§1310 Authority to Require Certain Information

Summary

Certain employers and their related companies must give the corporation yearly, by a date the corporation sets in its rules, records and other information needed to figure a covered plan’s assets and liabilities. They must also give copies of their audited financial statements (or unaudited if audited ones are not available) and any other financial data the corporation requires. The rule applies when a single‑employer plan they sponsor has a funding target attainment percentage below 80 percent at the end of the prior plan year, when the conditions for a lien in the listed sections of the law have been met, or when minimum funding waivers over $1,000,000 have been granted and any part is still unpaid. The filings are not public under section 552 of title 5, except if needed in an administrative or court case, and Congress or its authorized committees may receive them. The reports must include the plan’s benefit liabilities using the corporation’s assumptions, the funding target calculated as if the plan had been in at‑risk status for at least 5 plan years, and the funding target attainment percentage. When calculating those amounts, do not include the pension stabilization 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 Finance and to the House Committees on Education and the Workforce and Ways and Means.