DEFINED BENEFIT PLAN FUNDING NOTICE.

SEC. 501. DEFINED BENEFIT PLAN FUNDING NOTICE.(a) In General.—Section 101(f) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1021(f)) is amended to read as follows:“(f) Defined Benefit Plan Funding Notices.—“(1) In general.—The administrator of a defined benefit plan to which title IV applies shall for each plan year provide a plan funding notice to the Pension Benefit Guaranty Corporation, to each plan participant and beneficiary, to each labor organization representing such participants or beneficiaries, and, in the case of a multiemployer plan, to each employer that has an obligation to contribute to the plan.“(2) Information contained in notices.—“(A) Identifying information.—Each notice required under paragraph (1) shall contain identifying information, including the name of the plan, the address and phone number of the plan administrator and the plan’s principal 120 STAT. 937 administrative officer, each plan sponsor’s employer identification number, and the plan number of the plan.“(B) Specific information.—A plan funding notice under paragraph (1) shall include—“(i)(I) in the case of a single-employer plan, a statement as to whether the plan’s funding target attainment percentage (as defined in section 303(d)(2)) for the plan year to which the notice relates, and for the 2 preceding plan years, is at least 100 percent (and, if not, the actual percentages), or“(II) in the case of a multiemployer plan, a statement as to whether the plan’s funded percentage (as defined in section 305(i)) for the plan year to which the notice relates, and for the 2 preceding plan years, is at least 100 percent (and, if not, the actual percentages),“(ii)(I) in the case of a single-employer plan, a statement of—“(aa) the total assets (separately stating the prefunding balance and the funding standard carryover balance) and liabilities of the plan, determined in the same manner as under section 303, for the plan year for which the latest annual report filed under section 104(a) was filed and for the 2 preceding plan years, as reported in the annual report for each such plan year, and“(bb) the value of the plan’s assets and liabilities for the plan year to which the notice relates as of the last day of the plan year to which the notice relates determined using the asset valuation under subclause (II) of section 4006(a)(3)(E)(iii) and the interest rate under section 4006(a)(3)(E)(iv), and“(II) in the case of a multiemployer plan, a statement of the value of the plan’s assets and liabilities for the plan year to which the notice relates as the last day of such plan year and the preceding 2 plan years,“(iii) a statement of the number of participants who are—“(I) retired or separated from service and are receiving benefits,“(II) retired or separated participants entitled to future benefits, and“(III) active participants under the plan,“(iv) a statement setting forth the funding policy of the plan and the asset allocation of investments under the plan (expressed as percentages of total assets) as of the end of the plan year to which the notice relates,“(v) in the case of a multiemployer plan, whether the plan was in critical or endangered status under section 305 for such plan year and, if so—“(I) a statement describing how a person may obtain a copy of the plan’s funding improvement or rehabilitation plan, as appropriate, adopted under section 305 and the actuarial and financial 120 STAT. 938 data that demonstrate any action taken by the plan toward fiscal improvement, and“(II) a summary of any funding improvement plan, rehabilitation plan, or modification thereof adopted under section 305 during the plan year to which the notice relates,“(vi) in the case of any plan amendment, scheduled benefit increase or reduction, or other known event taking effect in the current plan year and having a material effect on plan liabilities or assets for the year (as defined in regulations by the Secretary), an explanation of the amendment, schedule increase or reduction, or event, and a projection to the end of such plan year of the effect of the amendment, scheduled increase or reduction, or event on plan liabilities,“(vii)(I) in the case of a single-employer plan, a summary of the rules governing termination of single-employer plans under subtitle C of title IV, or“(II) in the case of a multiemployer plan, a summary of the rules governing reorganization or insolvency, including the limitations on benefit payments,“(viii) a general description of the benefits under the plan which are eligible to be guaranteed by the Pension Benefit Guaranty Corporation, along with an explanation of the limitations on the guarantee and the circumstances under which such limitations apply,“(ix) a statement that a person may obtain a copy of the annual report of the plan filed under section 104(a) upon request, through the Internet website of the Department of Labor, or through an Intranet website maintained by the applicable plan sponsor (or plan administrator on behalf of the plan sponsor), and“(x) if applicable, a statement that each contributing sponsor, and each member of the contributing sponsor’s controlled group, of the single-employer plan was required to provide the information under section 4010 for the plan year to which the notice relates.“(C) Other information.—Each notice under paragraph (1) shall include—“(i) in the case of a multiemployer plan, a statement that the plan administrator shall provide, upon written request, to any labor organization representing plan participants and beneficiaries and any employer that has an obligation to contribute to the plan, a copy of the annual report filed with the Secretary under section 104(a), and“(ii) any additional information which the plan administrator elects to include to the extent not inconsistent with regulations prescribed by the Secretary.“(3) Time for providing notice.—“(A) In general.—Any notice under paragraph (1) shall be provided not later than 120 days after the end of the plan year to which the notice relates.“(B) Exception for small plans.—In the case of a small plan (as such term is used under section 303(g)(2)(B)) any notice under paragraph (1) shall be provided upon filing of the annual report under section 104(a).120 STAT. 939“(4) Form and manner.—Any notice under paragraph (1)—“(A) shall be provided in a form and manner prescribed in regulations of the Secretary,“(B) shall be written in a manner so as to be understood by the average plan participant, and“(C) may be provided in written, electronic, or other appropriate form to the extent such form is reasonably accessible to persons to whom the notice is required to be provided.”.(b) Repeal of Notice to Participants of Funding Status.—(1) In general.—Title IV of such Act (29 U.S.C. 1301 et seq.) is amended by striking section 4011.(2) Clerical amendment.—Section 1 of such Act is amended in the table of contents by striking the item relating to section 4011.(c) Model Notice.—Not later than 1 year after the date of the enactment of this Act, the Secretary of Labor shall publish a model version of the notice required by section 101(f) of the Employee Retirement Income Security Act of 1974. The Secretary of Labor may promulgate any interim final rules as the Secretary determines appropriate to carry out the provisions of this subsection.(d) Effective Date.—(1) In general.—The amendments made by this section shall apply to plan years beginning after December 31, 2007, except that the amendment made by subsection (b) shall apply to plan years beginning after December 31, 2006.(2) Transition rule.—Any requirement under section 101(f) of the Employee Retirement Income Security Act of 1974 (as amended by this section) to report the funding target attainment percentage or funded percentage of a plan with respect to any plan year beginning before January 1, 2008, shall be treated as met if the plan reports—(A) in the case of a plan year beginning in 2006, the funded current liability percentage (as defined in section 302(d)(8) of such Act) of the plan for such plan year, and(B) in the case of a plan year beginning in 2007, the funding target attainment percentage or funded percentage as determined using such methods of estimation as the Secretary of the Treasury may provide.