Final Rules for Disclosure of Multiemployer Actuarial and Financial Reports
The Department of Labor has released final rules under Section 101(k) of the Employee Retirement Income Security Act of 1974 (ERISA), which was added by the Pension Protection Act of 2006. That section of ERISA requires multiemployer retirement plans (both defined benefit and defined contribution) to provide certain actuarial, financial and funding information to participants, beneficiaries, participating unions and contributing employers within 30 days of a written request. These final rules generally follow the proposed rules, published in 2007. To the extent they modify the legislative language, which was effective beginning in the 2008 plan year, the rules took effect April 1, 2010.
This Bulletin describes the final disclosure requirements for actuarial reports, financial reports and amortization extension requests. It also summarizes the exceptions under which a plan administrator is not required, or in some instances, not permitted, to provide certain documents or types of information.
Multiemployer plan administrators and legal counsel that have not already done so should review or set up systems to meet these document requests. Some plans have developed formal policies covering these document disclosure obligations, which provide a reference point for the fund office and an easy way to explain the rules to inquiring participants and employees. This might also be a useful opportunity to review a plan's procedures for keeping and disposing of documents.