I 
109TH CONGRESS 
1ST SESSION H. R. 2321 
To amend titles I and IV of the Employee Retirement Income Security 
Act of 1974 to improve disclosure of the funding status of pension plans. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 12, 2005 
Mr. DOGGETT (for himself, Mr. GEORGE MILLER of California, Mr. ABER-
CROMBIE, Mr. BACA, Mr. BAIRD, Mr. BECERRA, Mr. BISHOP of New 
York, Ms. CORRINE BROWN of Florida, Mr. BROWN of Ohio, Ms. CAR-
SON, Mr. CONYERS, Mr. DAVIS of Illinois, Mrs. DAVIS of California, Ms. 
DELAURO, Mr. EVANS, Mr. FATTAH, Mr. GENE GREEN of Texas, Mr. 
GRIJALVA, Mr. HASTINGS of Florida, Mr. HINCHEY, Mr. HINOJOSA, Mr. 
HONDA, Mr. JACKSON of Illinois, Ms. JACKSON-LEE of Texas, Mr. JEF-
FERSON, Ms. KAPTUR, Mr. KILDEE, Ms. KILPATRICK of Michigan, Ms. 
LEE, Mrs. MCCARTHY, Ms. MCCOLLUM of Minnesota, Mr. MCDERMOTT, 
Ms. MILLENDER-MCDONALD, Mr. NADLER, Mr. OWENS, Ms. ROYBAL- 
ALLARD, Mr. RUSH, Mr. RYAN of Ohio, Ms. LORETTA SANCHEZ of Cali-
fornia, Mr. SANDERS, Ms. SCHAKOWSKY, Ms. SOLIS, Mr. STARK, Mr. 
STRICKLAND, Mr. TIERNEY, Mr. TOWNS, Mrs. JONES of Ohio, Mr. VAN 
HOLLEN, Ms. WATSON, Mr. WAXMAN, Ms. WOOLSEY, and Mr. WU) in-
troduced the following bill; which was referred to the Committee on Edu-
cation and the Workforce 
A BILL 
To amend titles I and IV of the Employee Retirement In-
come Security Act of 1974 to improve disclosure of the 
funding status of pension plans. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Pension Security Dis-
closure Act of 2005’’. 
SEC. 2. AVAILABILITY FOR PUBLIC DISCLOSURE OF CER-
TAIN INFORMATION REQUIRED TO BE PRO-
VIDED TO THE PBGC REGARDING THE AS-
SETS AND LIABILITIES OF CERTAIN UNDER-
FUNDED SINGLE-EMPLOYER PLANS. 
(a) ELECTRONIC FORMAT.—Section 4010(a) of the 
Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1310(a)) is amended by adding, after and below 
paragraph (2), the following: 
‘‘Material provided to the corporation pursuant to this sec-
tion shall be in an electronic format which accommodates 
display on the Internet, in accordance with regulations of 
the corporation.’’. 
(b) PUBLIC DISCLOSURE.—Section 4010(c) of such 
Act (29 U.S.C. 1310(c)) is amended to read as follows: 
‘‘(c) PUBLIC DISCLOSURE OF INFORMATION.— 
‘‘(1) PUBLIC
INFORMATION.—Except as pro-
vided in paragraph (4), the contents of records, doc-
uments, and other information filed with the cor-
poration pursuant to subsection (a) shall be public 
information and the corporation shall make any such 
information available for inspection in the principal 
office of the corporation and shall, upon written re-
quest of any participant or beneficiary, furnish to 
such participant or beneficiary a written copy of any 
such information. The corporation may by regulation 
provide for a reasonable charge to cover the cost of 
furnishing any such copy of such information. 
‘‘(2) DISCLOSURE
ON
THE
INTERNET
AND 
OTHER
MEDIA.—The corporation shall provide by 
regulation for timely display of the contents of 
records, documents, and other information filed with 
the corporation in connection with the plan pursuant 
to subsection (a) on a website maintained by the cor-
poration on the Internet and other appropriate 
media. 
‘‘(3) DIRECT PROVISION OF INFORMATION TO 
PARTICIPANTS
AND
BENEFICIARIES.—Within 30 
days after material is provided to the corporation 
pursuant to subsection (a) with respect to a plan, in 
accordance with regulations which shall be pre-
scribed by the corporation, the plan administrator 
shall provide a written summary of such material to 
each participant and beneficiary under the plan and 
shall include with such summary notification that 
such material is available on the website referred to 
in paragraph (2).
‘‘(4) EXCEPTION FOR CONFIDENTIAL INFORMA-
TION.—Paragraphs (1), (2), and (3) shall not apply 
with respect to information described in subsection 
(a) which the corporation has identified by regula-
tion as confidential information.’’. 
