cfr_sections
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64 rows where agency = "PBGC" and part_number = 2520 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 29:29:9.1.2.3.4.1.1.1 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | A | Subpart A—General Reporting and Disclosure Requirements | § 2520.101-1 Duty of reporting and disclosure. | PBGC | [41 FR 16962, Apr. 23, 1976, as amended at 46 FR 62845, Dec. 29, 1981] | The procedures for implementing the plan administrator's duty of reporting to the Secretary of Labor and disclosing information to participants and beneficiaries are located in subparts D, E and F of this part. | |||
| 29:29:9.1.2.3.4.1.1.2 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | A | Subpart A—General Reporting and Disclosure Requirements | § 2520.101-2 Filing by multiple employer welfare arrangements and certain other related entities. | PBGC | [78 FR 13792, Mar. 1, 2013] | (a) Basis and scope. Section 101(g) of the Employee Retirement Income Security Act (ERISA), as amended by the Patient Protection and Affordable Care Act, requires the Secretary of Labor (the Secretary) to establish, by regulation, a requirement that multiple employer welfare arrangements (MEWAs) providing benefits that consist of medical care (as described in paragraph (b)(6) of this section), which are not group health plans, to register with the Secretary prior to operating in a State. Section 101(g) also permits the Secretary to require, by regulation, such MEWAs to report, not more frequently than annually, in such form and manner as the Secretary may require, for the purpose of determining the extent to which the requirements of part 7 of subtitle B of title I of ERISA (part 7) are being carried out in connection with such benefits. Section 734 of ERISA provides that the Secretary may promulgate such regulations as may be necessary or appropriate to carry out the provisions of part 7. This section sets out requirements for reporting by MEWAs that provide benefits that consist of medical care and by certain entities that claim not to be a MEWA solely due to the exception in section 3(40)(A)(i) of ERISA (referred to in this section as Entities Claiming Exception or ECEs). The reporting requirements apply regardless of whether the MEWA or ECE is a group health plan. (b) Definitions. As used in this section, the following definitions apply: (1) Administrator means—(i) The person specifically so designated by the terms of the instrument under which the MEWA or ECE is operated; (ii) If the MEWA or ECE is a group health plan and the administrator is not so designated, the plan sponsor (as defined in section 3(16)(B) of ERISA); or (iii) In the case of a MEWA or ECE for which an administrator is not designated and a plan sponsor cannot be identified, jointly and severally, the person or persons actually responsible (whether or not so designated under the terms of the instrument under which the MEWA or ECE i… | |||
| 29:29:9.1.2.3.4.1.1.3 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | A | Subpart A—General Reporting and Disclosure Requirements | § 2520.101-3 Notice of blackout periods under individual account plans. | PBGC | [68 FR 3727, Jan. 24, 2003, as amended at 85 FR 31922, May 27, 2020] | (a) In general. In accordance with section 101(i) of the Act, the administrator of an individual account plan, within the meaning of paragraph (d)(2) of this section, shall provide notice of any blackout period, within the meaning of paragraph (d)(1) of this section, to all participants and beneficiaries whose rights under the plan will be temporarily suspended, limited, or restricted by the blackout period (the “affected participants and beneficiaries”) and to issuers of employer securities subject to such blackout period in accordance with this section. (b) Notice to participants and beneficiaries —(1) Content. The notice required by paragraph (a) of this section shall be written in a manner calculated to be understood by the average plan participant and shall include— (i) The reasons for the blackout period; (ii) A description of the rights otherwise available to participants and beneficiaries under the plan that will be temporarily suspended, limited or restricted by the blackout period (e.g., right to direct or diversify assets in individual accounts, right to obtain loans from the plan, right to obtain distributions from the plan), including identification of any investments subject to the blackout period; (iii) The length of the blackout period by reference to: (A) The expected beginning date and ending date of the blackout period; or (B) The calendar week during which the blackout period is expected to begin and end, provided that during such weeks information as to whether the blackout period has begun or ended is readily available, without charge, to affected participants and beneficiaries, such as via a toll-free number or access to a specific web site, and the notice describes how to access the information; (iv) In the case of investments affected, a statement that the participant or beneficiary should evaluate the appropriateness of their current investment decisions in light of their inability to direct or diversify assets in their accounts during the blackout period (a notice that inclu… | |||
| 29:29:9.1.2.3.4.1.1.4 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | A | Subpart A—General Reporting and Disclosure Requirements | § 2520.101-4 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.1.1.5 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | A | Subpart A—General Reporting and Disclosure Requirements | § 2520.101-5 Annual funding notice for defined benefit pension plans. | PBGC | [80 FR 5645, Feb. 2, 2015] | (a) In general. (1) Except as provided in paragraphs (a)(2) and (3) of this section, pursuant to section 101(f) of the Act, the administrator of a defined benefit plan to which title IV of the Act applies shall furnish annually to each person specified in paragraph (f) of this section a funding notice that conforms to the requirements of this section. (2) A plan administrator shall not be required to furnish a funding notice— (i) In the case of a multiemployer plan, for a plan year if the due date for such notice is on or after the earlier of: (A) The date the plan complies with the insolvency notice requirements of section 4245(e) or 4281(d)(3) of the Act and regulations thereunder; or (B) The date the plan has distributed assets in satisfaction of all nonforfeitable benefits under the plan pursuant to section 4041A of the Act and the regulations thereunder. (ii) In the case of a single-employer plan, for a plan year if the due date for the funding notice is on or after the date: (A) The Pension Benefit Guaranty Corporation is appointed as trustee of the plan pursuant to section 4042 of the Act; (B) The plan has distributed assets in satisfaction of all benefit liabilities in a distress termination pursuant to section 4041(c)(3)(B)(i) of the Act or of all guaranteed benefits in a distress termination pursuant to section 4041(c)(3)(B)(ii) of the Act; or (C) The plan administrator filed a standard termination notice with the Pension Benefit Guaranty Corporation pursuant to 29 CFR 4041.25, provided that the proposed termination date is on or before the due date of the funding notice and a final distribution of assets in satisfaction of all benefit liabilities proceeds in accordance with section 4041(b) of the Act. (3) In the case of a merger or consolidation of two or more plans— (i) The plan administrator of a non-successor plan shall not be required to furnish a funding notice for the plan year in which the merger or consolidation occurred; and (ii) The funding notice of the successor plan, for the p… | |||
| 29:29:9.1.2.3.4.1.1.6 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | A | Subpart A—General Reporting and Disclosure Requirements | § 2520.101-6 Multiemployer pension plan information made available on request. | PBGC | [75 FR 9341, Mar. 2, 2010] | (a) In general. For purposes of compliance with the requirements of section 101(k) of the Employee Retirement Income Security Act of 1974, as amended (the Act), 29 U.S.C. 1001, et seq., the administrator of a multiemployer pension plan shall, in accordance with the requirements of this section, furnish copies of reports and applications described in paragraph (c) of this section to plan participants, beneficiaries, employee representatives and contributing employers, described in paragraph (e) of this section. (b) Obligation to furnish. (1) Except as provided in paragraph (d) of this section, the administrator of a multiemployer pension plan shall, not later than 30 days after receipt of a written request for a report(s) or application(s) described in paragraph (c) of this section from a plan participant, beneficiary, employee representative or contributing employer described in paragraph (e) of this section, furnish the requested document or documents to the requester. (2) The plan administrator shall furnish reports and applications pursuant to paragraph (b)(1) of this section in a manner consistent with the requirements of 29 CFR 2520.104b-1, including paragraph (c) of that section relating to the use of electronic media. (3) The plan administrator may impose a reasonable charge to cover the costs of furnishing documents pursuant to this section, but in no event may such charge exceed— (i) The lesser of: (A) The actual cost to the plan for the least expensive means of acceptable reproduction of the document(s) or (B) 25 cents per page; plus (ii) The cost of mailing or delivery of the document. (c) Documents to be furnished. For purposes of paragraph (a) of this section, and subject to paragraph (d) of this section, a plan participant, beneficiary, employee representative or contributing employer described in paragraph (e) of this section, shall be entitled to request and receive a copy of any: (1) Periodic actuarial report. For this purpose the term “periodic actuarial report” means any— (i) Ac… | |||
| 29:29:9.1.2.3.4.2.1.1 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | B | Subpart B—Contents of Plan Descriptions and Summary Plan Descriptions | § 2520.102-1 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.2.1.2 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | B | Subpart B—Contents of Plan Descriptions and Summary Plan Descriptions | § 2520.102-2 Style and format of summary plan description. | PBGC | [42 FR 37180, July 19, 1977] | (a) Method of presentation. The summary plan description shall be written in a manner calculated to be understood by the average plan participant and shall be sufficiently comprehensive to apprise the plan's participants and beneficiaries of their rights and obligations under the plan. In fulfilling these requirements, the plan administrator shall exercise considered judgment and discretion by taking into account such factors as the level of comprehension and education of typical participants in the plan and the complexity of the terms of the plan. Consideration of these factors will usually require the limitation or elimination of technical jargon and of long, complex sentences, the use of clarifying examples and illustrations, the use of clear cross references and a table of contents. (b) General format. The format of the summary plan description must not have the effect to misleading, misinforming or failing to inform participants and beneficiaries. Any description of exception, limitations, reductions, and other restrictions of plan benefits shall not be minimized, rendered obscure or otherwise made to appear unimportant. Such exceptions, limitations, reductions, or restrictions of plan benefits shall be described or summarized in a manner not less prominent than the style, captions, printing type, and prominence used to describe or summarize plan benefits. The advantages and disadvantages of the plan shall be presented without either exaggerating the benefits or minimizing the limitations. The description or summary of restrictive plan provisions need not be disclosed in the summary plan description in close conjunction with the description or summary of benefits, provided that adjacent to the benefit description the page on which the restrictions are described is noted. (c) Foreign languages. In the case of either— (1) A plan that covers fewer than 100 participants at the beginning of a plan year, and in which 25 percent or more of all plan participants are literate only in the same non-English lan… | |||
| 29:29:9.1.2.3.4.2.1.3 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | B | Subpart B—Contents of Plan Descriptions and Summary Plan Descriptions | § 2520.102-3 Contents of summary plan description. | PBGC | [42 FR 37180, July 19, 1977, as amended at 62 FR 16984, Apr. 8, 1997; 62 FR 31695, June 10, 1997; 62 FR 36205, July 7, 1997; 63 FR 48375, Sept. 9, 1998; 65 FR 70241, Nov. 21, 2000; 66 FR 34994, July 2, 2001; 66 FR 36368, July 11, 2001] | Section 102 of the Act specifies information that must be included in the summary plan description. The summary plan description must accurately reflect the contents of the plans as of the date not earlier than 120 days prior to the date such summary plan description is disclosed. The following information shall be included in the summary plan description of both employee welfare benefit plans and employee pension benefit plans, except as stated otherwise in paragraphs (j) through (n): (a) The name of the plan, and, if different, the name by which the plan is commonly known by its participants and beneficiaries; (b) The name and address of— (1) In the case of a single employer plan, the employer whose employees are covered by the plan, (2) In the case of a plan maintained by an employee organization for its members, the employee organization that maintains the plan, (3) In the case of a collectively-bargained plan established or maintained by one or more employers and one or more employee organizations, the association, committee, joint board of trustees, parent or most significantly employer of a group of employers all of which contribute to the same plan, or other similar representative of the parties who established or maintain the plan, as well as (i) A statement that a complete list of the employers and employee organizations sponsoring the plan may be obtained by participants and beneficiaries upon written request to the plan administrator, and is available for examination by participants and beneficiaries, as required by §§ 2520.104b-1 and 2520.104b-30; or (ii) A statement that participants and beneficiaries may receive from the plan administrator, upon written request, information as to whether a particular employer or employee organization is a sponsor of the plan and, if the employer or employee organization is a plan sponsor, the sponsor's address. (4) In the case of a plan established or maintained by two or more employers, the association, committee, joint board of trustees, parent or most si… | |||
