Title 29 — LaborRelease 119-73
§1025 Reporting of participant’s benefit rights
Title 29 › Chapter CHAPTER 18— - EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM › Subchapter SUBCHAPTER I— - PROTECTION OF EMPLOYEE BENEFIT RIGHTS › Subtitle Subtitle B— - Regulatory Provisions › Part part 1— - reporting and disclosure › § 1025
Summary
Plan administrators must give participants and beneficiaries clear pension benefit statements on a set schedule and when asked in writing. For individual account plans, statements must come at least once each calendar quarter if the person can choose investments, at least once each year if they have their own account but cannot choose investments, and on written request for others. For defined benefit plans, statements must be given at least once every 3 years to employed participants with nonforfeitable accrued benefits, and on written request to any participant or beneficiary. Statements must show the total benefits earned and the nonforfeitable (vested) amount or the earliest date benefits become vested. They must explain any special plan rules that affect benefit amounts, be easy for an average participant to understand, and may be sent on paper or electronically. Individual account statements must also show the current value of each investment (including employer stock). Quarterly statements must explain any limits on directing investments, give simple advice on diversification (including a warning about holding more than 20% in one employer or security), and point people to the Department of Labor website for more investing help. They must include a lifetime income disclosure that shows the monthly payment equivalents for a joint-and-survivor annuity (assuming a spouse of equal age) and a single life annuity, using assumptions the Secretary of Labor sets. The Secretary had to issue a model disclosure and assumptions within 1 year after December 20, 2019. Plans that follow those rules and the model are protected from liability just for providing the income illustrations. A participant may get no more than one requested statement in any 12‑month period. Administrators who must register under the tax rules must also give a special registration-related statement before their registration deadline, including notice of any benefits that would be forfeited if the participant dies before a certain date.
Full Legal Text
Title 29, §1025
Labor — Source: USLM XML via OLRC
(a)(1)(A)The administrator of an individual account plan (other than a one-participant retirement plan described in section 1021(i)(8)(B) of this title) shall furnish a pension benefit statement—
(i)at least once each calendar quarter to a participant or beneficiary who has the right to direct the investment of assets in his or her account under the plan,
(ii)at least once each calendar year to a participant or beneficiary who has his or her own account under the plan but does not have the right to direct the investment of assets in that account, and
(iii)upon written request to a plan beneficiary not described in clause (i) or (ii).
(B)The administrator of a defined benefit plan (other than a one-participant retirement plan described in section 1021(i)(8)(B) of this title) shall furnish a pension benefit statement—
(i)at least once every 3 years to each participant with a nonforfeitable accrued benefit and who is employed by the employer maintaining the plan at the time the statement is to be furnished, and
(ii)to a participant or beneficiary of the plan upon written request.
(2)(A)A pension benefit statement under paragraph (1)—
(i)shall indicate, on the basis of the latest available information—
(I)the total benefits accrued, and
(II)the nonforfeitable pension benefits, if any, which have accrued, or the earliest date on which benefits will become nonforfeitable,
(ii)shall include an explanation of any permitted disparity under section 401(l) of title 26 or any floor-offset arrangement that may be applied in determining any accrued benefits described in clause (i),
(iii)shall be written in a manner calculated to be understood by the average plan participant, and
(iv)may be delivered in written, electronic, or other appropriate form to the extent such form is reasonably accessible to the participant or beneficiary.
(B)In the case of an individual account plan, any pension benefit statement under clause (i) or (ii) of paragraph (1)(A) shall include—
(i)the value of each investment to which assets in the individual account have been allocated, determined as of the most recent valuation date under the plan, including the value of any assets held in the form of employer securities, without regard to whether such securities were contributed by the plan sponsor or acquired at the direction of the plan or of the participant or beneficiary,
(ii)in the case of a pension benefit statement under paragraph (1)(A)(i)—
(I)an explanation of any limitations or restrictions on any right of the participant or beneficiary under the plan to direct an investment,
(II)an explanation, written in a manner calculated to be understood by the average plan participant, of the importance, for the long-term retirement security of participants and beneficiaries, of a well-balanced and diversified investment portfolio, including a statement of the risk that holding more than 20 percent of a portfolio in the security of one entity (such as employer securities) may not be adequately diversified, and
(III)a notice directing the participant or beneficiary to the Internet website of the Department of Labor for sources of information on individual investing and diversification, and
(iii)the lifetime income disclosure described in subparagraph (D)(i).
(C)The requirements of subparagraph (A)(i)(II) are met if, at least annually and in accordance with requirements of the Secretary, the plan—
(i)updates the information described in such paragraph which is provided in the pension benefit statement, or
(ii)provides in a separate statement such information as is necessary to enable a participant or beneficiary to determine their nonforfeitable vested benefits.
(D)(i)(I)A lifetime income disclosure shall set forth the lifetime income stream equivalent of the total benefits accrued with respect to the participant or beneficiary.
(II)For purposes of this subparagraph, the term “lifetime income stream equivalent of the total benefits accrued” means the amount of monthly payments the participant or beneficiary would receive if the total accrued benefits of such participant or beneficiary were used to provide lifetime income streams described in subclause (III), based on assumptions specified in rules prescribed by the Secretary.
