Looking for a U.s. Department Of Labor Forms And Templates? Download it for free!

Fact Sheet - Final Regulation Improving Workers' Access To Multiemployer Retirement Plan Information - U.s. Department Of Labor - 2010

Fact Sheet

U.S. Department of Labor

Employee Benefits Security Administration

February 26, 2010

Final Regulation Improving Workers’ Access to Multiemployer

Retirement Plan Information

The Pension Protection Act of 2006 amended the Employee Retirement Income Security Act of 1974 (ERISA) by adding a

new section 101(k) to increase transparency with respect to multiemployer retirement plan operations. The Department of

Labor is publishing a final regulation that will increase pension plan transparency by ensuring that workers will have

greater access to information about the operation and financial health of their multiemployer defined benefit and defined

contribution (e.g., 401(k)) pension plans, enhancing retirement security and supporting the Secretary of Labor’s good jobs

for everyone policy.

Background

• The Department’s Employee Benefits Security Administration (EBSA) is responsible for

administering and enforcing the fiduciary, reporting, and disclosure provisions of Title I of

ERISA. EBSA oversees approximately 708,000 private pension plans, including

approximately 659,000 defined contribution plans and approximately 49,000 defined benefit

plans, and millions of private health and welfare plans that are subject to ERISA.

• The rule is expected to impact about 1,500 multiemployer defined benefit plans with 9.7

million participants and beneficiaries and about 1,500 multiemployer defined contribution

plans with 3.7 million participants and beneficiaries.

• A multiemployer plan generally is a plan to which more than one employer is required to

contribute and which is maintained pursuant to one or more collective bargaining agreements

between one or more employee organizations and more than one employer.

• On September 14, 2007, the Department published a proposed regulation under section 101(k)

of ERISA with a request for public comment.

• The Department received four comment letters. These comment letters are available for public

inspection at

Overview of Final Regulation

• The regulation requires the administrator of a multiemployer pension plan, on the written

request of any plan participant, beneficiary, employee representative (e.g., union), or any

employer that has an obligation to contribute to the plan, to furnish copies of requested

financial and actuarial reports of the plan.

• The documents that are required to be furnished are:

o Periodic actuarial reports.

o Quarterly, semi-annual, or annual financial reports.

o Certain applications filed with the Secretary of the Treasury and related determinations

(amortization extensions).

Fact Sheet - Final Regulation Improving Workers' Access To Multiemployer Retirement Plan Information - U.s. Department Of Labor - 2010