REPORTS BY ACTUARIES.

SEC. 1033. REPORTS BY ACTUARIES. (a) Reports by Actuaries.—Subpart E of part III of subchapter A of chapter 61 (relating to registration of and information concerning pension, etc., plans) as added by section 1031(a) of this Act, is amended by adding at the end thereof the following new section: “SEC. 6059. PERIODIC REPORT OF ACTUARY. “(a) General Rule.—The actuarial report described in subsection (b) shall be filed by the plan administrator (as defined in section 88 Stat. 948 414(g) of eacli defined benefit plan to which section 412 applies, for the first plan year for which section 412 applies to the plan and for each third plan year thereafter (or more frequently if the Secretary or his delegate determines that more frequent reports are necessary). “(b) Actuarial Report.—The actuarial report of a plan required by subsection (a) shall be prepared and signed by an enrolled actuary (within the meaning of section 7701(a)(35)) and shall contain— “(1) a description of the funding method and actuarial assumptions used to determine costs under the plan, “(2) a certification of the contribution necessary to reduce the accumulated funding deficiency (as defined in section 412(a)) to zero, “(3) a statement— “(A) that to the best of his knowledge the report is complete and accurate, and “(B) the requirements of section 412(c) (relating to reasonable actuarial assumptions) have been complied with, “(4) such other information as may be necessary to fully and fairly disclose the actuarial position of the plan, and “(5) such other information regarding the plan as the Secretary or his delegate may by regulations require. “(c) Time and Manner of Filing.—The actuarial report and statement required by this section shall be filed at the time and in the manner provided by regulations prescribed by the Secretary or his delegate. “(d) Cross Reference.— “For coordination between the Department of the Treasury and the Department of Labor with respect to the report required to be filed under this section, see section 3004 of title III of the Employee Retirement Income Security Act of 1974.”. (b) Assessable Penalties.—Subchapter B of chapter 68 (relating to assessable penalties) is amended by adding at the end thereof the following new section: “SEC. 6692. FAILURE TO FILE ACTUARIAL REPORT. “The plan administrator (as defined in section 414(g)) of each defined benefit plan to which section 412 applies who fails to file the report required by section 6059 at the time and in the manner required by section 6059, shall pay a penalty of $1,000 for each such failure unless it is shown that such failure is due to reasonable cause.” (c) Consolidation of Actuarial Reports.—The Secretary of the Treasury and the Secretary of Labor shall take such steps as may be necessary to assure coordination to the maximum extent feasible between the actuarial reports required by section 6059 of the Internal Revenue Code of 1954 and by section 103(d) of title I of the Employee Retirement Income Security Act of 1974. (d) Clerical Amendment.—The table of sections for subchapter B of chapter 68 is amended by adding at the end thereof the following new item: “Sec. 6692. Failure to file actuarial report.”.