§1310 Authority to require certain information

Summary

Each contributing sponsor of a single-employer plan — and each member of that sponsor’s controlled group — must give the corporation certain records and financial statements once a year, by the date the corporation sets in its rules. They must provide the documents the corporation needs to figure the plan’s assets and liabilities, plus copies of audited financial statements (or unaudited if audited ones are not available) and any other financial information the corporation requires. This duty applies if, for any plan the sponsor or a controlled-group member keeps, one of these is true: the plan’s funding target attainment percentage at the end of the prior plan year is less than 80 percent; lien conditions in the listed code sections have been met; or minimum funding waivers over $1,000,000 were granted and any part of them is still outstanding. Information sent to the corporation is kept confidential under section 552 of title 5 and is not made public, except when needed for an administrative or court case or when shared with Congress or its committees. The required filings must include the plan’s benefit liabilities using the corporation’s assumptions, the plan’s funding target calculated as if the plan had been “at-risk” for at least 5 plan years, and the funding target attainment percentage; the segment rates used must ignore the adjustment in section 1083(h)(2)(C)(iv). Each year the corporation must send an aggregate summary of the information to the Senate Committees on Health, Education, Labor, and Pensions and on Finance, and to the House Committees on Education and the Workforce and on Ways and Means.