such carrier, organization, bank, institution, or plan sponsor shall transmit and certify the accuracy of such information to the administrator within 120 days after the end of the plan year (or such other date as may be prescribed under regulations of the Secretary).
The opinion by the enrolled actuary shall be made with respect to, and shall be made a part of, each annual report.
An annual report under this section shall include a financial statement containing the following information:
The administrator shall furnish as a part of a report under this section the following information:
With 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:
but only if, to the best of the actuary's knowledge, such event or trend may require a material increase in plan costs or required contribution rates.
the percentage which such value is of the amount described in subparagraph (A) or (B).
Such actuary shall make an actuarial valuation of the plan for every third plan year, unless he determines that a more frequent valuation is necessary to support his opinion under subsection (a)(4) of this section.
If 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-
In any case in which any liabilities to participants or their beneficiaries under a defined benefit plan as of the end of a plan year consist (in whole or in part) of liabilities to such participants and beneficiaries under 2 or more pension plans as of immediately before such plan year, an annual report under this section for such plan year shall include the funded percentage of each of such 2 or more pension plans as of the last day of such plan year and the funded percentage of the plan with respect to which the annual report is filed as of the last day of such plan year.
For purposes of this paragraph, the term "funded percentage"-
With 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:
An annual report under this section for a plan year shall include-
29 U.S.C. § 1023
EDITORIAL NOTES
AMENDMENTS2019-Subsec. (a)(1)(B). Pub. L. 116-94, §101(d)(1)(A), substituted "applicable subsections (d), (e), (f), and (g)" for "applicable subsections (d), (e), and (f)" in introductory provisions.Subsec. (g). Pub. L. 116-94, §101(d)(1)(B), amended subsec. (g) generally. Prior to amendment, text read as follows: "With respect to any multiple employer plan, an annual report under this section for a plan year shall include a list of participating employers and a good faith estimate of the percentage of total contributions made by such participating employers during the plan year."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.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2019 AMENDMENT Amendment by Pub. L. 116-94 applicable to plan years beginning after Dec. 31, 2020, see section 101(e) of Pub. L. 116-94 set out as a note under section 408 of Title 26, Internal Revenue Code.
EFFECTIVE DATE OF 2014 AMENDMENT Amendment by Pub. L. 113-97 applicable to years beginning after Dec. 31, 2013, see section 3 of Pub. L. 113-97 set out as a note under section 401 of Title 26, Internal Revenue Code.
EFFECTIVE DATE OF 2008 AMENDMENT Amendment by Pub. L. 110-458 effective as if included in the provisions of Pub. L. 109-280 to which the amendment relates, except as otherwise provided, see section 112 of Pub. L. 110-458 set out as a note under section 72 of Title 26, Internal Revenue Code.
EFFECTIVE DATE OF 2006 AMENDMENT Amendment by section 108(a)(2), (3) of Pub. L. 109-280 applicable to plan years beginning after 2007, see section 108(e) of Pub. L. 109-280 set out as a note under section 1021 of this title.Amendment by section 503(a)(1), (b) of Pub. L. 109-280 applicable to plan years beginning after Dec. 31, 2007, see section 503(f) of Pub. L. 109-280 set out as a note under section 1021 of this title.
EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101-239 effective, except as otherwise provided, as if included in the provision of the Pension Protection Act, Pub. L. 100-203, §§9302 - 9346, to which such amendment relates, see section 7882 of Pub. L. 101-239 set out as a note under section 401 of Title 26, Internal Revenue Code.
EFFECTIVE DATE OF 1987 AMENDMENT Amendment by Pub. L. 100-203 applicable with respect to reports required to be filed after Dec. 31, 1987, see section 9342(d)(1) of Pub. L. 100-203 set out as a note under section 1132 of this title.
EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99-272 effective Jan. 1, 1986, with certain exceptions, see section 11019 of Pub. L. 99-272 set out as a note under section 1341 of this title.
EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96-364 effective Sept. 26, 1980, except as specifically provided, see section 1461(e) of this title.
REGULATIONSSecretary authorized, effective Sept. 2, 1974, to promulgate regulations wherever provisions of this subchapter call for the promulgation of regulations, see section 1031 of this title.
REPORT ON POOLED EMPLOYER PLANS Pub. L. 117-328, div. T, title III, §344, Dec. 29, 2022, 136 Stat. 5380, provided that: "The Secretary of Labor shall- "(1) conduct a study on the pooled employer plan (as such term is defined in section 3(43) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(43)) ) industry, including on-"(A) the legal name and number of pooled employer plans;"(B) the number of participants in such plans;"(C) the range of investment options provided in such plans;"(D) the fees assessed in such plans;"(E) the manner in which employers select and monitor such plans;"(F) the disclosures provided to participants in such plans;"(G) the number and nature of any enforcement actions by the Secretary of Labor on such plans; "(H) the extent to which such plans have increased retirement savings coverage in the United States; and"(I) any additional information as the Secretary determines is necessary; and "(2) not later than 5 years after the date of enactment of this Act [Dec. 29, 2022], and every 5 years thereafter, submit to Congress and make available on a publicly accessible website of the Department of Labor, a report on the findings of the study under paragraph (1), including recommendations on how pooled employer plans can be improved, through legislation, to serve and protect retirement plan participants."
APPLICABILITY OF AMENDMENTS BY SUBTITLES A AND B OF TITLE I OF PUB. L. 109-280For special rules on applicability of amendments by subtitles A (§§101-108) and B (§§111-116) of title I of Pub. L. 109-280 to certain eligible cooperative plans, PBGC settlement plans, and eligible government contractor plans, see sections 104, 105, and 106 of Pub. L. 109-280 set out as notes under section 401 of Title 26, Internal Revenue Code.
GUIDANCE BY SECRETARY OF LABOR 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-"(A) identify and enumerate plan participants for whom there is no employer with an obligation to make an employer contribution under the plan; and"(B) 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)."
TRANSITION RULESPub. 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."
CONSOLIDATION OF ACTUARIAL REPORTS Secretary of the Treasury and Secretary of Labor to take such steps as may be necessary to assure coordination to the maximum extent feasible between the actuarial reports required by subsec. (d) of this section and section 6059 of Title 26, Internal Revenue Code, see section 1033(c) of Pub. L. 93-406 set out as a note under section 6059 of Title 26.