29 U.S.C. § 1343 : US Code - Section 1343: Reportable events

Search 29 U.S.C. § 1343 : US Code - Section 1343: Reportable events

(a) Notification that event has occurred
Within 30 days after the plan administrator or the contributing
sponsor knows or has reason to know that a reportable event
described in subsection (c) of this section has occurred, he shall
notify the corporation that such event has occurred, unless a
notice otherwise required under this subsection has already been
provided with respect to such event. The corporation is authorized
to waive the requirement of the preceding sentence with respect to
any or all reportable events with respect to any plan, and to
require the notification to be made by including the event in the
annual report made by the plan.
(b) Notification that event is about to occur
(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 1306(a)(3)(E)(iii) of this title) of plans subject
to this subchapter 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 1306(a)(3)(E)(iii) of
this title).
(2) This subsection shall not apply to an event if the
contributing sponsor, or the member of the contributing sponsor's
controlled group to which the event relates, is -
(A) a person subject to the reporting requirements of section
13 or 15(d) of the Securities Exchange Act of 1934 [15 U.S.C.
78m, 78o(d)], or
(B) a subsidiary (as defined for purposes of such Act [15
U.S.C. 78a et seq.]) 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) of this section, a contributing sponsor to which the
requirements of this subsection apply shall notify the corporation
that the event is about to occur.
(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) Enumeration of reportable events
For purposes of this section a reportable event occurs -
(1) when the Secretary of the Treasury issues notice that a
plan has ceased to be a plan described in section 1321(a)(2) of
this title, or when the Secretary of Labor determines the plan is
not in compliance with subchapter I of this chapter;
(2) when an amendment of the plan is adopted if, under the
amendment, the benefit payable with respect to any participant
may be decreased;
(3) when the number of active participants is less than 80
percent of the number of such participants at the beginning of
the plan year, or is less than 75 percent of the number of such
participants at the beginning of the previous plan year;
(4) when the Secretary of the Treasury determines that there
has been a termination or partial termination of the plan within
the meaning of section 411(d)(3) of title 26, but the occurrence
of such a termination or partial termination does not, by itself,
constitute or require a termination of a plan under this
subchapter;
(5) when the plan fails to meet the minimum funding standards
under section 412 of title 26 (without regard to whether the plan
is a plan described in section 1321(a)(2) of this title) or under
section 1082 of this title;
(6) when the plan is unable to pay benefits thereunder when
due;
(7) when there is a distribution under the plan to a
participant who is a substantial owner as defined in section
1322(b)(6) (!1) of this title if -
(A) such distribution has a value of $10,000 or more;
(B) such distribution is not made by reason of the death of
the participant; and
(C) immediately after the distribution, the plan has
nonforfeitable benefits which are not funded;
(8) when a plan merges, consolidates, or transfers its assets
under section 1058 of this title, or when an alternative method
of compliance is prescribed by the Secretary of Labor under
section 1030 of this title;
(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,
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 title 26) 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
subchapter 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.
For purposes of paragraph (7), all distributions to a participant
within any 24-month period are treated as a single distribution.
(d) Notification to corporation by Secretary of the Treasury
The Secretary of the Treasury shall notify the corporation -
(1) whenever a reportable event described in paragraph (1),
(4), or (5) of subsection (c) of this section occurs, or
(2) whenever any other event occurs which the Secretary of the
Treasury believes indicates that the plan may not be sound.
(e) Notification to corporation by Secretary of Labor
The Secretary of Labor shall notify the corporation -
(1) whenever a reportable event described in paragraph (1),
(5), or (8) of subsection (c) of this section occurs, or
(2) whenever any other event occurs which the Secretary of
Labor believes indicates that the plan may not be sound.
(f) Disclosure exemption
Any information or documentary material submitted to the
corporation pursuant to this section shall be exempt from
disclosure under section 552 of title 5, 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.