ADDITIONAL ANNUAL REPORTING REQUIREMENTS.

SEC. 503. ADDITIONAL ANNUAL REPORTING REQUIREMENTS.(a) Additional Annual Reporting Requirements With Respect to Defined Benefit Plans.—(1) In general.—Section 103 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1023) is amended—(A) in subsection (a)(1)(B), by striking “subsections (d) and (e)” and inserting “subsections (d), (e), and (f)”; and(B) by adding at the end the following new subsection:“(f) Additional Information With Respect to Defined Benefit Plans.—“(1) Liabilities under 2 or more plans.—“(A) In general.—In any case in which any liabilities to participants or their beneficiaries under a defined benefit plan as of the end of a plan year consist (in whole or in part) of liabilities to such participants and beneficiaries under 2 or more pension plans as of immediately before such plan year, an annual report under this section for such plan year shall include the funded percentage of each of such 2 or more pension plans as of the last day of such plan year and the funded percentage of the plan with respect to which the annual report is filed as of the last day of such plan year.“(B) Funded percentage.—For purposes of this paragraph, the term ‘funded percentage’—“(i) in the case of a single-employer plan, means the funding target attainment percentage, as defined in section 303(d)(2), and“(ii) in the case of a multiemployer plan, has the meaning given such term in section 305(i)(2).“(2) Additional information for multiemployer plans.—With respect to any defined benefit plan which is a multiemployer plan, an annual report under this section for a plan year shall include, in addition to the information required under paragraph (1), the following, as of the end of the plan year to which the report relates:“(A) The number of employers obligated to contribute to the plan.“(B) A list of the employers that contributed more than 5 percent of the total contributions to the plan during such plan year.“(C) The number of participants under the plan on whose behalf no contributions were made by an employer as an employer of the participant for such plan year and for each of the 2 preceding plan years.“(D) The ratios of—“(i) the number of participants under the plan on whose behalf no employer had an obligation to make an employer contribution during the plan year, to“(ii) the number of participants under the plan on whose behalf no employer had an obligation to make an employer contribution during each of the 2 preceding plan years.“(E) Whether the plan received an amortization extension under section 304(d) of this Act or section 431(d) of the Internal Revenue Code of 1986 for such plan year 120 STAT. 943 and, if so, the amount of the difference between the minimum required contribution for the year and the minimum required contribution which would have been required without regard to the extension, and the period of such extension.“(F) Whether the plan used the shortfall funding method (as such term is used in section 305) for such plan year and, if so, the amount of the difference between the minimum required contribution for the year and the minimum required contribution which would have been required without regard to the use of such method, and the period of use of such method.“(G) Whether the plan was in critical or endangered status under section 305 for such plan year, and if so, a summary of any funding improvement or rehabilitation plan (or modification thereto) adopted during the plan year, and the funded percentage of the plan.“(H) The number of employers that withdrew from the plan during the preceding plan year and the aggregate amount of withdrawal liability assessed, or estimated to be assessed, against such withdrawn employers.“(I) In the case of a multiemployer plan that has merged with another plan or to which assets and liabilities have been transferred, the actuarial valuation of the assets and liabilities of each affected plan during the year preceding the effective date of the merger or transfer, based upon the most recent data available as of the day before the first day of the plan year, or other valuation method performed under standards and procedures as the Secretary may prescribe by regulation.”.(2) Guidance by secretary of labor.—Not later than 1 year after the date of enactment of this Act, the Secretary of Labor shall publish guidance to assist multiemployer defined benefit plans to—(A) identify and enumerate plan participants for whom there is no employer with an obligation to make an employer contribution under the plan; and(B) report such information under section 103(f)(2)(D) of the Employee Retirement Income Security Act of 1974 (as added by this section).(b) Additional Information in Annual Actuarial Statement Regarding Plan Retirement Projections.—Section 103(d) of such Act (29 U.S.C. 1023(d)) is amended—(1) by redesignating paragraphs (12) and (13) as paragraphs (13) and (14), respectively; and(2) by inserting after paragraph (11) the following new paragraph:“(12) A statement explaining the actuarial assumptions and methods used in projecting future retirements and forms of benefit distributions under the plan.”