(c) EFFECTIVE DATE.—The amendment made by 
this section shall apply with respect to information pro-
vided to the Pension Benefit Guaranty Corporation pursu-
ant to section 4010 of the Employee Retirement Income 
Security Act of 1974 with respect to reporting periods 
ending on or after December 31, 2005. 
SEC. 3. ADDITIONAL REQUIREMENTS FOR ANNUAL RE-
PORTS. 
(a) FILING AFTER 275 DAYS AFTER PLAN YEAR 
ONLY IN CASES OF HARDSHIP.—Section 104(a)(1) of the 
Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1024(a)(1)) is amended by inserting after the first 
sentence the following new sentence: ‘‘In the case of a pen-
sion plan, the Secretary may extend the deadline for filing 
the annual report for any plan year past 275 days after 
the close of the plan year only on a case by case basis 
and only in cases of hardship, in accordance with regula-
tions which shall be prescribed by the Secretary.’’.
(b) ACTUARIAL VALUATIONS AS OF THE END OF THE 
PLAN YEAR.—Section 103 of such Act (29 U.S.C. 1023) 
is amended— 
(1) in subsection (a)(4)(A), by inserting after 
the first sentence the following new sentence: ‘‘Actu-
arial valuations included in the actuarial statement 
applicable to the plan year for which the annual re-
port is filed shall be determined as of the last date 
of such plan year.’’; and 
(2) in subsection (d)(1), by striking ‘‘years,’’ 
and all that follows and inserting ‘‘years.’’. 
(c) INTERNET DISPLAY OF INFORMATION.—Section 
104(b) of such Act (29 U.S.C. 1024(b)) is amended by 
adding at the end the following: 
‘‘(2) Identification and basic plan information and ac-
tuarial information included in the annual report for any 
plan year shall be filed with the Secretary in an electronic 
format which accommodates display on the Internet, in ac-
cordance with regulations which shall be prescribed by the 
Secretary. The Secretary shall provide for display of such 
information included in the annual report, within 90 days 
after the date of the filing of the annual report, on a 
website maintained by the Secretary on the Internet and 
other appropriate media. Such information shall also be 
displayed on any website maintained by the plan sponsor
(or by the plan administrator on behalf of the plan spon-
sor) on the Internet, in accordance with regulations which 
shall be prescribed by the Secretary.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to annual reports filed 
in connecton with plan years ending with or after Decem-
ber 31, 2005. 
SEC. 4. REQUIREMENTS FOR SUMMARY ANNUAL REPORTS. 
(a) ISSUANCE OF SUMMARY ANNUAL REPORT WITH-
IN 15 DAYS AFTER FILING OF ANNUAL REPORT.— 
(1) IN
GENERAL.—Section 104(b)(3) of the 
Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1024(b)(3)) is amended— 
(A) by striking ‘‘Within 210 days after the 
close of the fiscal year of the plan,’’ and insert-
ing ‘‘Within 15 days after the date of the filing 
of the annual report for a plan year of the 
plan,’’; and 
(B) by striking ‘‘such fiscal year’’ and in-
serting ‘‘such plan year’’. 
(2) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply with respect to annual 
reports filed after December 31, 2005.
(b) DISCLOSURE OF PLAN ASSETS AND LIABILITIES 
AND NOTIFICATION OF AVAILABILITY OF ANNUAL RE-
PORT ON THE INTERNET.— 
(1) IN GENERAL.—Section 104(b)(3) of such 
Act (as amended by subsection (a)) is amended fur-
ther— 
(A) by inserting ‘‘(A)’’ after ‘‘(3)’’; and 
(B) by adding at the end the following: 
‘‘(B) The material provided pursuant to subpara-
graph (A) to summarize the latest annual report shall be 
written in a manner calculated to be understood by the 
average plan participant and shall set forth the following 
information: 
‘‘(i) the total assets and liabilities of the plan 
for the plan year for which the latest annual report 
was filed and for each of the 2 preceding plan years, 
as reported in the annual report for each such plan 
year under this section; and 
‘‘(ii) notification that identification and basic 
plan information and actuarial information con-
tained in the latest annual report are available on 
the website of the Department of Labor and a 
website maintained by the plan sponsor (or by the 
plan administrator on behalf of the plan sponsor).’’.
(2) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply with respect to sum-
mary annual reports issued after 1 year after the 
date of the enactment of this Act. 
(c) SIMPLIFIED REPORTING RULES
FOR SMALL 
PLANS.—Section 104(b)(3) of such Act (as amended by 
subsections (a) and (b)) is amended further by adding at 
the end the following new subparagraph: 
‘‘(C) The Secretary may by regulation prescribe sim-
plified reporting requirements, with respect to material re-
quired to be furnished under this paragraph, for any pen-
sion plan which covers less than 100 participants.’’. 
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