REPORTABLE EVENTS.

SEC. 771. REPORTABLE EVENTS. (a) Responsibility for Reportable Events Reporting.— Section 4043(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1343(a)) is amended— (1) in the first sentence, by inserting “or the contributing sponsor” before “knows or has reason to know”; (2) in the first sentence, by inserting “, unless a notice otherwise required under this subsection has already been provided with respect to such event” before the period at the end; and (3) by striking the last sentence. (b) Notification That Event Is About To Occur.—Section 4043 of such Act is amended by redesignating subsections (b), (c), and (d) as (c), (d), and (e), respectively, and by inserting after subsection (a) the following new subsection; “(b) (1) The requirements of this subsection shall be applicable to a contributing sponsor if, as of the close of the preceding plan year— “(A) the aggregate unfunded vested benefits (as determined under section 4006(a)(3)(E)(iii)) of plans subject to this title which are maintained by such sponsor and members of such sponsor’s controlled groups (disregarding plans with no unfunded vested benefits) exceed $50,000,000, and “(B) the funded vested benefit percentage for such plans is less than 90 percent For purposes of subparagraph (B), the funded vested benefit percentage means the percentage which the aggregate value of the assets of such plans bears to the aggregate vested benefits of such plans (determined in accordance with section 4006(a)(3)(E)(iii)). “(2) “(A) a person subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, or “(B) a subsidiary (as defined for purposes of such Act) of a person subject to such reporting requirements. “(3) No later than 30 days prior to the effective date of an event described in paragraph (9), (10), (11), (12), or (13) of subsection (c), a contributing sponsor to which the requirements of this subsection apply shall notify the corporation that the event is about to occur. 108 STAT. 5043 “(4) The corporation may waive the requirement of this subsection with respect to any or all reportable events with respect to any contributing sponsor.” (c) New Reportable Events.— Subsection (c) of section 4043 of such Act (as redesignated by subsection (b)) is amended— (1) by striking the “or” at the end of paragraph (8); (2) by striking paragraph (9); and (3) by inserting after paragraph (8) the following new paragraphs: “(9) when, as a result of an event, a person ceases to be a member of the controlled group; “(10) when a contributing sponsor or a member of a contributing sponsor’s controlled group liquidates in a case under title 11, United States Code, or under any similar Federal law or law of a State or political subdivision of a State; “(11) when a contributing sponsor or a member of a contributing sponsor’s controlled group declares an extraordinary dividend (as defined in section 1059(c) of the Internal Revenue Code of 1986) or redeems, in any 12-month period, an aggregate of 10 percent or more of the total combined voting power of all classes of stock entitled to vote, or an aggregate of 10 percent or more of the total value of shares of all classes of stock, of a contributing sponsor and all members of its controlled group; “(12) when, in any 12-month period, an aggregate of 3 percent or more of the benefit liabilities of a plan covered by this title and maintained by a contributing sponsor or a member of its controlled group are transferred to a person that is not a member of the controlled group or to a plan or plans maintained by a person or persons that are not such a contributing sponsor or a member of its controlled group; or “(13) when any other event occurs that may be indicative of a need to terminate the plan and that is prescribed by the corporation in regulations.” (d) Disclosure Exemption.—Section 4043 of such Act is amended by adding at the end the following new subsection: “(f) Any information or documentary material submitted to the corporation pursuant to this section shall be exempt from disclosure under section 552 of title 5, United States Code, and no such information or documentary material may be made public, except as may be relevant to any administrative or judicial action or proceeding. Nothing in this section is intended to prevent disclosure to either body of Congress or to any duly authorized committee or subcommittee of the Congress.” (e) Technical and Conforming Amendments.— (1) Subsection (a) of section 4043 of such Act, and subsections (d) and (e) of such section 4043 (as redesignated by subsection (b)), are each amended by striking “subsection (b)” each place it appears and inserting “subsection (c)”. (2) Section 4042(a)(3) of such Act is amended by striking “4043(b)(7)” and inserting “4043(c)(7)”. (f) Effective Date.—The amendments made by this section shall be effective for events occurring 60 days or more after the date of enactment of this Act.