§1059 Recordkeeping and reporting requirements

Summary

Employers must keep records for each worker so the benefits they have or will get can be figured out. The plan’s administrator must send a report to any plan participant who asks for one, who leaves the job, or who has a 1‑year break in service (as defined in section 1053(b)(3)(A)), and must follow the timing and form required by the Secretary’s rules. If several employers share a plan, each employer must give the needed information to the plan administrator, and the administrator keeps the records and sends the reports. Anyone who is supposed to keep records or give information but does not must pay the Secretary $10 for each affected employee for each plan year, unless they can show the failure was for a reasonable cause.