Source: https://www.law.cornell.edu/uscode/text/29/1023
Timestamp: 2018-11-14 02:47:24
Document Index: 207805570

Matched Legal Cases: ['§ 1023', 'art 1', '§ 1023', '§ 1023', '§\u202f103', '§\u202f307', '§\u202f11016', '§\u202f9342', '§\u202f7881', '§\u202f108', '§\u202f107', '§\u202f503', '§\u202f202', '§\u202f101', '§\u202f102', '§\u202f102', '§\u202f104', '§\u202f101', '§\u202f101', '§\u202f503', '§\u202f108', '§\u202f107', '§\u202f108', '§\u202f107', '§\u202f503', '§\u202f503', '§\u202f503', '§\u202f11016']

29 U.S. Code § 1023 - Annual reports | US Law | LII / Legal Information Institute
U.S. Code › Title 29 › Chapter 18 › Subchapter I › Subtitle B › Part 1 › § 1023
29 U.S. Code § 1023 - Annual reports
An annual report shall be published with respect to every employee benefit plan to which this part applies. Such report shall be filed with the Secretary in accordance with section 1024(a) of this title, and shall be made available and furnished to participants in accordance with section 1024(b) of this title.
(B) The annual report shall include the information described in subsections (b) and (c) and where applicable subsections (d), (e), and (f) and shall also include—
(2) If some or all of the information necessary to enable the administrator to comply with the requirements of this subchapter is maintained by—
a plan sponsor as defined in section 1002(16)(B) of this title,
Except as provided in subparagraph (C), the administrator of an employee benefit plan shall engage, on behalf of all plan participants, an independent qualified public accountant, who shall conduct such an examination of any financial statements of the plan, and of other books and records of the plan, as the accountant may deem necessary to enable the accountant to form an opinion as to whether the financial statements and schedules required to be included in the annual reports by subsection (b) of this section are presented fairly in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Such examination shall be conducted in accordance with generally accepted auditing standards, and shall involve such tests of the books and records of the plan as are considered necessary by the independent qualified public accountant. The independent qualified public accountant shall also offer his opinion as to whether the separate schedules specified in subsection (b)(3) of this section and the summary material required under section 1024(b)(3) of this title present fairly, and in all material respects the information contained therein when considered in conjunction with the financial statements taken as a whole. The opinion by the independent qualified public accountant shall be made a part of the annual report. In a case where a plan is not required to file an annual report, the requirements of this paragraph shall not apply. In a case where by reason of section 1024(a)(2) of this title a plan is required only to file a simplified annual report, the Secretary may waive the requirements of this paragraph.
The opinion required by subparagraph (A) need not be expressed as to any statements required by subsection (b)(3)(G) prepared by a bank or similar institution or insurance carrier regulated and supervised and subject to periodic examination by a State or Federal agency if such statements are certified by the bank, similar institution, or insurance carrier as accurate and are made a part of the annual report.
(D) For purposes of this subchapter, the term “qualified public accountant” means—
The administrator of an employee pension benefit plan subject to the reporting requirement of subsection (d) of this section shall engage, on behalf of all plan participants, an enrolled actuary who shall be responsible for the preparation of the materials comprising the actuarial statement required under subsection (d) of this section. In a case where a plan is not required to file an annual report, the requirement of this paragraph shall not apply, and, in a case where by reason of section 1024(a)(2) of this title, a plan is required only to file a simplified report, the Secretary may waive the requirement of this paragraph.
(B) The enrolled actuary shall utilize such assumptions and techniques as are necessary to enable him to form an opinion as to whether the contents of the matters reported under subsection (d) of this section—
In making a certification under this section the enrolled actuary may rely on the correctness of any accounting matter under subsection (b) to which any qualified public accountant has expressed an opinion, if he so states his reliance.
(b) Financial statementAn annual report under this section shall include a financial statement containing the following information:
(H) a schedule of each reportable transaction, the name of each party to the transaction (except that, in the case of an acquisition or sale of a security on the market, the report need not identify the person from whom the security was acquired or to whom it was sold) and a description of each asset to which the transaction applies; the purchase or selling price in case of a sale or purchase, the rental in case of a lease, or the interest rate and maturity date in case of a loan; expenses incurred in connection with the transaction; the cost of the asset, the current value of the asset, and the net gain (or loss) on each transaction. For purposes of the preceding sentence, the term “reportable transaction” means a transaction to which the plan is a party if such transaction is—
(c) Information to be furnished by administratorThe administrator shall furnish as a part of a report under this section the following information:
(d) Actuarial statementWith respect to an employee pension benefit plan (other than (A) a profit sharing, savings, or other plan, which is an individual account plan, (B) a plan described in section 1081(b) of this title, or (C) a plan described both in section 1321(b) of this title and in paragraph (1), (2), (3), (4), (5), (6), or (7) of section 1081(a) of this title) an annual report under this section for a plan year shall include a complete actuarial statement applicable to the plan year which shall include the following:
the present value of all accrued benefits which are not nonforfeitable (including a separate accounting of such benefits which are benefit commitments, as defined in section 1301(a)(16) of this title), and
(8) A statement by the enrolled actuary—
the applicable requirements of sections 1083(h), 1084(c)(3), and 1085a(c)(3) of this title (relating to reasonable actuarial assumptions and methods) have been complied with.
