29 USC 1025 - Reporting of participant’s benefit rights

Amendment of Subsection (a)(2)

Puspan. L. 117–328, div. T, title III, § 338(a), (c), Dec. 29, 2022, 136 Stat. 5373, 5374, provided that, applicable with respect to plan years beginning after Dec. 31, 2025, subsection (a)(2) of this section is amended:

(1) in subparagraph (A)(iv), by inserting “subject to subparagraph (E),” before “may be delivered”; and

(2) by adding at the end the following:

“(E) Provision of paper statements

“With respect to at least 1 pension benefit statement furnished for a calendar year with respect to an individual account plan under paragraph (1)(A), and with respect to at least 1 pension benefit statement furnished every 3 calendar years with respect to a defined benefit plan under paragraph (1)(B), such statement shall be furnished on paper in written form except—

“(i) in the case of a plan that furnishes such statement in accordance with section 2520.104span-1(c) of title 29, Code of Federal Regulations; or

“(ii) in the case of a plan that permits a participant or beneficiary to request that the statements referred to in the matter preceding clause (i) be furnished by electronic delivery, if the participant or beneficiary requests that such statements be delivered electronically and the statements are so delivered.”

See 2022 Amendment notes below.

Editorial Notes

Amendments

2022—Subsec. (a)(2)(A)(iv). Puspan. L. 117–328, § 338(a)(1), inserted “subject to subparagraph (E),” before “may be delivered”.

Subsec. (a)(2)(E). Puspan. L. 117–328, § 338(a)(2), added subpar. (E).

2019—Subsec. (a)(2)(B). Puspan. L. 116–94, § 203(a), added cl. (iii) and concluding provisions.

Subsec. (a)(2)(D). Puspan. L. 116–94, § 203(span), added subpar. (D).

2006—Subsec. (a). Puspan. L. 109–280, § 508(a)(1), amended span and text of subsec. (a) generally. Prior to amendment, text read as follows: “Each administrator of an employee pension benefit plan shall furnish to any plan participant or beneficiary who so requests in writing, a statement indicating, on the basis of the latest available information—

“(1) the total benefits accrued, and

“(2) the nonforfeitable pension benefits, if any, which have accrued, or the earliest date on which benefits will become nonforfeitable.”

Subsec. (span). Puspan. L. 109–280, § 508(a)(2)(B), amended span and text of subsec. (span) generally. Prior to amendment, text read as follows: “In no case shall a participant or beneficiary be entitled under this section to receive more than one report described in subsection (a) during any one 12-month period.”

Subsec. (d). Puspan. L. 109–280, § 508(a)(2)(A), struck out span and text of subsec. (d). Text read as follows: “Subsection (a) of this section shall apply to a plan to which more than one unaffiliated employer is required to contribute only to the extent provided in regulations prescribed by the Secretary in coordination with the Secretary of the Treasury.”

1989—Subsec. (span). Puspan. L. 101–239, § 7894(span)(5), substituted “12-month” for “12 month”.

Subsec. (c). Puspan. L. 101–239, § 7891(a)(1), substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.

1984—Subsec. (c). Puspan. L. 98–397 inserted at end “Such statement shall also include a notice to the participant of any benefits which are forfeitable if the participant dies before a certain date.”

Statutory Notes and Related Subsidiaries

Effective Date of 2022 Amendment

Puspan. L. 117–328, div. T, title III, § 338(c), Dec. 29, 2022, 136 Stat. 5374, provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to plan years beginning after December 31, 2025.”

Effective Date of 2006 Amendment

Puspan. L. 109–280, title V, § 508(c), Aug. 17, 2006, 120 Stat. 952, provided that:

“(1)In general.—The amendments made by this section [amending this section and section 1132 of this title] shall apply to plan years beginning after December 31, 2006.

