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. Employee Retirement Income Security Act of 1974 (ERISA)
section 101(f) sets forth the requirements for plan administrators
of most single-employer DB plans to furnish annual funding notices
to the PBGC, plan participants and beneficiaries, and each labor
organization representing such participants or beneficiaries.
MAP-21 section 40211(b)(2)(A) has amended ERISA section 101(f)(2),
by adding a new subparagraph (D), to require single-employer DB
plan administrators to disclose additional information in the
annual funding notice for a plan year beginning after December 31,
2011, and before January 1, 2015, regarding the effect of the
MAP-21 segment rate stabilization rules on plan liabilities and the
plan sponsor's minimum required contributions to the plan. MAP-21
section 40211(b)(2)(B) requires the DOL to modify the model annual
funding notice required under Pension Protection Act of 2006 (PPA)
section 501(c) to include, prominently, the supplemental
information required under new ERISA section 101(f)(2)(D). On March
8, 2013, the DOL released EBSA Field Assistance Bulletin (FAB)
2013-01 concerning the new disclosure requirements mandated the
MAP-21. The FAB addresses a need for interim guidance pending the
adoption of regulations or other guidance under ERISA section
101(f), as amended by the MAP-21. The FAB sets forth technical
questions and answers and provides a model supplement that plan
administrators may use to discharge their MAP-21 disclosure
obligations and provides that, pending further guidance and as a
matter of enforcement policy, the DOL will treat a single employer
DB plan administrator as satisfying MAP-21 requirements if the plan
administrator complies with the guidance in the memorandum and
otherwise acts in accordance with a good faith and reasonable
interpretation of those requirements. On June 10, 2013, OMB
approved the Department's revision to the ICR to reflect FAB
2013-01 on an emergency basis.
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
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.
AnnualFundingNotice(AFN)SS ROCIS 01-15-2015.docx
Annual Funding Notice for Defined Benefit Pension Plans