DOL Proposes New Disclosure Rules For Multiemployer Pension Plans
The U.S. Department of Labor has announced proposed rules giving participants in multiemployer pension plans, their union representatives and contributing employers the right to request and receive copies of certain actuarial, financial and other funding-related documents from their plans. The new disclosure rules implement provisions of the Pension Protection Act of 2006 (PPA).
“These rules will ensure that workers, employee representatives and employers receive important information about the financial operation of their multiemployer plans,” said Bradford P. Campbell, assistant secretary of the Labor Department’s Employee Benefits Security Administration.
Under the PPA, plan administrators of multiemployer plans must furnish upon the written request of participants, beneficiaries, employee representatives and contributing employers copies of actuarial, financial and funding-related documents. The plan has 30 days after a request to furnish the documents, which are limited to one copy per report within a 12-month period.