Pub. L. 108-218 amended section 101(f)
of ERISA to require plan administrators of a defined benefit plan
which is a multiemployer plan to each plan year furnish a plan
funding notice to each plan participant and beneficiary, to each
labor organization representing such participants or beneficiaries,
to each employer that has an obligation to contribute under the
plan, and to the Pension Benefit Guaranty Corporation. In August
2006, section 501(a) of the Pension Protection Act of 2006
(PPA)expanded the annual notice requirement to single-employer
defined benefit plans. Section 501(c) of the PPA directs the
Department to publish a model of the notice required by section
101(f) of ERISA, as amended, not later than one year after the date
of enactment of the PPA. On February 10, 2009, the Department
issued a Field Assistance Bulletin 2009-1 (the FAB) concerning the
disclosure requirements mandated by the PPA, which provides model
notices. The FAB addresses the need for interim guidance pending
the adoption of regulations or other guidance under section 101(f)
of ERISA by providing that pending further guidance, the Department
will, as a matter of enforcement policy, treat a plan administrator
as satisfying the requirements of section 101(f), if the
administrator complies with the guidance contained in the FAB (and
appropriately uses a completed model notice) and has acted in
accordance with a good faith, reasonable interpretation of those
requirements with respect to matters not specifically addressed in
the FAB.
The MAP-21 revisions
were legally mandated by Congress. In order for EBSA to provide
guidance on the MAP-21 changes to the annual funding notice
requirements, it had to wait for the Department of the Treasury/IRS
to issue guidance regarding the MAP-21 rules because pursuant to
section 101 of Reorganization Plan No. 4 of 1978 (43 FR 47713) and
section 3002(c) of ERISA, the Secretary of the Treasury has
interpretive jurisdiction over how section 40211 of MAP-21 affects
the minimum funding rules of section 303 of ERISA and section 430
of the Code. IRS issued this guidance in IRS Notice 2012-61, 2012
I.R.B. 42, and the guidance provided in the FAB builds off of the
IRS notice. EBSA collaborated extensively with the Pension Benefit
Guaranty Corporation and the Department of the Treasury/IRA in
preparing the FAB, and their input is reflected therein and
generally expects the guidance to well-received and
non-controversial. The guidance provided in the FAB is necessary
for plan administrators to satisfy the annual funding notice
requirements. The first annual funding notices reflecting the
MAP-21 revisions for large calendar year plans must be sent out no
later than April 30, 2013 (120 days after the close of the 2012
plan year). Therefore, use of the normal PRA clearance procedures
is likely to public harm, because the statutory deadline would be
missed, and beneficiaries would not have access to information to
which they are entitled by law.
US Code:
29
USC 1021(f) Name of Law: Employee Retirement Income Security
Act of 1974
US Code: 29 USC 1021(f) Name of Law: Employee
Retirement Income Security Act of 1974
Christopher Cosby 202-693-8425
cosby.chris@dol.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
1210-0126FRN30Day(20121015).docx
MAP-21 Emergency Justification(20130321) doc.doc
Annual Funding Notice for Defined Benefit Pension Plans