| 29:29:9.1.2.3.4.2.1.4 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | B | Subpart B—Contents of Plan Descriptions and Summary Plan Descriptions | § 2520.102-4 Option for different summary plan descriptions. | PBGC | [67 FR 775, Jan. 7, 2002] | In some cases an employee benefit plan may provide different benefits for various classes of participants and beneficiaries. For example, a plan amendment altering benefits may apply to only those participants who are employees of an employer when the amendment is adopted and to employees who later become participants, but not to participants who no longer are employees when the amendment is adopted. (See § 2520.104b-4). Similarly, a plan may provide for different benefits for participants employed at different plants of the employer, or for different classes of participants in the same plant. In such cases the plan administrator may fulfill the requirement to furnish a summary plan description to participants covered under the plan and beneficiaries receiving benefits under the plan by furnishing to each member of each class of participants and beneficiaries a copy of a summary plan description appropriate to that class. Each summary plan description so prepared shall follow the style and format prescribed in § 2520.102-2, and shall contain all information which is required to be contained in the summary plan description under § 2520.102-3. It may omit information which is not applicable to the class of participants or beneficiaries to which it is furnished. It should also clearly identify on the first page of the text the class of participants and beneficiaries for which it has been prepared and the plan's coverage of other classes. If the classes which the employee benefit plan covers are too numerous to be listed adequately on the first page of the text of the summary plan description, they may be listed elsewhere in the text so long as the first page of the text contains a reference to the page or pages in the text which contain this information. | |||
| 29:29:9.1.2.3.4.3.1.1 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-1 Contents of the annual report. | PBGC | [43 FR 10140, Mar. 10, 1978, as amended at 45 FR 51446, Aug. 1, 1980; 46 FR 61079, Dec. 15, 1981; 51 FR 41288, Nov. 13, 1986; 54 FR 8627, Mar. 1, 1989; 65 FR 21080, Apr. 19, 2000; 71 FR 41368, July 21, 2006; 72 FR 64727, Nov. 16, 2007; 78 FR 13796, Mar. 1, 2013; 88 FR 11810, Feb. 24, 2023] | (a) Except as provided in §§ 2520.104-43, 2520.104-51, 2520.104a-6, and 2520.104a-9, the administrator of a plan required to file an annual report in accordance with section 104(a)(1) of the Act shall include with the annual report the information prescribed in paragraph (a)(1) of this section or in the simplified report, limited exemption or alternative method of compliance described in paragraph (a)(2) of this section. (1) The annual report shall contain the information prescribed in section 103 of the Act. (2) Under the authority of subsections 104(a)(2), 104(a)(3), and 110 of the Act, section 1103(b) of the Pension Protection Act of 2006, and section 202 of the SECURE Act, a simplified report, limited exemption, or alternative method of compliance is prescribed for employee welfare and pension benefit plans, as applicable. A plan filing a simplified report or electing the limited exemption, or an alternative method of compliance shall file an annual report containing the information prescribed in paragraph (b) or (c) of this section, as applicable, and shall furnish a summary annual report as prescribed in § 2520.104b-10. (b) Contents of the annual report for plans with 100 or more participants electing the limited exemption or alternative method of compliance. Except as provided in paragraphs (d) and (f) of this section and in §§ 2520.103-2, 2520.103-14, and 2520.104-44, the annual report of an employee benefit plan covering 100 or more participants at the beginning of the plan year which elects the limited exemption or alternative method of compliance described in paragraph (a)(2) of this section shall include: (1) A Form 5500 “Annual Return/Report of Employee Benefit Plan” and any statements or schedules required to be attached to the form, completed in accordance with the instructions for the form, including Schedule A (Insurance Information), Schedule C (Service Provider Information), Schedule D (DFE/Participating Plan Information), Schedule G (Financial Transaction Schedules), Schedule H (Financia… | |||
| 29:29:9.1.2.3.4.3.1.10 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-11 Assets held for investment purposes. | PBGC | [43 FR 10140, Mar. 10, 1978, as amended at 65 FR 21083, Apr. 19, 2000] | (a) General. For purposes of preparing the schedule of assets held for investment purposes described in § 2520.103-10(b)(1) and (2), assets held for investment purposes include those assets described in paragraph (b) of this section. (b) Definitions. (1) Assets held for investment purposes shall include: (i) Any investment asset held by the plan on the last day of the plan year; and (ii) Any investment asset which was purchased at any time during the plan year and was sold at any time before the last day of the plan year, except as provided by paragraphs (b)(2) and (b)(3) of this section. (2) Assets held for investment purposes shall not include any investment which was not held by the plan on the last day of the plan year for which the annual report is filed if that investment falls within any of the following categories: (i) Debt obligations of the United States or any agency of the United States; (ii) Interests issued by a company registered under the Investment Company Act of 1940; (iii) Bank certificates of deposit with a maturity of not more than one year; (iv) commercial paper with a maturity of not more than nine months if it is ranked in the highest rating category by at least two nationally recognized statistical rating services and is issued by a company required to file reports with the Securities and Exchange Commission under section 13 of the Securities Exchange Act of 1934; (v) Participations in a bank common or collective trust; (vi) Participations in an insurance company pooled separate account; (vii) Securities purchased from a person registered as a broker-dealer under the Securities Exchange Act of 1934 and listed on a national securities exchange registered under section 6 of the Securities Exchange Act of 1934 or quoted on NASDAQ; (3) Assets held for investment purposes shall not include any investment which was not held by the plan on the last day of the plan year for which the annual report is filed if that investment is reported on the annual report of that same plan in an… | |||
| 29:29:9.1.2.3.4.3.1.11 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-12 Limited exemption and alternative method of compliance for annual reporting of investments in certain entities. | PBGC | [51 FR 41287, Nov. 13, 1986, as amended at 65 FR 21083, Apr. 19, 2000; 71 FR 41368, July 21, 2006] | (a) This section prescribes an exemption from and alternative method of compliance with the annual reporting requirements of part 1 of title I of ERISA for employee benefit plans whose assets are invested in certain entities described in paragraph (c). A plan utilizing this method of reporting shall include as part of its annual report the current value of its investment or units of participation in the entity in the manner prescribed by the Return/Report Form and the instructions thereto. The plan is not required to include in its annual report any information regarding the underlying assets or individual transactions of the entity, provided the information described in paragraph (b) regarding the entity is reported directly to the Department on behalf of the plan administrator on or before the filing due date for the entity in accordance with the instructions to the Form 5500 Annual Return/Report. The information described in paragraph (b), however, shall be considered as part of the annual report for purposes of the requirements of section 104(a)(1) of the Act and §§ 2520.104a-5 and 2520.104a-6. (b) The following information must be filed regarding the entity described in paragraph (c) of this section: (1) A Form 5500 “Annual Return/Report of Employee Benefit Plan” and any statements or schedules required to be attached to the form for such entity, completed in accordance with the instructions for the form, including Schedule A (Insurance Information), Schedule C (Service Provider Information), Schedule D (DFE/Participating Plan Information), Schedule G (Financial Transaction Schedules), Schedule H (Financial Information), and the schedules described in § 2520.103-10(b)(1) and (b)(2). See the instructions for this form. The information reported shall be for the fiscal year of such entity ending with or within the plan year for which the annual report of the plan is made. (2) A report of an independent qualified public accountant regarding the financial statements and schedules described in paragraph (b)(1) … | |||
| 29:29:9.1.2.3.4.3.1.12 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-13 Special terminal report for abandoned plans. | PBGC | [89 FR 43657, May 17, 2024] | (a) General. The terminal report required to be filed by the qualified termination administrator pursuant to § 2578.1(d)(2)(viii) of this chapter shall be in the form published by the Department in the Abandoned Plans section of the Employee Benefits Security Administration's website and shall contain the information set forth in paragraph (b) of this section. Such report shall be filed in accordance with the method of filing set forth in paragraph (c) of this section and at the time set forth in paragraph (d) of this section. (b) Contents. The terminal report described in paragraph (a) of this section shall contain the following information in accordance with the instructions to the terminal report published by the Department in the Abandoned Plans section of the Employee Benefits Security Administration's website: (1) Identification information concerning the plan, the qualified termination administrator, and, if applicable, the bankruptcy trustee. (2) The total assets of the plan as of the date the plan was deemed terminated under § 2578.1(c) of this chapter, prior to any reduction for termination expenses and distributions to participants and beneficiaries. (3) The total termination expenses paid by the plan and an identification of each service provider and amount received, itemized by expense. (4) The total distributions made pursuant to § 2578.1(d)(2)(vii) of this chapter and a statement regarding whether any such distributions were transfers under § 2578.1(d)(2)(vii)(B) of this chapter. (5) The identification, fair market value and method of valuation of any assets with respect to which there is no readily ascertainable fair market value. (6) The total number of distributions. (7) The number of distributions to missing participants included in the total number of distributions reported in paragraph (b)(6) of this section. (8) A statement that the information being provided in the report is true and complete based on the knowledge of the person electing to be the qualified termination administ… | |||
| 29:29:9.1.2.3.4.3.1.13 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-14 Contents of the annual report for defined contribution group (DCG) reporting arrangements. | PBGC | [88 FR 11811, Feb. 24, 2023, as amended at 88 FR 31610, May 18, 2023] | (a) General. A defined contribution group reporting arrangement as described in § 2520.104-51(c) (“DCG reporting arrangement” or “DCG”) that files a consolidated annual report pursuant to § 2520.104-51 shall include in such report the items set forth in paragraph (b) of this section. (b) Contents of the annual report for DCG reporting arrangement. (1) A Form 5500 “Annual Return/Report of Employee Benefit Plan” and any statements or schedules required to be attached to the form, completed in accordance with the instructions for the form, including Schedule A (Insurance Information), Schedule C (Service Provider Information), Schedule D (DFE/Participating Plan Information), Schedule DCG (Individual Plan Information), Schedule G (Financial Transaction Schedules), Schedule H (Financial Information), and other applicable financial schedules referred to in § 2520.103-10, completed in accordance with the instructions for the form. (2) Where some or all of the assets of plans participating in the DCG are held in a pooled separate account maintained by an insurance carrier, or in a common or collective trust maintained by a bank, trust company or similar institution, a copy of the annual statement of assets and liabilities of such account or trust for the fiscal year of the account or trust which ends with or within the plan year for which the DCG's annual report is made is required to be furnished by such account or trust under § 2520.103-5(c). Although the statement of assets and liabilities referred to in § 2520.103-5(c) shall be considered part of the DCG's consolidated annual report, such statement of assets and liabilities need not be filed with the DCG's annual report. See §§ 2520.103-3 and 2520.103-4 for reporting requirements for plans some or all of the assets of which are held in a pooled separate account maintained by an insurance company, or a common or collective trust maintained by a bank or similar institution; and see § 2520.104-51(b)(2) for when the term “DCG reporting arrangement” or “DCG” shall b… | |||
