Multiemployer Plan Information Made Available on Request

EBSA plans to enhance retirement security and increase pension plan transparency by ensuring that workers will have greater access to information about the operation and financial health of their pension plans, ultimately supporting the Secretary's good jobs for everyone policy.

Key Action: Final Regulation

The Department's EBSA plans to publish a final regulation in April 2010 that would require the administrator of a multiemployer pension plan, on written request, to furnish copies of financial and actuarial reports to any plan participant, beneficiary, employee representative, or any employer that has an obligation to contribute to the plan.

Key Concern and Issues to be Addressed

The final regulation will ensure that participants and others, including employee representatives, have access to specific financial and actuarial reports of their pension plans.

Background

Section 101(k) of the Employee Retirement Income Security Act (ERISA), added by section 502(a)(1) of the Pension Protection Act of 2006 (PPA), provides that the administrator of a multiemployer pension plan, upon written request, shall furnish copies of certain actuarial and financial documents to any plan participant, beneficiary, employee representative, or any employer that has an obligation to contribute to the plan.

The documents that are required to be furnished are:

• A copy of any periodic actuarial report (including sensitivity testing) received by the plan for any plan year which has been in the plan's possession for at least 30 days.
• A copy of any quarterly, semi-annual, or annual financial report prepared for the plan by any plan investment manager or advisor or other fiduciary which has been in the plan's possession for at least 30 days.
• A copy of any application filed with the Secretary of the Treasury requesting an extension under section 304 of the Act (or section 431(d) of the Internal Revenue Code of 1986) and the determination of such Secretary pursuant to such application.

The plan administrator must furnish the requested documents within 30 days from the request. A requester may receive only one copy of any document during any one 12-month period.

Section 101(k) applies to plan years beginning after December 31, 2007. The Department published a proposed regulation on September 14, 2007. Comments on the proposal are available at www.dol.gov/ebsa/regs/commentsmain.html.