REPORTING REQUIREMENTS.

SEC. 9342. REPORTING REQUIREMENTS. (a) Funded Percentage Required To Be Shown in Annual Report— (1) Subsection (d) of section 103 of ERISA (29 U.S.C. 1023(d)) is amended by redesignating paragraphs (11) and (12) as paragraphs (12) and (13), respectively, and by inserting after paragraph (10) the following new paragraph: “(11) If the current value of the assets of the plan is less than 60 percent of the current liability under the plan (within the meaning of section 302(d)(7)), such percentage.” (2) Paragraph (3) of section 104(b) of ERISA (29 U.S.C. 1024(b)(3)) is amended by striking out “such other material” and inserting in lieu thereof “such other material (including the percentage determined under section 103(d)(11))”. (b) Amendment of Statute of Limitations With Respect to Certain Reports.— Section 413(a)(2) of ERISA (29 U.S.C. 1113(a)(2)) is amended by striking “(A)” and by striking “or (B)” and all that follows through “title”. 101 STAT. 1330–372 (c) Penalty For Failure to Provide Annual Report in Complete Form.— Section 502(c) of ERISA (29 U.S.C. 1132(c)) is amended— (1) by inserting “(1)” after “(c)”, and by striking “(1) who” and “(2) who” and inserting “(A) who” and “(B) who”, respectively; and (2) by adding at the end the following new paragraph: “(2) The Secretary may assess a civil penalty of up to $1,000 a day from the date of a plan administrator's failure or refusal to file the annual report required to be filed with the Secretary under section 101(b)(4). For purposes of this paragraph, an annual report that has been rejected under section 104(a)(4) for failure to provide material information shall not be treated as having been filed with the Secretary.”. (d) Effective Date.— (1) In general.— The amendments made by this section shall apply with respect to reports required to be filed after December 31, 1987. (2) Regulations.— The Secretary of Labor shall issue the regulations required to carry out the amendments made by subsection (c) not later than January 1, 1989.