’’ and inserting ‘‘section 101(f), or section
105(a)’’.
(b) MODEL STATEMENTS.—
(1) IN GENERAL.—The Secretary of Labor shall,
within 180 days after the date of the enactment of
this section, develop 1 or more model benefit state-
ments that are written in a manner calculated to be
understood by the average plan participant and that
may be used by plan administrators in complying
with the requirements of section 105 of the Employee
Retirement Income Security Act of 1974.
(2) INTERIM
FINAL
RULES.—The Secretary of
Labor may promulgate any interim final rules as the
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Secretary determines appropriate to carry out the
provisions of this subsection.
(d) EFFECTIVE DATE.—
(1) IN
GENERAL.—The amendments made by
this section shall apply to plan years beginning after
December 31, 2006.
(2) SPECIAL
RULE
FOR
COLLECTIVELY
BAR-
GAINED AGREEMENTS.—In the case of a plan main-
tained pursuant to 1 or more collective bargaining
agreements between employee representatives and 1 or
more employers ratified on or before the date of the
enactment of this Act, paragraph (1) shall be applied
to benefits pursuant to, and individuals covered by,
any such agreement by substituting for ‘‘December 31,
2006’’ the earlier of—
(A) the later of—
(i) December 31, 2007, or
(ii) the date on which the last of such
collective bargaining agreements terminates
(determined without regard to any exten-
sion thereof after such date of enactment),
or
(B) December 31, 2008.