Employee Benefits Security Administration Releases Field Assistance Bulletin on New Annual Funding Notice Requirements

WASHINGTON - The U.S. Department of Labor’s Employee Benefits Security Administration today released Field Assistance Bulletin 2013-01 concerning new disclosure requirements mandated by the Moving Ahead for Progress in the 21st Century Act.

MAP-21 amended section 101(f) of the Employee Retirement Income Security Act of 1974 to require plan administrators of single-employer defined benefit pension plans to provide participants and others additional information regarding the impact of MAP-21’s interest rate stabilization rules on the plan’s funding status. An estimated 12,000 single-employer plans covering approximately 33.5 million participants and beneficiaries are subject to the new disclosure requirements. Many of these plans must furnish their first annual funding notice under the new law no later than April 30, 2013.

The FAB addresses a need for interim guidance pending the adoption of regulations or other guidance under section 101(f) of ERISA, as amended by MAP-21. The FAB sets forth technical questions and answers and provides a model supplement that plan administrators may use to discharge their MAP-21 disclosure obligations.

Read the FAB, www.dol.gov/ebsa/regs/fab2013-1.html. The Labor Department is committed to providing America's workers and employers with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the department's compliance assistance page, www.dol.gov/compliance.

U.S. Department of Labor news materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.