| 29:29:9.1.2.3.4.3.1.2 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-2 Contents of the annual report for a group insurance arrangement. | PBGC | [43 FR 10140, Mar. 10, 1978, as amended at 54 FR 8627, Mar. 1, 1989; 65 FR 21080, Apr. 19, 2000; 71 FR 41368, July 21, 2006] | (a) General. (1) A trust or other entity described in § 2520.104-43(b) that files an annual report for purposes of § 2520.104-43 shall include in such report the items set forth in paragraph (b) of this section. (2) [Reserved] (b) Contents. (1) A Form 5500 “Annual Return/Report of Employee Benefit Plan” and any statements or schedules required to be attached to the form, completed in accordance with the instructions for the form, including Schedule A (Insurance Information), Schedule C (Service Provider Information), Schedule D (DFE/Participating Plan Information), Schedule G (Financial Transaction Schedules), Schedule H (Financial Information), and the other financial schedules described in § 2520.103-10. See the instructions for this form. (2) Separate financial statements (in addition to the information required by paragraph (b)(1) of this section), if such financial statements are prepared in order for the independent qualified public accountant to form the opinion required by section 103(a)(3)(A) of the Act and § 2520.103-2(b)(5). These financial statements shall include the following: (i) A statement of all trust assets and liabilities at current value presented in comparative form for the beginning and end of the year. The statement of trust assets and liabilities shall include the assets and liabilities required to be reported on the Form 5500; however, the assets and liabilities may be aggregated into categories in a manner other than that used on Form 5500. (ii) Separate or combined statements of all trust income and expenses and changes in net assets which includes the categories of income, expense, and changes in assets required to be reported on the Form 5500; however, the income, expense, and changes in assets may be aggregated into categories in a manner other than that used on Form 5500. (3) Notes to the financial statements described in paragraph (b)(1) or (2) of this section which contain a description of the accounting principles and practices reflected in the financial statements and… | |||
| 29:29:9.1.2.3.4.3.1.3 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-3 Exemption from certain annual reporting requirements for assets held in a common or collective trust. | PBGC | [43 FR 10140, Mar. 10, 1978, as amended at 65 FR 21081, Apr. 19, 2000] | (a) General. Under the authority of sections 103(b)(3)(G), 103(b)(4), 104(a)(2)(B), 104(a)(3), 110 and 505 of the Act, a plan whose assets are held in whole or in part in a common or collective trust maintained by a bank, trust company, or similar institution which meets the requirements of paragraph (b) of this section shall include as part of the annual report required to be filed under § 2520.104a-5 or § 2520.104a-6 the information described in paragraph (c) of this section. Such plan is not required to include in its annual report information concerning the individual transactions of the common or collective trust. This exemption has no application to assets not held in such trusts. (b) Application. This provision applies only to a plan some or all of the assets of which are held in a common or collective trust maintained by a bank, trust company, or similar institution regulated and supervised and subject to periodic examination by a State or Federal agency. For purposes of this section, (1) A common or collective trust is a trust which consists of the assets of two or more participating entities and is maintained for the collective investment and reinvestment of assets contributed thereto, and (2) Plans maintained by a single employer or by the members of a controlled group of corporations, as defined in section 1563(a) of the Internal Revenue Code of 1954, shall be deemed to be a single participating entity. (c) Contents. (1) A plan which meets the requirements of paragraph (b) of this section, and which invests in a common or collective trust that files a Form 5500 report in accordance with § 2520.103-9, shall include in its annual report: information required by the instructions to Schedule H (Financial Information) or Schedule I (Financial Information—Small Plan) about the current value of and net investment gain or loss relating to the units of participation in the common or collective trust held by the plan; identifying information about the common or collective trust including its name, emp… | |||
| 29:29:9.1.2.3.4.3.1.4 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-4 Exemption from certain annual reporting requirements for assets held in an insurance company pooled separate account. | PBGC | [43 FR 10140, Mar. 10, 1978, as amended at 65 FR 21081, Apr. 19, 2000] | (a) General. Under the authority of sections 103(b)(3)(G), 103(b)(4), 104(a)(2)(B), 104(a)(3), 110 and 505 of the Act, a plan whose assets are held in whole or in part in a pooled separate account of an insurance carrier which meets the requirements of paragraph (b) of this section shall include as part of the annual report required to be filed under § 2520.104a-5 or § 2520.104a-6 the information described in paragraph (c) of this section. Such plan is not required to include in its annual report information concerning the individual transactions of the pooled separate account. This exemption has no application to assets not held in such a pooled separate account. (b) Application. This provision applies only to a plan some or all of the assets of which are held in a pooled separate account of an insurance carrier regulated and supervised and subject to periodic examination by a State agency. For purposes of this section, (1) a pooled separate account is an account which consists of the assets of two or more participating entities and is maintained for the collective investment and reinvestment of assets contributed thereto, and (2) plans maintained by a single employer or by members of a controlled group of corporations, as defined in section 1563(a) of the Internal Revenue Code of 1954, shall be deemed to be a single participating entity. (c) Contents. (1) A plan which meets the requirements of paragraph (b) of this section, and which invests in a pooled separate account that files a Form 5500 report in accordance with § 2520.103-9, shall include in its annual report: information required by the instructions to Schedule H (Financial Information) or Schedule I (Financial Information—Small Plan) about the current value of, and net investment gain or loss relating to, the units of participation in the pooled separate account held by the plan; identifying information about the pooled separate account including its name, employer identification number, and any other information required by the instructions to… | |||
| 29:29:9.1.2.3.4.3.1.5 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-5 Transmittal and certification of information to plan administrator for annual reporting purposes. | PBGC | [43 FR 10140, Mar. 10, 1978, as amended at 65 FR 21082, Apr. 19, 2000; 88 FR 11811, Feb. 24, 2023] | (a) General. In accordance with section 103(a)(2) of the Act, an insurance carrier or other organization which provides benefits under the plan or holds plan assets, a bank or similar institution which holds plan assets, or a plan sponsor shall transmit and certify such information as needed by the administrator to file the annual report under section 104(a)(1) of the Act and § 2520.104a-5, § 2520.104a-6, or § 2520.104a-9: (1) Within 9 months after the close of the plan year which begins in 1975 or September 30, 1976, whichever is later, and (2) Within 120 days after the close of any plan year which begins after December 31, 1975. (b) Application. This requirement applies with respect to— (1) An insurance carrier or other organization which: (i) Provides from its general asset account funds for the payment of benefits under a plan, or (ii) Holds assets of a plan in a separate account; (2) A bank, trust company, or similar institution which holds assets of a plan in a common or collective trust, separate trust, or custodial account; and (3) A plan sponsor as defined in section 3(16)(B) of the Act. (c) Contents. The information required to be provided to the administrator shall include— (1) In the case of an insurance carrier or other organization which: (i) Provides funds from its general asset account for the payment of benefits under a plan, upon request of the plan administrator, such information as is contained within the ordinary business records of the insurance carrier or other organization and is needed by the plan administrator to comply with the requirements of section 104(a)(1) of the Act and § 2520.104a-5 or § 2520.104a-6; (ii) Holds assets of a plan in a pooled separate account and files a Form 5500 report pursuant to § 2520.103-9 for the participating plan's plan year— (A) A copy of the annual statement of assets and liabilities of the separate account for the fiscal year of such account ending with or within the plan year for which the participating plan's annual report is made, … | |||
| 29:29:9.1.2.3.4.3.1.6 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-6 Definition of reportable transaction for Annual Return/Report. | PBGC | [43 FR 10140, Mar. 10, 1978; 43 FR 14009, Apr. 4, 1978, as amended at 54 FR 8628, Mar. 1, 1989; 61 FR 33849, July 1, 1996; 65 FR 21082, Apr. 19, 2000] | (a) General. For purposes of preparing the schedule of reportable transactions described in § 2520.103-10(b)(6), and subject to the exceptions provided in §§ 2520.103-3, 2520.103-4 and 2520.103-12, with respect to individual transactions by a common or collective trust, pooled separate account, or a 103-12 investment entity, a reportable transaction includes any transaction or series of transactions described in paragraph (c) of this section. (b) Definitions. (1)(i) Except as provided in paragraphs (c)(2) and (d)(1)(vi) of this section (relating to assets acquired or disposed of during the plan year), “current value” shall mean the current value, as defined in section 3(26) of the Act, of plan assets as of the beginning of the plan year, or the end of the previous plan year. (ii) Except as provided in paragraphs (c)(2) and (d)(1)(vi) of this section (relating to assets acquired or disposed of during the plan year), with respect to schedules of reportable transactions for the initial plan year of a plan, “current value” shall mean the current value, as defined in section 3(26) of the Act, of plan assets at the end of a plan's initial plan year. (2)(i) A “transaction with respect to securities” is any purchase, sale, or exchange of securities. A transaction with respect to securities for purposes of this section occurs on either the trade date or settlement date of a purchase, sale, or exchange of securities; either the trade date or settlement date must be used consistently during the plan year for the purposes of this section. For the purposes of this section, except as provided in paragraph (b)(2)(ii) of this section, “securities” includes a unit of participation in a common or collective trust or a pooled separate account. (ii) Solely for purposes of paragraph (c)(1)(iv) of this section, the term “securities”, as it applies to any transaction involving a bank or insurance company regulated by a Federal or State agency, an investment company registered under the Investment Company Act of 1940, or a broke… | |||
| 29:29:9.1.2.3.4.3.1.7 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-8 Limitation on scope of accountant's examination. | PBGC | (a) General. Under the authority of section 103(a)(3)(C) of the Act, the examination and report of an independent qualified public accountant need not extend to any statement or information prepared and certified by a bank or similar institution or insurance carrier. A plan, trust or other entity which meets the requirements of paragraph (b) of this section is not required to have covered by the accountant's examination or report any of the information described in paragraph (c) of this section. (b) Application. This section applies to any plan, trust or other entity some or all of the assets of which are held by a bank or similar institution or insurance carrier which is regulated and supervised and subject to periodic examination by a State or Federal agency. (c) Excluded information. Any statements or information certified to by a bank or similar institution or insurance carrier described in paragraph (b) of this section, provided that the statements or information regarding assets so held are prepared and certified to by the bank or insurance carrier in accordance with § 2520.103-5. | ||||