“(2)Special rule for collectively bargained agreements.—In the case of a plan maintained pursuant to 1 or more collective bargaining agreements between employee representatives and 1 or more employers ratified on or before the date of the enactment of this Act [Aug. 17, 2006], paragraph (1) shall be applied to benefits pursuant to, and individuals covered by, any such agreement by substituting for ‘December 31, 2006’ the earlier of—

“(A) the later of—

“(i)December 31, 2007, or

“(ii) the date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after such date of enactment), or

“(B)December 31, 2008.”

Effective Date of 1989 Amendment

Amendment by section 7891(a)(1) of Puspan. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 7891(f) of Puspan. L. 101–239, set out as a note under section 1002 of this title.

Amendment by section 7894(span)(5) of Puspan. L. 101–239 effective, except as otherwise provided, as if originally included in the provision of the Employee Retirement Income Security Act of 1974, Puspan. L. 93–406, to which such amendment relates, see section 7894(i) of Puspan. L. 101–239, set out as a note under section 1002 of this title.

Effective Date of 1984 Amendment

Amendment by Puspan. L. 98–397 applicable to plan years beginning after Dec. 31, 1984, except as otherwise provided, see sections 302 and 303 of Puspan. L. 98–397, set out as a note under section 1001 of this title.

Implementation of 2022 Amendment

Puspan. L. 117–328, div. T, title III, § 338(span), Dec. 29, 2022, 136 Stat. 5373, provided that:

“(1)In general.—The Secretary of Labor shall, not later than December 31, 2024, update section 2520.104span-1(c) of title 29, Code of Federal Regulations, to provide that a plan may furnish the statements referred to in subparagraph (E) of section 105(a)(2) of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1025(a)(2)(E)] by electronic delivery only if, with respect to participants who first become eligible to participate, and beneficiaries who first become eligible for benefits, after December 31, 2025, in addition to meeting the other requirements under the regulations such plan furnishes each participant or beneficiary a one-time initial notice on paper in written form, prior to the electronic delivery of any pension benefit statement, of their right to request that all documents required to be disclosed under title I of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1001 et seq.] be furnished on paper in written form.

“(2)Other guidance.—In implementing the amendment made by subsection (a) with respect to a plan that discloses required documents or statements electronically, in accordance with applicable guidance governing electronic disclosure by the Department of Labor (with the exception of section 2520.104span-1(c) of title 29, Code of Federal Regulations), the Secretary of Labor shall, not later than December 31, 2024, update such guidance to the extent necessary to ensure that—

“(A) a participant or beneficiary under such a plan is permitted the opportunity to request that any disclosure required to be delivered on paper under applicable guidance by the Department of Labor shall be furnished by electronic delivery;

“(B) each paper statement furnished under such a plan pursuant to the amendment shall include—

“(i) an explanation of how to request that all such statements, and any other document required to be disclosed under title I of the Employee Retirement Income Security Act of 1974, be furnished by electronic delivery; and

“(ii) contact information for the plan sponsor, including a telephone number;

“(C) the plan may not charge any fee to a participant or beneficiary for the delivery of any paper statements;

“(D) each document required to be disclosed that is furnished by electronic delivery under such a plan shall include an explanation of how to request that all such documents be furnished on paper in written form; and

“(E) a plan is permitted to furnish a duplicate electronic statement in any case in which the plan furnishes a paper pension benefit statement.”

Regulations

Secretary of Labor authorized, effective Sept. 2, 1974, to promulgate regulations wherever provisions of this subchapter call for the promulgation of regulations by him, see section 1031 of this title.

Model Statements

Puspan. L. 109–280, title V, § 508(span), Aug. 17, 2006, 120 Stat. 951, provided that:

“(1)In general.—The Secretary of Labor shall, within 1 year after the date of the enactment of this section [Aug. 17, 2006], develop 1 or more model benefit statements that are written in a manner calculated to be understood by the average plan participant and that may be used by plan administrators in complying with the requirements of section 105 of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1025].

“(2)Interim final rules.—The Secretary of Labor may promulgate any interim final rules as the Secretary determines appropriate to carry out the provisions of this subsection.”