A copy of the opinion required by subsection (a)(4).
(10) A statement by the actuary which discloses—
(11) If the current value of the assets of the plan is less than 70 percent of—
in the case of a single-employer plan, the funding target (as defined in section 1083(d)(1) of this title) of the plan, or
in the case of a multiemployer plan, the current liability (as defined in section 1084(c)(6)(D) of this title) under the plan,
(e) Statement from insurance company, insurance service, or other similar organizations which sell or guarantee plan benefitsIf some or all of the benefits under the plan are purchased from and guaranteed by an insurance 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—
(B) Funded percentageFor purposes of this paragraph, the term “funded percentage”—
in the case of a single-employer plan, means the funding target attainment percentage, as defined in section 1083(d)(2) of this title, and
in the case of a multiemployer plan, has the meaning given such term in section 1085(i)(2) of this title.
(2) Additional information for multiemployer plansWith respect to any defined benefit plan which is a multiemployer plan, an annual report under this section for a plan year shall include, in addition to the information required under paragraph (1), the following, as of the end of the plan year to which the report relates:
(D) The ratios of—
Whether the plan received an amortization extension under section 1084(d) of this title or section 431(d) of title 26 for such plan year and, if so, the amount of the difference between the minimum required contribution for the year and the minimum required contribution which would have been required without regard to the extension, and the period of such extension.
(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; Pub. L. 109–280, title I, § 108(a)(2), (3), formerly § 107(a)(2), (3), title V, § 503(a)(1), (b), Aug. 17, 2006, 120 Stat. 818, 942, 943, renumbered Pub. L. 111–192, title II, § 202(a), June 25, 2010, 124 Stat. 1297; Pub. L. 110–458, title I, § 101(d)(1)(A), Dec. 23, 2008, 122 Stat. 5098; Pub. L. 113–97, title I, §§ 102(b)(5), 104(c), Apr. 7, 2014, 128 Stat. 1116, 1121.)
2014—Subsec. (d)(8)(B). Pub. L. 113–97, § 102(b)(5), substituted “sections 1083(h), 1084(c)(3), and 1085a(c)(3) of this title” for “sections 1083(h) and 1084(c)(3) of this title”.
Subsec. (g). Pub. L. 113–97, § 104(c), added subsec. (g).
2008—Subsec. (d)(3). Pub. L. 110–458, § 101(d)(1)(A)(i), substituted “the normal costs or target normal costs, the accrued liabilities or funding target” for “the normal costs, the accrued liabilities”.
Subsec. (d)(7). Pub. L. 110–458, § 101(d)(1)(A)(ii), added par. (7) and struck out former par. (7) which read as follows: “A certification of the contribution necessary to reduce the accumulated funding deficiency to zero.”
2006—Subsec. (a)(1)(B). Pub. L. 109–280, § 503(a)(1)(A), substituted “subsections (d), (e), and (f)” for “subsections (d) and (e)” in introductory provisions.
Subsec. (d)(8)(B). Pub. L. 109–280, § 108(a)(2), formerly § 107(a)(2), as renumbered by Pub. L. 111–192, substituted “the applicable requirements of sections 1083(h) and 1084(c)(3)” for “the requirements of section 1082(c)(3)”.
Subsec. (d)(11). Pub. L. 109–280, § 108(a)(3), formerly § 107(a)(3), as renumbered by Pub. L. 111–192, added par. (11) and struck out former par. (11) which read as follows: “If the current value of the assets of the plan is less than 70 percent of the current liability under the plan (within the meaning of section 1082(d)(7) of this title), the percentage which such value is of such liability..”
Subsec. (d)(12) to (14). Pub. L. 109–280, § 503(b), added par. (12) and redesignated former pars. (12) and (13) as (13) and (14), respectively.
Subsec. (f). Pub. L. 109–280, § 503(a)(1)(B), added subsec. (f).
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.
Pub. L. 109–280, title V, § 503(a)(2), Aug. 17, 2006, 120 Stat. 943, provided that:
“Not later than 1 year after the date of enactment of this Act [Aug. 17, 2006], the Secretary of Labor shall publish guidance to assist multiemployer defined benefit plans to—
identify and enumerate planparticipants for whom there is no employer with an obligation to make an employer contribution under the plan; and
report such information under section 103(f)(2)(D) of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1023(f)(2)(D)] (as added by this section).”
Pub. L. 99–272, title XI, § 11016(b)(3), Apr. 7, 1986, 100 Stat. 273, 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.”