| 29:29:9.1.2.3.4.3.1.8 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-9 Direct filing for bank or insurance carrier trusts and accounts. | PBGC | [65 FR 21082, Apr. 19, 2000, as amended at 71 FR 41368, July 21, 2006] | (a) General. Under the authority of sections 103(b)(4), 104(a)(3), 110 and 505 of the Act, an employee benefit plan, some or all of the assets of which are held in a common or collective trust or a pooled separate account described in section 103(b)(3)(G) of the Act and §§ 2520.103-3 and 2520.103-4, is relieved from including in its annual report information about the current value of the plan's allocable portion of assets and liabilities of the common or collective trust or pooled separate account and information concerning the individual transactions of the common or collective trust or pooled separate account, provided that the plan meets the requirements of paragraph (b) of this section, and, provided further, that the bank or insurance carrier which holds the plan's assets meets the requirements of paragraph (c) of this section. (b) Application. A plan whose assets are held in a common or collective trust or a pooled separate account described in section 103(b)(3)(G) of the Act and §§ 2520.103-3 and 2520.103-4, provided the plan administrator, on or before the end of the plan year, provides the bank or insurance carrier which maintains the common or collective trust or pooled separate account with the plan number, and name and Employer Identification Number of the plan sponsor as will be reported on the plan's annual report. (c) Separate filing by common or collective trusts and pooled separate accounts. The bank or insurance carrier which maintains the common or collective trust or pooled separate account in which assets of the plan are held shall file, in accordance with the instructions for the form, a completed Form 5500 “Annual Return/Report of Employee Benefit Plan” and any statements or schedules required to be attached to the form for the common or collective trust or pooled separate account, including Schedule D (DFE/Participating Plan Information) and Schedule H (Financial Information). See the instructions for this form. The information reported shall be for the fiscal year of such trust o… | |||
| 29:29:9.1.2.3.4.3.1.9 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | C | Subpart C—Annual Report Requirements | § 2520.103-10 Annual report financial schedules. | PBGC | [65 FR 21083, Apr. 19, 2000, as amended at 88 FR 11811, Feb. 24, 2023] | (a) General. The administrator of a plan filing an annual report pursuant to § 2520.103-1(a)(2), the report for a group insurance arrangement pursuant to § 2520.103-2, or the report for a defined contribution group (DCG) reporting arrangement pursuant to § 2520.103-14, shall, as provided in the instructions to the Form 5500 “Annual Return/Report of Employee Benefit Plan,” include as part of the report the separate financial schedules described in paragraph (b) of this section. (b) Schedules —(1) Assets held for investment. (i) A schedule of all assets held for investment purposes at the end of the plan year (see § 2520.103-11) with assets aggregated and identified by: (A) Identity of issue, borrower, lessor or similar party to the transaction (including a notation as to whether such party is known to be a party in interest); (B) Description of investment including maturity date, rate of interest, collateral, par, or maturity value; (C) Cost; and (D) Current value, and, in the case of a loan, the payment schedule. (ii) Except as provided in the Form 5500 and the instructions thereto, in the case of assets or investment interests of two or more plans maintained in one trust, all entries on the schedule of assets held for investment purposes that relate to the trust shall be completed by including the plan's allocable portion of the trust. (2) Assets acquired and disposed within the plan year. (i) A schedule of all assets acquired and disposed of within the plan year (see § 2520.103-11) with assets aggregated and identified by: (A) Identity of issue, borrower, issuer or similar party; (B) Descriptions of investment including maturity date, rate of interest, collateral, par, or maturity value; (C) Cost of acquisitions; and (D) Proceeds of dispositions. (ii) Except as provided in the Form 5500 and the instructions thereto, in the case of assets or investment interests of two or more plans maintained in one trust, all entries on the schedule of assets held for investment purposes that relate to the t… | |||
| 29:29:9.1.2.3.4.5.1.1 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-1 General. | PBGC | [41 FR 16962, Apr. 23, 1976] | The administrator of an employee benefit plan covered by part 1 of title I of the Act must file reports and additional information with the Secretary of Labor, and disclose reports, statements, and documents to plan participants and to beneficiaries receiving benefits from the plan. The regulations contained in this subpart are applicable to both the reporting and disclosure requirements of part 1 of title I of the Act. Regulations concerning only a plan administrator's duty of reporting to the Secretary of Labor are set forth in subpart E of this part, and those applicable only to the duty of disclosure to participants and beneficiaries are set forth in subpart F of this part. | |||
| 29:29:9.1.2.3.4.5.1.10 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-25 Exemption from reporting and disclosure for day care centers. | PBGC | [40 FR 34533, Aug. 15, 1975, as amended at 67 FR 776, Jan. 7, 2002] | Under the authority of section 104(a)(3) of the Act, day care centers are exempted from the reporting and disclosure provisions of part 1 of title I of the Act, except for providing plan documents to the Secretary upon request as required under section 104(a)(6) of the Act. | |||
| 29:29:9.1.2.3.4.5.1.11 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-26 Limited exemption for certain unfunded dues financed welfare plans maintained by employee organizations. | PBGC | [42 FR 37184, July 19, 1977, as amended at 67 FR 776, Jan. 7, 2002] | (a) Scope. Under the authority of section 104(a)(3) of the Act, a welfare benefit plan that meets the requirements of paragraph (b) of this section is exempted from the provisions of the Act that require filing with the Secretary an annual report and furnishing a summary annual report to participants and beneficiaries. Such plans may use a simplified method of reporting and disclosure to comply with the requirement to furnish a summary plan description to participants and beneficiaries, as follows: (1) In lieu of filing an annual report with the Secretary or distributing a summary annual report, a filing is made of Report Form LM-2 or LM-3, pursuant to the Labor-Management Reporting and Disclosure Act (LMRDA) and regulations thereunder, and (2) In lieu of a summary plan description, the employee organization constitution or by-laws may be furnished in accordance with § 2520.104b-2 to participants and beneficiaries together with any supplement to such document necessary to meet the requirements of §§ 2520.102-2 and 2520.102-3. (b) Application. This exemption is available only to welfare benefit plans maintained by an employee organization, as that term is defined in section 3(4) of the Act, paid for out of the employee organization's general assets, which are derived wholly or partly from membership dues, and which cover employee organization members and their beneficiaries. (c) Limitations. This exemption does not exempt the administrator from any other requirement of part 1 of title I of the Act. | |||
| 29:29:9.1.2.3.4.5.1.12 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-27 Alternative method of compliance for certain unfunded dues financed pension plans maintained by employee organizations. | PBGC | [42 FR 37184, July 19, 1977, as amended at 67 FR 777, Jan. 7, 2002] | (a) Scope. Under the authority of section 110 of the Act, a pension benefit plan that meets the requirements of paragraph (b) of this section is exempted from the provisions of the Act that require filing with the Secretary an annual report and furnishing a summary annual report to participants and beneficiaries receiving benefits. Such plans may use a simplified method of reporting and disclosure to comply with the requirement to furnish a summary plan description to participants and beneficiaries receiving benefits, as follows: (1) In lieu of filing an annual report with the Secretary or distributing a summary annual report, a filing is made of Report Form LM-2 or LM-3, pursuant to the Labor-Management Reporting and Disclosure Act (LMRDA) and regulations thereunder, and (2) In lieu of a summary plan description, the employee organization constitution or bylaws may be furnished in accordance with § 2520.104b-2 to participants and beneficiaries together with any supplement to such document necessary to meet the requirements of §§ 2520.102-2 and 2520.102-3. (b) Application. This exemption is available only to pension benefit plans maintained by an employee organization, as that term is defined in section 3(4) of the Act, paid for out of the employee organization's general assets, which are derived wholly or partly from membership dues, and which cover employee organization members and their beneficiaries. (c) Limitations. This exemption does not exempt the administrator from any other requirement of part 1 of title I of the Act. | |||
| 29:29:9.1.2.3.4.5.1.13 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-28 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.5.1.14 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-41 Simplified annual reporting requirements for plans with fewer than 100 participants. | PBGC | [43 FR 10150, Mar. 10, 1978, as amended at 45 FR 51446, Aug. 1, 1980; 54 FR 8629, Mar. 1, 1989; 65 FR 21084, Apr. 19, 2000; 65 FR 62973, Oct. 19, 2000; 78 FR 13796, Mar. 1, 2013] | (a) General. (1) Under the authority of section 104(a)(2)(A), the Secretary of Labor may prescribe simplified annual reporting for employee pension benefit plans with fewer than 100 participants. (2) Under the authority of section 104(a)(3), the Secretary of Labor may provide a limited exemption for any employee welfare benefit plan with respect to certain annual reporting requirements. (b) Application. The administrator of an employee pension or welfare benefit plan which covers fewer than 100 participants at the beginning of the plan year and the administrator of an employee pension or welfare benefit plan described in § 2520.103-1(d) may file the simplified annual report described in paragraph (c) of this section in lieu of the annual report described in § 2520.103-1(b). (c) Contents. The administrator of an employee pension or welfare benefit plan described in paragraph (b) of this section shall file, in the manner described in § 2520.104a-5, a completed Form 5500 “Annual Return/Report of Employee Benefit Plan” including, if applicable, the information described in § 2520.103-1(f) or, to the extent eligible, a completed Form 5500-SF “Short Form Annual Return/Report of Small Employee Benefit Plan,” and any required schedules or statements prescribed by the instructions to the applicable form, and, unless waived by § 2520.104-44 or § 2520.104-46, a report of an independent qualified public accountant meeting the requirements of § 2520.103-1(b). | |||
| 29:29:9.1.2.3.4.5.1.15 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-42 Waiver of certain actuarial information in the annual report. | PBGC | [44 FR 5446, Jan. 26, 1979] | Under the authority of section 104(a)(2)(A) of ERISA, the requirement of section 103(d)(6) of ERISA that the annual report include as part of the actuarial statement (Schedule B) 1 the present value of all of the plan's liabilities for nonforfeitable pension benefits allocated by termination priority categories, as set forth in section 4044 of title IV of ERISA, and the actuarial assumptions used in these computations, is waived. 1 Schedule B was filed as part of the original document. | |||
| 29:29:9.1.2.3.4.5.1.16 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-43 Exemption from annual reporting requirement for certain group insurance arrangements. | PBGC | [43 FR 10150, Mar. 10, 1978, as amended at 65 FR 21084, Apr. 19, 2000; 67 FR 777, Jan. 7, 2002] | (a) General. Under the authority of section 104(a)(3) of the Act, the administrator of an employee welfare benefit plan which meets the requirements of paragraph (b) of this section is not required to file an annual report with the Secretary of Labor as required by section 104(a)(1) of the Act. (b) Application. (1) This exemption applies only to a welfare plan for a plan year in which (i) such plan meets the requirements of § 2520.104-21, except the requirement that the plan cover fewer than 100 participants at the beginning of the plan year, and (ii) An annual report containing the items set forth in § 2520.103-2 has been filed with the Secretary of Labor in accordance with § 2520.104a-6 by the trust or other entity which is the holder of the group insurance contracts by which plan benefits are provided. (2) For purposes of this section, the terms “group insurance arrangement” or “trust or other entity” shall be used in place of the terms “plan” and “plan administrator,” as applicable, in §§ 2520.103-3, 2520.103-4, 2520.103-6, 2520.103-8, 2520.103-9 and 2520.103-10. (c) Limitation. This provision does not exempt the administrator of an employee benefit plan which meets the requirements of paragraph (b) from furnishing a copy of a summary annual report to participants and beneficiaries of the plan, as required by section 104(b)(3) of the Act. | |||