.(c) Repeal of Summary Annual Report Requirement for Defined Benefit Plans.—(1) In general.—Section 104(b)(3) of such Act (29 U.S.C. 1024(b)(3)) is amended by inserting “(other than an administrator of a defined benefit plan to which the requirements of section 103(f) applies)” after “the administrators”.120 STAT. 944(2) Conforming amendment.—Section 101(a)(2) of such Act (29 U.S.C. 1021(a)(2)) is amended by inserting “subsection (f) and” before “sections 104(b)(3) and 105(a) and (c)”.(d) Furnishing Summary Plan Information to Employers and Employee Representatives of Multiemployer Plans.—Section 104 of such Act (29 U.S.C. 1024) is amended—(1) in the header, by striking “participants” and inserting “participants and certain employers”;(2) by redesignating subsection (d) as subsection (e); and(3) by inserting after subsection (c) the following:“(d) Furnishing Summary Plan Information to Employers and Employee Representatives of Multiemployer Plans.—“(1) In general.—With respect to a multiemployer plan subject to this section, within 30 days after the due date under subsection (a)(1) for the filing of the annual report for the fiscal year of the plan, the administrators shall furnish to each employee organization and to each employer with an obligation to contribute to the plan a report that contains—“(A) a description of the contribution schedules and benefit formulas under the plan, and any modification to such schedules and formulas, during such plan year;“(B) the number of employers obligated to contribute to the plan;“(C) a list of the employers that contributed more than 5 percent of the total contributions to the plan during such plan year;“(D) the number of participants under the plan on whose behalf no contributions were made by an employer as an employer of the participant for such plan year and for each of the 2 preceding plan years;“(E) whether the plan was in critical or endangered status under section 305 for such plan year and, if so, include—“(i) a list of the actions taken by the plan to improve its funding status; and“(ii) a statement describing how a person may obtain a copy of the plan’s improvement or rehabilitation plan, as applicable, adopted under section 305 and the actuarial and financial data that demonstrate any action taken by the plan toward fiscal improvement;“(F) the number of employers that withdrew from the plan during the preceding plan year and the aggregate amount of withdrawal liability assessed, or estimated to be assessed, against such withdrawn employers, as reported on the annual report for the plan year to which the report under this subsection relates;“(G) in the case of a multiemployer plan that has merged with another plan or to which assets and liabilities have been transferred, the actuarial valuation of the assets and liabilities of each affected plan during the year preceding the effective date of the merger or transfer, based upon the most recent data available as of the day before the first day of the plan year, or other valuation method performed under standards and procedures as the Secretary may prescribe by regulation;“(H) a description as to whether the plan—120 STAT. 945“(i) sought or received an amortization extension under section 304(d) of this Act or section 431(d) of the Internal Revenue Code of 1986 for such plan year; or“(ii) used the shortfall funding method (as such term is used in section 305) for such plan year; and“(I) notification of the right under this section of the recipient to a copy of the annual report filed with the Secretary under subsection (a), summary plan description, summary of any material modification of the plan, upon written request, but that—“(i) in no case shall a recipient be entitled to receive more than one copy of any such document described during any one 12-month period; and“(ii) the administrator may make a reasonable charge to cover copying, mailing, and other costs of furnishing copies of information pursuant to this subparagraph.“(2) Effect of subsection.—Nothing in this subsection waives any other provision under this title requiring plan administrators to provide, upon request, information to employers that have an obligation to contribute under the plan.”.(e) Model Form.—Not later than 1 year after the date of the enactment of this Act, the Secretary of Labor shall publish a model form for providing the statements, schedules, and other material required to be provided under section 101(f) of the Employee Retirement Income Security Act of 1974, as amended by this section. The Secretary of Labor may promulgate any interim final rules as the Secretary determines appropriate to carry out the provisions of this subsection.(f) Effective Date.—The amendments made by this section shall apply to plan years beginning after December 31, 2007.