(III)The lifetime income streams described in this subclause are a qualified joint and survivor annuity (as defined in section 1055(d) of this title), based on assumptions specified in rules prescribed by the Secretary, including the assumption that the participant or beneficiary has a spouse of equal age, and a single life annuity. Such lifetime income streams may have a term certain or other features to the extent permitted under rules prescribed by the Secretary.
(ii)Not later than 1 year after December 20, 2019, the Secretary shall issue a model lifetime income disclosure, written in a manner so as to be understood by the average plan participant, which—
(I)explains that the lifetime income stream equivalent is only provided as an illustration;
(II)explains that the actual payments under the lifetime income stream described in clause (i)(III) which may be purchased with the total benefits accrued will depend on numerous factors and may vary substantially from the lifetime income stream equivalent in the disclosures;
(III)explains the assumptions upon which the lifetime income stream equivalent was determined; and
(IV)provides such other similar explanations as the Secretary considers appropriate.
(iii)Not later than 1 year after December 20, 2019, the Secretary shall—
(I)prescribe assumptions which administrators of individual account plans may use in converting total accrued benefits into lifetime income stream equivalents for purposes of this subparagraph; and
(II)issue interim final rules under clause (i).
(iv)No plan fiduciary, plan sponsor, or other person shall have any liability under this subchapter solely by reason of the provision of lifetime income stream equivalents which are derived in accordance with the assumptions and rules described in clause (iii) and which include the explanations contained in the model lifetime income disclosure described in clause (ii). This clause shall apply without regard to whether the provision of such lifetime income stream equivalent is required by subparagraph (B)(iii).
(v)The requirement in subparagraph (B)(iii) shall apply to pension benefit statements furnished more than 12 months after the latest of the issuance by the Secretary of—
(I)interim final rules under clause (i);
(II)the model disclosure under clause (ii); or
(III)the assumptions under clause (iii).
(3)(A)In the case of a defined benefit plan, the requirements of paragraph (1)(B)(i) shall be treated as met with respect to a participant if at least once each year the administrator provides to the participant notice of the availability of the pension benefit statement and the ways in which the participant may obtain such statement. Such notice may be delivered in written, electronic, or other appropriate form to the extent such form is reasonably accessible to the participant.
(B)The Secretary may provide that years in which no employee or former employee benefits (within the meaning of section 410(b) of title 26) under the plan need not be taken into account in determining the 3-year period under paragraph (1)(B)(i).
(b)In no case shall a participant or beneficiary of a plan be entitled to more than 1 statement described in subparagraph (A)(iii) or (B)(ii) of subsection (a)(1), whichever is applicable, in any 12-month period.
(c)Each administrator required to register under section 6057 of title 26 shall, before the expiration of the time prescribed for such registration, furnish to each participant described in subsection (a)(2)(C) of such section, an individual statement setting forth the information with respect to such participant required to be contained in the registration statement required by section 6057(a)(2) of title 26. Such statement shall also include a notice to the participant of any benefits which are forfeitable if the participant dies before a certain date.
Legislative History
Notes & Related Subsidiaries
Amendment of Subsection (a)(2)Pub. 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 2520.104b-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). Pub. L. 117–328, § 338(a)(1), inserted “subject to subparagraph (E),” before “may be delivered”. Subsec. (a)(2)(E). Pub. L. 117–328, § 338(a)(2), added subpar. (E). 2019—Subsec. (a)(2)(B). Pub. L. 116–94, § 203(a), added cl. (iii) and concluding provisions. Subsec. (a)(2)(D). Pub. L. 116–94, § 203(b), added subpar. (D). 2006—Subsec. (a). Pub. L. 109–280, § 508(a)(1), amended heading 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. (b). Pub. L. 109–280, § 508(a)(2)(B), amended heading and text of subsec. (b) 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). Pub. L. 109–280, § 508(a)(2)(A), struck out heading 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. (b). Pub. L. 101–239, § 7894(b)(5), substituted “12-month” for “12 month”. Subsec. (c). Pub. 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). Pub. 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 Pub. 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 Pub. 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 AmendmentAmendment by section 7891(a)(1) of Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 7891(f) of Pub. L. 101–239, set out as a note under section 1002 of this title. Amendment by section 7894(b)(5) of Pub. L. 101–239 effective, except as otherwise provided, as if originally included in the provision of the Employee Retirement Income Security Act of 1974, Pub. L. 93–406, to which such amendment relates, see section 7894(i) of Pub. L. 101–239, set out as a note under section 1002 of this title.
Effective Date
of 1984 AmendmentAmendment by Pub. L. 98–397 applicable to plan years beginning after Dec. 31, 1984, except as otherwise provided, see section 302 and 303 of Pub. L. 98–397, set out as a note under section 1001 of this title. Implementation of 2022 Amendment Pub. L. 117–328, div. T, title III, § 338(b), Dec. 29, 2022, 136 Stat. 5373, provided that: “(1) In general.—The Secretary of Labor shall, not later than December 31, 2024, update section 2520.104b-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 2520.104b-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 Pub. L. 109–280, title V, § 508(b), 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.”
Reference
Citations & Metadata
Citation
29 U.S.C. § 1025
Title 29 — Labor
Last Updated
Apr 6, 2026
Release point: 119-73