| 29:29:9.1.2.3.4.5.1.17 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-44 Limited exemption and alternative method of compliance for annual reporting by unfunded plans and by certain insured plans. | PBGC | [43 FR 10150, Mar. 10, 1978, as amended at 45 FR 51446, Aug. 1, 1980; 46 FR 5884, Jan. 21, 1981; 65 FR 21085, Apr. 19, 2000; 67 FR 777, Jan. 7, 2002; 72 FR 64728, Nov. 16, 2007] | (a) General. (1) Under the authority of section 104(a)(3) of the Act, the Secretary of Labor may exempt an employee welfare benefit plan from any or all of the reporting and disclosure requirements of title I. An employee welfare benefit plan which meets the requirements of paragraph (b)(1) of this section is not required to comply with the annual reporting requirements described in paragraph (c) of this section. (2) Under the authority of section 110 of the Act, an alternative method of compliance is prescribed for certain employee pension benefit plans subject to part 1, title I of the Act. An employee pension benefit plan which meets the requirements of paragraph (b)(2) or (b)(3) of this section is not required to comply with the annual reporting requirements described in paragraph (c) of this section. (b) Application. This section applies only to: (1) An employee welfare benefit plan under the terms of which benefits are to be paid— (i) Solely from the general assets of the employer or employee organization maintaining the plan; (ii) The benefits of which are provided exclusively through insurance contracts or policies issued by an insurance company or similar organization which is qualified to do business in any State or through a qualified health maintenance organization as defined in section 1310(d) of the Public Health Service Act, as amended, 42 U.S.C. 300e-9(d), the premiums for which are paid directly by the employer or employee organization from its general assets or partly from its general assets and partly from contributions by its employees or members, provided that any plan assets held by such an insurance company are held solely in the general account of such company or organization, contributions by participants are forwarded by the employer or employee organization within three months of receipt and, in the case of a plan that provides for the return of refunds to contributing participants, such refunds are returned to them within three months of receipt by the employer or employee org… | |||
| 29:29:9.1.2.3.4.5.1.18 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-45 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.5.1.19 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-46 Waiver of examination and report of an independent qualified public accountant for employee benefit plans with fewer than 100 participants. | PBGC | [43 FR 10151, Mar. 10, 1978, as amended at 43 FR 14010, Apr. 4, 1978; 45 FR 51447, Aug. 1, 1980; 54 FR 8629, Mar. 1, 1989; 65 FR 21085, Apr. 19, 2000; 65 FR 62973, Oct. 19, 2000; 72 FR 64728, Nov. 16, 2007; 80 FR 5663, Feb. 2, 2015] | (a) General. (1) Under the authority of section 103(a)(3)(A) of the Act, the Secretary may waive the requirements of section 103(a)(3)(A) in the case of a plan for which simplified annual reporting has been prescribed in accordance with section 104(a)(2) of the Act. (2) Under the authority of section 104(a)(3) of the Act the Secretary may exempt any employee welfare benefit plan from certain annual reporting requirements. (b) Application. (1)(i) The administrator of an employee pension benefit plan for which simplified annual reporting has been prescribed in accordance with section 104(a)(2)(A) of the Act and § 2520.104-41 is not required to comply with the annual reporting requirements described in paragraph (c) of this section, provided that with respect to each plan year for which the waiver is claimed— (A)( 1 ) At least 95 percent of the assets of the plan constitute qualifying plan assets within the meaning of paragraph (b)(1)(ii) of this section, or ( 2 ) Any person who handles assets of the plan that do not constitute qualifying plan assets is bonded in accordance with the requirements of section 412 of the Act and the regulations issued thereunder, except that the amount of the bond shall not be less than the value of such assets; (B) The summary annual report (described in § 2520.104b-10) or, in the case of plans subject to section 101(f) of the Act, the annual funding notice (described in § 2520.101-5), includes, in addition to any other required information: ( 1 ) Except for qualifying plan assets described in paragraph (b)(1)(ii)(A), (B) and (F) of this section, the name of each regulated financial institution holding (or issuing) qualifying plan assets and the amount of such assets reported by the institution as of the end of the plan year; ( 2 ) The name of the surety company issuing the bond, if the plan has more than 5% of its assets in non-qualifying plan assets; ( 3 ) A notice indicating that participants and beneficiaries may, upon request and without charge, examine, or receive cop… | |||
| 29:29:9.1.2.3.4.5.1.2 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | §§ 2520.104-2--2520.104-3 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.5.1.20 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-47 Limited exemption and alternative method of compliance for filing of insurance company financial reports. | PBGC | [45 FR 14034, Mar. 4, 1980] | An administrator of an employee benefit plan to which section 103(e)(2) of the Act applies shall be deemed in compliance with the requirement to include with its annual report a copy of the financial report of the insurance company, insurance service or similar organization, provided that the administrator files a copy of such report within 45 days of receipt of a written request for such report by the Secretary of Labor. | |||
| 29:29:9.1.2.3.4.5.1.21 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-48 Alternative method of compliance for model simplified employee pensions—IRS Form 5305-SEP. | PBGC | [45 FR 24869, Apr. 11, 1980] | Under the authority of section 110 of the Act the provisions of this section are prescribed as an alternative method of compliance with the reporting and disclosure requirements set forth in part 1 of title I of the Employee Retirement Income Security Act of 1974 in the case of a simplified employee pension (SEP) described in section 408(k) of the Internal Revenue Code of 1954 as amended (the Code) that is created by use without modification of Internal Revenue Service (IRS) Form 5305-SEP. (a) At the time an employee becomes eligible to participate in the SEP (whether at the creation of the SEP or thereafter), the administrator of the SEP (generally the employer establishing and maintaining the SEP) shall furnish the employee with a copy of the completed and unmodified IRS Form 5305-SEP used to create the SEP, including (1) the completed Contribution Agreement, (2) the General Information and Guidelines, and (3) the Questions and Answers. (b) Following the end of each calendar year the administrator of the SEP shall notify each participant in the SEP in writing of any employer contributions made under the Contribution Agreement to the participant's individual retirement account or individual retirement annuity (IRA) for that year. (c) If the employer establishing and maintaining the SEP selects, recommends, or in any other way influences employees to choose a particular IRA or type of IRA into which contributions under the SEP will be made, and if that IRA is subject to restrictions on a participant's ability to withdraw funds (other than restrictions imposed by the Code that apply to all IRAs), the administrator of the SEP shall give to each employee, in writing, within 90 days of the adoption of this regulation or at the time such employee becomes eligible to participate in the SEP, whichever is later, a clear explanation of those restrictions and a statement to the effect that other IRAs, into which rollovers or employee contributions may be made, may not be subject to such restrictions. | |||
| 29:29:9.1.2.3.4.5.1.22 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-49 Alternative method of compliance for certain simplified employee pensions. | PBGC | [46 FR 1264, Jan. 6, 1981] | Under the authority of section 110 of the Act, the provisions of this section are prescribed as an alternative method of compliance with the reporting and disclosure requirements set forth in part 1 of title I of the Act for a simplified employee pension (SEP) described in section 408(k) of the Internal Revenue Code of 1954 as amended, except for: A SEP that is created by proper use of Internal Revenue Service Form 5305-SEP, or; a SEP in connection with which the employer who establishes or maintains the SEP selects, recommends or influences its employees to choose the IRAs into which employer contributions will be made and those IRAs are subject to provisions that prohibit withdrawal of funds by participants for any period of time. (a) At the time an employee becomes eligible to participate in the SEP (whether at the creation of the SEP or thereafter) or up to 90 days after the effective date of this regulation, whichever is later, the administrator of the SEP (generally the employer establishing or maintaining the SEP) shall furnish the employee in writing with: (1) Specific information concerning the SEP, including: (i) The requirements for employee participation in the SEP, (ii) The formula to be used to allocate employer contributions made under the SEP to each participant's individual retirement account or annuity (IRA), (iii) The name or title of the individual who is designated by the employer to provide additional information to participants concerning the SEP, and (iv) If the employer who establishes or maintains the SEP selects, recommends or substantially influences its employees to choose the IRAs into which employer contributions under the SEP will be made, a clear explanation of the terms of those IRAs, such as the rate(s) of return and any restrictions on a participant's ability to roll over or withdraw funds from the IRAs, including restrictions that allow rollovers or withdrawals but reduce earnings of the IRAs or impose other penalties. (2) General information concerning SEPs and IRAs… | |||
| 29:29:9.1.2.3.4.5.1.23 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-50 Short plan years, deferral of accountant's examination and report. | PBGC | [46 FR 1265, Jan. 6, 1981] | (a) Definition of “short plan year.” For purposes of this section, a short plan year is a plan year, as defined in section 3(39) of the Act, of seven or fewer months' duration, which occurs in the event that: (1) A plan is established or commences operations; (2) A plan is merged or consolidated with another plan or plans; (3) A plan is terminated; or (4) The annual date on which the plan year begins is changed. (b) Deferral of accountant's report. A plan administrator is not required to include the report of an independent qualified public accountant in the annual report for the first of two consecutive plan years, one of which is a short plan year, provided that the following conditions are satisfied: (1) The annual report for the first of the two consecutive plan years shall include: (i) Financial statements and accompanying schedules prepared in conformity with the requirements of section 103(b) of the Act and regulations promulgated thereunder; (ii) An explanation why one of the two plan years is of seven or fewer months' duration; and (iii) A statement that the annual report for the immediately following plan year will include a report of an independent qualified public accountant with respect to the financial statements and accompanying schedules for both of the two plan years. (2) The annual report for the second of the two consecutive plan years shall include: (i) Financial statements and accompanying schedules prepared in conformity with section 103(b) of the Act and regulations promulgated thereunder with respect to both plan years; (ii) A report of an independent qualified public accountant with respect to the financial statements and accompanying schedules for both plan years; and (iii) A statement identifying any material differences between the unaudited financial information relating to, and contained in the annual report for, the first of the two consecutive plan years and the audited financial information relating to that plan year contained in the annual report for the immediat… | |||
| 29:29:9.1.2.3.4.5.1.24 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-51 Alternative method of compliance for defined contribution group (DCG) reporting arrangements. | PBGC | [88 FR 11812, Feb. 24, 2023] | (a) General. Under the authority of section 110 of the Act and section 202 of the SECURE Act, the administrator of an employee pension benefit plan which meets the requirements of paragraph (b) of this section is not required to file a separate annual report with the Secretary of Labor as required by section 104(a)(1) of the Act. (b) Application. (1) This alternative method of compliance applies only to an individual account or defined contribution pension plan for a plan year in which: (i) Such plan participates in a defined contribution group (DCG) reporting arrangement described in paragraph (c) of this section; and (ii) A consolidated annual report containing the items set forth in § 2520.103-14 has been filed with the Secretary of Labor in accordance with § 2520.104a-9 by the common plan administrator (as described in paragraph (c)(2)(iii) of this section) for all of the plans participating in the DCG reporting arrangement (as described in paragraph (c) of this section). (2) For purposes of this section, the terms “DCG reporting arrangement,” “DCG” or “common plan administrator” shall be used in place of the terms “plan” and “plan administrator,” in §§ 2520.103-3, 2520.103-4, 2520.103-6, 2520.103-9, 2520.103-10 and elsewhere in subpart C of this part and this subpart, as applicable. (c) Defined contribution group (DCG) reporting arrangement. An arrangement is a “DCG reporting arrangement” or “DCG” for purposes of this section only if all plans relying on the DCG consolidated annual report described in paragraph (b)(1)(ii) of this section— (1) Are individual account plans or defined contribution plans as defined in section 3(34) of the Act; (2) Have— (i) The same trustee meeting the requirements set forth in section 403(a) of the Act (“common trustee”); (ii) The same one or more named fiduciaries designated in accordance with the requirements set forth in section 402(a) of the Act (“common named fiduciaries”), except that nothing in this paragraph (c)(2)(ii) precludes an individual employer fro… | |||
| 29:29:9.1.2.3.4.5.1.3 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-4 Alternative method of compliance for certain successor pension plans. | PBGC | [42 FR 37182, July 19, 1977, as amended at 67 FR 776, Jan. 7, 2002] | (a) General. Under the authority of section 110 of the Act, this section sets forth an alternative method of compliance for certain successor pension plans in which some participants and beneficiaries not only have their rights set out in the plan, but also retain eligibility for certain benefits under the terms of a former plan which has been merged into the successor. This section is applicable only to plan mergers which occur after the issuance by the successor plan of the initial summary plan description under the Act. Under the alternative method, the plan administrator of the successor plan is not required to describe relevant provisions of merged plans in summary plan descriptions of the successor plan furnished after the merger to that class of participants and beneficiaries still affected by the terms of the merged plans. (b) Scope and application. This alternative method of compliance is available only if: (1) The plan administrator of the successor plan furnishes to the participants covered under the predecessor plan and beneficiaries receiving pension benefits under the merged plan within 90 days after the effective date of the merger: (i) A copy of the most recent summary plan description of the successor plan; (ii) A copy of any summaries of material modifications to the successor plan not incorporated in the most recent summary plan description; and (iii) A separate statement containing a brief description of the merger, a description of the provisions of, and benefits provided by, the merged and successor plans which are applicable to the participants and beneficiaries of the merged plan; and a notice that copies of the merged and successor plan documents, as well as the plan merger documents (including the portions of any corporate merger documents which describe or control the plan merger), are available for inspection and that copies may be obtained upon written request for a duplication charge (pursuant to § 2520.104b-30); and (2) After the merger, the plan administrator, in all subs… | |||
| 29:29:9.1.2.3.4.5.1.4 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | §§ 2520.104-5--2520.104-6 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.5.1.5 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-20 Limited exemption for certain small welfare plans. | PBGC | [43 FR 10148, Mar. 10, 1978, as amended at 46 FR 5884, Jan. 21, 1981; 67 FR 776, Jan. 7, 2002; 78 FR 13796, Mar. 1, 2013] | (a) Scope. Under the authority of section 104(a)(3) of the Act, the administrator of any employee welfare benefit plan which covers fewer than 100 participants at the beginning of the plan year and which meets the requirements of paragraph (b) of this section is exempted from certain reporting and disclosure provisions of the Act. Specifically, the administrator of such plan is not required to file with the Secretary an annual or terminal report. In addition, the administrator of a plan exempted under this section— (1) Is not required to furnish participants covered under the plan and beneficiaries receiving benefits under the plan with statements of the plan's assets and liabilities and receipts and disbursements and a summary of the annual report required by section 104(b)(3) of the Act; (2) Is not required to furnish upon written request of any participant or beneficiary a copy of the annual report and any terminal report, as required by section 104(b)(4) of the Act; (3) Is not required to make copies of the annual report available for examination by any participant or beneficiary in the principal office of the administrator and such other places as may be necessary, as required by section 104(b)(2) of the Act. (b) Application. This exemption applies only to welfare benefit plans— (1) Which have fewer than 100 participants at the beginning of the plan year; (2)(i) For which benefits are paid as needed solely from the general assets of the employer or employee organization maintaining the plan, or (ii) The benefits of which are provided exclusively through insurance contracts or policies issued by an insurance company or similar organization which is qualified to do business in any State or through a qualified health maintenance organization as defined in section 1310(d) of the Public Health Service Act, as amended, 42 U.S.C. 300e-9(d), the premiums for which are paid directly by the employer or employee organization from its general assets or partly from its general assets and partly from contributi… | |||
| 29:29:9.1.2.3.4.5.1.6 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-21 Limited exemption for certain group insurance arrangements. | PBGC | [43 FR 10149, Mar. 10, 1978, as amended at 65 FR 21084, Apr. 19, 2000; 67 FR 776, Jan. 7, 2002] | (a) Scope. Under the authority of section 104(a)(3) of the Act, the administrator of any employee welfare benefit plan which covers fewer than 100 participants at the beginning of the plan year and which meets the requirements of paragraph (b) of this section is exempted from certain reporting and disclosure provisions of the Act. Specifically, the administrator of such plan is not required to file with the Secretary a terminal report or furnish upon written request of any participant or beneficiary a copy of any terminal report as required by section 104(b)(4) of the Act. (b) Application. This exemption applies only to welfare plans, each of which has fewer than 100 participants at the beginning of the plan year and which are part of a group insurance arrangement if such arrangement: (1) Provides benefits to the employees of two or more unaffiliated employers, but not in connection with a multiemployer plan as defined in section 3(37) of the Act and any regulations prescribed under the Act concerning section 3(37); (2) Fully insures one or more welfare plans of each participating employer through insurance contracts purchased solely by the employers or purchased partly by the employers and partly by their participating employees, with all benefit payments made by the insurance company: Provided, That— (i) Contributions by participating employees are forwarded by the employers within three months of receipt, (ii) Refunds, to which contributing participants are entitled, are returned to them within three months of receipt, and (iii) Contributing participants are informed upon entry into the plan of the provisions of the plan concerning the allocation of refunds; and (3) Uses a trust (or other entity such as a trade association) as the holder of the insurance contracts and uses a trust as the conduit for payment of premiums to the insurance company. (c) Limitations. This exemption does not exempt the administrator of an employee benefit plan from any other requirement of title I of the Act, includin… | |||
| 29:29:9.1.2.3.4.5.1.7 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-22 Exemption from reporting and disclosure requirements for apprenticeship and training plans. | PBGC | [45 FR 15529, Mar. 11, 1980, as amended at 45 FR 27933, Apr. 25, 1980; 54 FR 8629, Mar. 1, 1989; 68 FR 16400, Apr. 3, 2003; 84 FR 27955, June 17, 2019] | (a) An employee welfare benefit plan that provides exclusively apprenticeship training benefits or other training benefits or that provides exclusively apprenticeship and training benefits shall not be required to meet any requirement of part 1 of the Act, provided that the administrator of such plan: (1) Has filed with the Secretary the notice described in paragraph (b) of this section; (2) Takes steps reasonably designed to ensure that the information required to be contained in such notice is disclosed to employees of employers contributing to the plan who may be eligible to enroll in any course of study sponsored or established by the plan; and (3) Makes such notice available to such employees upon request. (b) The notice referred to in paragraph (a) of this section shall contain accurate information concerning: (1) The name of the plan; (2) The Employer Identification Number (EIN) of the plan sponsor; (3) The name of the plan administrator; (4) The name and location of an office or person from whom an interested individual can obtain: (i) A description of any existing or anticipated future course of study sponsored or established by the plan, including any prerequisites for enrolling in such course; and (ii) A description of the procedure by which to enroll in such course. (c) The notice referred to in paragraph (a) of this section shall be filed with the Secretary electronically in accordance with the instructions published by the Department. | |||
| 29:29:9.1.2.3.4.5.1.8 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-23 Alternative method of compliance for pension plans for certain selected employees. | PBGC | [40 FR 34533, Aug. 15, 1975, as amended at 54 FR 8629, Mar. 1, 1989; 67 FR 776, Jan. 7, 2002; 68 FR 16400, Apr. 3, 2003; 84 FR 27955, June 17, 2019] | (a) Purpose and scope. (1) This section contains an alternative method of compliance with the reporting and disclosure requirements of part 1 of title I of the Employee Retirement Income Security Act of 1974 for unfunded or insured pension plans maintained by an employer for a select group of management or highly compensated employees, pursuant to the authority of the Secretary of Labor under section 110 of the Act (88 Stat. 851). (2) Under section 110 of the Act, the Secretary is authorized to prescribe an alternative method for satisfying any requirement of part 1 of title I of the Act with respect to any pension plans, or class of pension plans, subject to such requirement. (b) Filing obligation. Under the authority of section 110 of the Act, an alternative form of compliance with the reporting and disclosure requirements of part 1 of the Act is provided for certain pension plans for a select group of management or highly compensated employees. The administrator of a pension plan described in paragraph (d) shall be deemed to satisfy the reporting and disclosure provisions of part 1 of title I of the Act by— (1) Filing a statement with the Secretary of Labor that includes the name and address of the employer, the employer identification number (EIN) assigned by the Internal Revenue Service, a declaration that the employer maintains a plan or plans primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, and a statement of the number of such plans and the number of employees in each, and (2) Providing plan documents, if any, to the Secretary upon request as required by section 104(a)(6) of the Act. Only one statement need be filed for each employer maintaining one or more of the plans described in paragraph (d) of this section. For plans in existence on May 4, 1975, the statement shall be filed on or before August 31, 1975. For a plan to which part 1 of title I of the Act becomes applicable after May 4, 1975, the statement shall be fil… | |||
| 29:29:9.1.2.3.4.5.1.9 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | D | Subpart D—Provisions Applicable to Both Reporting and Disclosure Requirements | § 2520.104-24 Exemption for welfare plans for certain selected employees. | PBGC | [40 FR 34533, Aug. 15, 1975, as amended at 67 FR 776, Jan. 7, 2002] | (a) Purpose and scope. (1) This section, under the authority of section 104(a)(3) of the Employee Retirement Income Security Act of 1974, exempts unfunded or insured welfare plans maintained by an employer for the purpose of providing benefits for a select group of management or highly compensated employees from the reporting and disclosure provisions of part 1 of title I of the Act, except for the requirement to provide plan documents to the Secretary of Labor upon request under section 104(a)(1) of the Act. (2) Under section 104(a)(3) of the Act, the Secretary is authorized to exempt by regulation any welfare benefit plan from all or part of the reporting and disclosure requirements of title I of the Act. (b) Exemption. Under the authority of section 104(a)(3) of the Act, each employee welfare benefit plan described in paragraph (c) of this section is exempted from the reporting and disclosure provisions of part 1 of title I of the Act, except for providing plan documents to the Secretary of Labor upon request as required by section 104(a)(6). (c) Application. This exemption is available only to employee welfare benefit plans: (1) Which are maintained by an employer primarily for the purpose of providing benefits for a select group of management or highly compensated employees, and (2) For which benefits (i) are paid as needed solely from the general assets of the employer, (ii) are provided exclusively through insurance contracts or policies, the premiums for which are paid directly by the employer from its general assets, issued by an insurance company or similar organization which is qualified to do business in any State, or (iii) both. | |||
| 29:29:9.1.2.3.4.6.1.1 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | E | Subpart E—Reporting Requirements | § 2520.104a-1 Filing with the Secretary of Labor. | PBGC | [42 FR 37185, July 19, 1977] | (a) General reporting requirements. Part 1 of title I of the Act requires that the administrator of an employee benefit plan subject to the provisions of part 1 file with the Secretary of Labor certain reports and additional documents. Each report filed shall accurately and comprehensively detail the information required. Where a form is prescribed, the reports shall be filed on that form. The Secretary may reject any incomplete filing. Reports and documents shall be filed as specified in this part. (b) Exemption for certain welfare plans. See §§ 2520.104-20, 2520.104-21, 2520.104-22, 2520.104-24, and 2520.104-25. (c) Alternative method of compliance for pension plans for certain selected employees. See § 2520.104-23. | |||
| 29:29:9.1.2.3.4.6.1.2 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | E | Subpart E—Reporting Requirements | § 2520.104a-2 Electronic filing of annual reports. | PBGC | [71 FR 41368, July 21, 2006, as amended at 72 FR 64729, Nov. 16, 2007] | (a) Any annual report (including any accompanying statements or schedules) filed with the Secretary under part 1 of title I of the Act for any plan year (reporting year, in the case of common or collective trusts, pooled separate accounts, and similar non-plan entities) beginning on or after January 1, 2009, shall be filed electronically in accordance with the instructions applicable to such report, and such other guidance as the Secretary may provide. (b) Nothing in paragraph (a) of this section is intended to alter or affect the duties of any person to retain records or to disclose information to participants, beneficiaries, or the Secretary. | |||
| 29:29:9.1.2.3.4.6.1.3 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | E | Subpart E—Reporting Requirements | §§ 2520.104a-3--2520.104a-4 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.6.1.4 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | E | Subpart E—Reporting Requirements | § 2520.104a-5 Annual reporting filing requirements. | PBGC | [43 FR 10152, Mar. 10, 1978; 43 FR 14010, Apr. 4, 1978; 67 FR 777, Jan. 7, 2002; 88 FR 11812, Feb. 24, 2023] | (a) Filing obligation. Except as provided in §§ 2520.104a-6 and 2520.104a-9, the administrator of an employee benefit plan required to file an annual report pursuant to section 104(a)(1) of the Act shall file an annual report containing the items prescribed in § 2520.103-1 within: (1) [Reserved] (2) Seven months after the close of any plan year which begins after December 31, 1975, unless extended. See “When to file” instructions of the appropriate Annual Return/Report Form. (b) Where to file. The annual report described in § 2520.103-1 shall be filed in accordance with and at the address provided in the instructions to the Annual Return/Report Form. | |||
| 29:29:9.1.2.3.4.6.1.5 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | E | Subpart E—Reporting Requirements | § 2520.104a-6 Annual reporting for plans which are part of a group insurance arrangement. | PBGC | [43 FR 10152, Mar. 10, 1978; 43 FR 14010, Apr. 4, 1978] | (a) General. A trust or other entity described in § 2520.104-43(b) that files an annual report in accordance with the terms of subsections (b) and (c) shall be deemed to have filed such report in accordance with § 2520.104a-6 for purposes of § 2520.104-43. (b) Date of filing. The annual report shall be filed within: (1) Eleven and one-half months after the close of the fiscal year of the trust or other entity described in § 2520.104-43 which begins in 1975 or December 15, 1977, whichever is later; and (2) Seven months after the close of the fiscal year of the trust or other entity which begins after December 31, 1975, unless extended. See “When to file” instructions of the appropriate Annual Return/Report Form. (c) Where to file. The annual report prescribed in § 2520.103-2 shall be filed in accordance with and at the address provided in the instructions to the Annual Return/Report Form. | |||
| 29:29:9.1.2.3.4.6.1.6 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | E | Subpart E—Reporting Requirements | § 2520.104a-7 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.6.1.7 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | E | Subpart E—Reporting Requirements | § 2520.104a-8 Requirement to furnish documents to the Secretary of Labor on request. | PBGC | [67 FR 784, Jan. 7, 2002] | (a) In general. (1) Under section 104(a)(6) of the Act, the administrator of an employee benefit plan subject to the provisions of part 1 of title I of the Act is required to furnish to the Secretary, upon request, any documents relating to the employee benefit plan. For purposes of section 104(a)(6) of the Act, the administrator of an employee benefit plan shall furnish to the Secretary, upon service of a written request, a copy of: (i) The latest updated summary plan description (including any summaries of material modifications to the plan or changes in the information required to be included in the summary plan description); and (ii) Any other document described in section 104(b)(4) of the Act with respect to which a participant or beneficiary has requested, in writing, a copy from the plan administrator and which the administrator has failed or refused to furnish to the participant or beneficiary. (2) Multiple requests for document(s). Multiple requests under this section for the same or similar document or documents shall be considered separate requests for purposes of § 2560.502c-6(a). (b) For purposes of this section, a participant or beneficiary will include any individual who is: (1) A participant or beneficiary within the meaning of ERISA sections 3(7) and 3(8), respectively; (2) An alternate payee under a qualified domestic relations order (see ERISA section 206(d)(3)(K)) or prospective alternate payee (spouses, former spouses, children or other dependents); (3) A qualified beneficiary under COBRA (see ERISA section 607(3)) or prospective qualified beneficiary (spouse or dependent child); (4) An alternate recipient under a qualified medical child support order (see ERISA section 609(a)(2)(C)) or a prospective alternate recipient; or (5) A representative of any of the foregoing. (c) Service of request. Requests under this section shall be served in accordance with § 2560.502c-6(i). (d) Furnishing documents. A document shall be deemed to be furnished to the Secretary on the date the d… | |||
| 29:29:9.1.2.3.4.6.1.8 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | E | Subpart E—Reporting Requirements | § 2520.104a-9 Annual reporting for defined contribution group (DCG) reporting arrangements. | PBGC | [88 FR 11812, Feb. 24, 2023] | (a) General. A defined contribution group (DCG) reporting arrangement described in § 2520.104-51(c) that files a consolidated annual report for all the plans participating in the DCG reporting arrangement in accordance with the terms of paragraphs (b) and (c) of this section shall be deemed to have filed such a report in accordance with § 2520.104a-9 for purposes of § 2520.104-51. (b) Date of filing. The consolidated annual report shall be filed within seven months after the close of the common plan year of all the plans participating in the DCG reporting arrangement, unless extended. See “When to file” instructions of the Form 5500 Annual Return/Report. (c) Where to file. The consolidated annual report prescribed in § 2520.103-14 shall be filed electronically in accordance with the instructions to the Annual Return/Report Form. | |||
| 29:29:9.1.2.3.4.7.1.1 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | G | Subpart G—Recordkeeping Requirements | § 2520.107-1 Use of electronic media for maintenance and retention of records. | PBGC | [67 FR 17275, Apr. 9, 2002] | (a) Scope and purpose. Sections 107 and 209 of the Employee Retirement Income Security Act of 1974, as amended (ERISA), contain certain requirements relating to the maintenance of records for reporting and disclosure purposes and for determining the pension benefits to which participants and beneficiaries are or may become entitled. This section provides standards applicable to both pension and welfare plans concerning the use of electronic media for the maintenance and retention of records required to be kept under sections 107 and 209 of ERISA. (b) General requirements. The record maintenance and retention requirements of sections 107 and 209 of ERISA are satisfied when using electronic media if: (1) The electronic recordkeeping system has reasonable controls to ensure the integrity, accuracy, authenticity and reliability of the records kept in electronic form; (2) The electronic records are maintained in reasonable order and in a safe and accessible place, and in such manner as they may be readily inspected or examined (for example, the recordkeeping system should be capable of indexing, retaining, preserving, retrieving and reproducing the electronic records); (3) The electronic records are readily convertible into legible and readable paper copy as may be needed to satisfy reporting and disclosure requirements or any other obligation under Title I of ERISA; (4) The electronic recordkeeping system is not subject, in whole or in part, to any agreement or restriction that would, directly or indirectly, compromise or limit a person's ability to comply with any reporting and disclosure requirement or any other obligation under Title I of ERISA; and (5) Adequate records management practices are established and implemented (for example, following procedures for labeling of electronically maintained or retained records, providing a secure storage environment, creating back-up electronic copies and selecting an off-site storage location, observing a quality assurance program evidenced by regular evaluations… | |||
| 29:29:9.1.2.3.4.7.1.2 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | F | Subpart F—Disclosure Requirements | § 2520.104b-2 Summary plan description. | PBGC | [42 FR 37187, July 19, 1977, as amended at 45 FR 14032, Mar. 4, 1980; 48 FR 1714, Jan. 14, 1983; 61 FR 33849, 33850, July 1, 1996; 67 FR 777, Jan. 7, 2002] | (a) Obligation to furnish. Under the authority of sections 104(b)(1) and 104(c) of the Act, the plan administrator of an employee benefit plan subject to the provisions of part 1 of title I shall furnish a copy of the summary plan description and a statement of ERISA rights as provided in § 2520.102-3(t), to each participant covered under the plan (as defined in § 2510.3-3(d)), and each beneficiary receiving benefits under a pension plan on or before the later of: (1) The date which is 90 days after the employee becomes a participant, or (in the case of a beneficiary receiving benefits under a pension plan) within 90 days after he or she first receives benefits, except as provided in § 2520.104b-4(a), or, (2) Within 120 days after the plan becomes subject to part 1 of title I. (3)(i) A plan becomes subject to part 1 of title I on the first day on which an employee is credited with an hour of service under § 2530.200b-2 or § 2530.200b-3. Where a plan is made prospectively effective to take effect after a certain date or after a condition is satisfied, the day upon which the plan becomes subject to part 1 of title I is the day after such date or condition is satisfied. Where a plan is adopted with a retroactive effective date, the 120 day period begins on the day after the plan is adopted. Where a plan is made retroactively effective dependent on a condition, the day on which the plan becomes subject to part 1 of title I is the day after the day on which the condition is satisfied. Where a plan is made retroactively effective subject to a contingency which may or may not occur in the future, the day on which the plan becomes subject to part 1, title I is the day after the day on which the contingency occurs. (ii) Examples: Company A is negotiating the purchase of Company B. On September 1, 1978, as part of the negotiations, Company A adopts a pension plan covering the employees of Company B, contingent on the successful conclusion of its negotiations to purchase Company B. The plan provides that it shall ta… | |||
| 29:29:9.1.2.3.4.7.1.3 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | F | Subpart F—Disclosure Requirements | § 2520.104b-3 Summary of material modifications to the plan and changes in the information required to be included in the summary plan description. | PBGC | [42 FR 37188, July 19, 1977, as amended at 62 FR 16985, Apr. 8, 1997; 62 FR 36205, July 7, 1997; 65 FR 70243, Nov. 21, 2000; 66 FR 34994, July 2, 2001; 67 FR 777, Jan. 7, 2002] | (a) The administrator of an employee benefit plan subject to the provisions of part 1 of title I of the Act shall, in accordance with § 2520.104b-1(b), furnish a summary description of any material modification to the plan and any change in the information required by section 102(b) of the Act and § 2520.102-3 of these regulations to be included in the summary plan description to each participant covered under the plan and each beneficiary receiving benefits under the plan. Except as provided in paragraph (d) of this section, the plan administrator shall furnish this summary, written in a manner calculated to be understood by the average plan participant, not later than 210 days after the close of the plan year in which the modification or change was adopted. This disclosure date is not affected by retroactive application to a prior plan year of an amendment which makes a material modification to the plan; a modification does not occur before it is adopted. For example, a calendar year plan adopts a modification in April, 1978. The modification, by its terms, applies retroactively to the 1977 plan year. A summary description of the material modification is furnished on or before July 29, 1979. A plan which adopts an amendment which makes a material modification to the plan which takes effect on a date in the future must disclose a summary of that modification within 210 days after the close of the plan year in which the modification or change is adopted. Under the authority of sections 104(a)(3) and 110 of the Act, a summary description of a material modification or change is not required to be disclosed if it is rescinded or otherwise does not take effect. For example, a calendar year plan adopts a modification in June, 1978. The modification, by its terms, becomes effective beginning in plan year 1979. Before the beginning of plan year 1979, the prospective modification is withdrawn. No summary of the material modification is required to be disclosed. (b) The summary of material modifications to the plan or ch… | |||
| 29:29:9.1.2.3.4.7.1.4 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | F | Subpart F—Disclosure Requirements | § 2520.104b-4 Alternative methods of compliance for furnishing the summary plan description and summaries of material modifications of a pension plan to a retired participant, a separated participant with vested benefits, and a beneficiary receiving benefits. | PBGC | [45 FR 14032, Mar. 4, 1980, as amended at 61 FR 33850, July 1, 1996] | Under the authority of section 110 of the Act, in the case of an employee pension benefit plan— (a) Summary plan descriptions. A plan administrator will be deemed to satisfy the requirements of section 104(b)(1) of the Act and § 2520.104b-2(a) to furnish a copy of the initial summary plan description to a retired participant, a beneficiary receiving benefits, or a separated participant with vested benefits (“vested separated participant”) if, no earlier than the date stated in paragraph (a)(4) of this section, (1) In the case of a retired participant or a beneficiary receiving benefits, a document is furnished which— (i) Meets the requirements of §§ 2520.102-2 and 2520.102-3 except paragraphs (b)(3), (b)(4), (j), (k), (l), (n), (o) and (p); (ii) Contains a statement that the benefit payment presently being received by the retired participant or beneficiary receiving benefits will continue in the same amount and for the period provided in the mode of settlement selected at retirement, and will not be changed except as described in paragraph (a)(1)(iii) of this section; and (iii) Contains a statement describing any plan provision under which the present benefit payment may be reduced, changed, terminated, forfeited or suspended; (2) In the case of a vested separated participant, a document is furnished which— (i) Meets the requirements of §§ 2520.102-2 and 2520.102-3 except paragraphs (b)(3), (b)(4), (j), (l), (n), (o), (p) and (r); (ii)(A) If at or after separation, a separated vested participant was furnished a statement of the dollar amount of the vested benefit or the method of computation of the benefit, includes a statement that the dollar amount of the vested benefit was previously furnished and that a copy of the previously furnished statement of the dollar amount of such vested benefit or method of computation of the benefit may be obtained from the plan upon request; (B) If the vested separated participant was not furnished a statement of the dollar amount of the vested benefit or the method of… | |||
| 29:29:9.1.2.3.4.7.1.5 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | F | Subpart F—Disclosure Requirements | § 2520.104b-10 Summary Annual Report. | PBGC | [44 FR 19403, Apr. 3, 1979, as amended at 44 FR 31640, June 1, 1979; 47 FR 31873, July 23, 1982; 54 FR 8629, Mar. 1, 1989; 65 FR 21085, Apr. 19, 2000; 65 FR 35568, June 5, 2000; 68 FR 16400, Apr. 3, 2003; 72 FR 64729, Nov. 16, 2007; 80 FR 5663, Feb. 2, 2015; 88 FR 11812, Feb. 24, 2023] | (a) Obligation to furnish. Except as otherwise provided in paragraph (g) of this section, the administrator of any employee benefit plan shall furnish annually to each participant of such plan and to each beneficiary receiving benefits under such plan (other than beneficiaries under a welfare plan) a summary annual report conforming to the requirements of this section. Such furnishing of the summary annual report shall take place in accordance with the requirements of § 2520.104b-1 of this part. (b) [Reserved] (c) When to furnish. Except as otherwise provided in this paragraph (c), the summary annual report required by paragraph (a) of this section shall be furnished within nine months after the close of the plan year. (1) In the case of a welfare plan described in § 2520.104-43 of this part, such furnishing shall take place within 9 months after the close of the fiscal year of the trust or other entity which files the annual report under § 2520.104a-6 of this part. (2) When an extension of time in which to file an annual report has been granted by the Internal Revenue Service, such furnishing shall take place within 2 months after the close of the period for which the extension was granted. (d) Contents, style and format. Except as otherwise provided in this paragraph (d), the summary annual report furnished to participants and beneficiaries of an employee pension benefit plan pursuant to this section shall consist of a completed copy of the form prescribed in paragraph (d)(3) of this section, and the summary annual report furnished to participants and beneficiaries of an employee welfare benefit plan pursuant to this section shall consist of a completed copy of the form prescribed in paragraph (d)(4) of this section. The information used to complete the form shall be based upon information contained in the most recent annual report of the plan which is required to be filed in accordance with section 104(a)(1) of the Act. (1) Any portion of the forms set forth in this paragraph (d) which is not appli… | |||
| 29:29:9.1.2.3.4.7.1.6 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | F | Subpart F—Disclosure Requirements | § 2520.104b-30 Charges for documents. | PBGC | [41 FR 16964, Apr. 23, 1976, as amended at 41 FR 37575, Sept. 7, 1976; 75 FR 9342, Mar. 2, 2010] | (a) Application. The plan administrator of an employee benefit plan may impose a reasonable charge to cover the cost of furnishing to participants and beneficiaries upon their written request as required under section 104(b)(4) of the Act, copies of the following information, statements or documents: The latest updated summary plan description, and the latest annual report, any terminal report, the bargaining agreement, trust agreement, contract, or other instruments under which the plan is established or operated. Except where explicitly permitted under the Act, no charge may be assessed for furnishing information, statements or documents as required by other provisions of the Act, which include, in part 1 of title I, sections 104(b)(1), (2), (3) and (c) and 105(a) and (c). (b) Reasonableness. The charge assessed by the plan administrator to cover the costs of furnishing documents is reasonable if it is equal to the actual cost per page to the plan for the least expensive means of acceptable reproduction, but in no event may such charge exceed 25 cents per page. For example, if a plan printed a large number of pamphlets at $1.00 per 50-page pamphlet, the actual cost of reproduction for the entire pamphlet ($1.00) would be equal to 2 cents per page. If only one page of such a pamphlet were requested, the actual cost of providing that page from the printed copy would be $1.00, since the copy would no longer be complete. In such a case, the least expensive means of acceptable reproduction would be individually reproducing the page requested at a charge of no more than 25 cents. On the other hand, if six pages of the same plan document were requested and each page cost 20 cents to be reproduced, the actual cost of providing those pages would be $1.20. In such a case, if a printed copy is available, the least expensive means of acceptable reproduction would be to use pages from the printed copy at a charge of no more than $1.00. No other charge for furnishing documents, such as handling or postage charges, will … | |||
| 29:29:9.1.2.3.4.7.1.7 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | F | Subpart F—Disclosure Requirements | § 2520.104b-31 Alternative method for disclosure through electronic media—Notice-and-access. | PBGC | [85 FR 31922, May 27, 2020] | (a) Alternative method for disclosure through electronic media—Notice-and-access. As an alternative to § 2520.104b-1(c), the administrator of an employee benefit plan satisfies the general furnishing obligation in § 2520.104b-1(b)(1) with respect to covered individuals and covered documents, provided that the administrator complies with the notice, access, and other requirements of paragraphs (b) through (k) of this section, as applicable. (b) Covered individual. For purposes of this section, a “covered individual” is a participant, beneficiary, or other individual entitled to covered documents and who—when he or she begins participating in the plan, as a condition of employment, or otherwise—provides the employer, plan sponsor, or administrator (or an appropriate designee of any of the foregoing) with an electronic address, such as an electronic mail (“email”) address or internet-connected mobile-computing-device ( e.g., “smartphone”) number, at which the covered individual may receive a written notice of internet availability, described in paragraph (d) of this section, or an email described in paragraph (k) of this section. Alternatively, if an electronic address is assigned by an employer to an employee for employment-related purposes that include but are not limited to the delivery of covered documents, the employee is treated as if he or she provided the electronic address. (c) Covered documents. For purposes of this section, a “covered document” is: (1) Pension benefit plans. In the case of an employee pension benefit plan, as defined in section 3(2) of the Act, any document or information that the administrator is required to furnish to participants and beneficiaries pursuant to Title I of the Act, except for any document or information that must be furnished only upon request. (2) [Reserved] (d) Notice of internet availability —(1) General. The administrator must furnish to each covered individual a notice of internet availability for each covered document in accordance with the requirem… | |||
| 29:29:9.1.2.3.4.7.1.8 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | F | Subpart F—Disclosure Requirements | §§ 2520.105-1--2520.105-2 [Reserved] | PBGC | |||||
| 29:29:9.1.2.3.4.7.1.9 | 29 | Labor | XXV | C | 2520 | PART 2520—RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE | F | Subpart F—Disclosure Requirements | § 2520.105-3 Lifetime income disclosure for individual account plans. | PBGC | [85 FR 59154, Sept. 18, 2020] | (a) Content requirements. At least annually, the administrator of an individual account plan must furnish a benefit statement pursuant to section 105(a) of the Employee Retirement Income Security Act of 1974 (Act) that is written in a manner calculated to be understood by the average plan participant and that contains the information required by this section, based on the latest information available to the plan. (b) Total benefits accrued; lifetime income disclosure. A benefit statement described in paragraph (a) of this section must include: (1) The beginning and ending dates of the statement period; (2) The value of the account balance as of the last day of the statement period, excluding the value of any deferred income annuity described in paragraph (e)(2) of this section; (3) The amount specified in paragraph (b)(2) of this section expressed as an equivalent lifetime income stream payable in equal monthly payments for the life of the participant (single life annuity), determined in accordance with paragraph (c) or (e)(1) of this section; and (4) The amount specified in paragraph (b)(2) of this section expressed as an equivalent lifetime income stream payable in equal monthly payments for the joint lives of the participant and spouse (qualified joint and survivor annuity), determined in accordance with paragraph (c) or (e)(1) of this section. (c) Assumptions for converting an account balance into lifetime income streams. The account balance specified in paragraph (b)(2) of this section shall be converted to the lifetime income streams described in paragraphs (b)(3) and (4) of this section using the following assumptions: (1) Commencement date and age. (i) The first payment is made on the last day of the statement period (the commencement date); and (ii) The participant is age 67 on the commencement date, unless the participant is older than age 67, in which case the participant's actual age must be used for the conversions under this section. (2) Marital status. For purposes of paragraph (… |
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CREATE TABLE cfr_sections (
section_id TEXT PRIMARY KEY,
title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
subpart_name TEXT,
section_number TEXT,
section_heading TEXT,
agency TEXT,
authority TEXT,
source_citation TEXT,
amendment_citations TEXT,
full_text TEXT
);
CREATE INDEX idx_cfr_title ON cfr_sections(title_number);
CREATE INDEX idx_cfr_part ON cfr_sections(part_number);
CREATE INDEX idx_cfr_agency ON cfr_sections(agency);