29 U.S.C. § 1059 — Recordkeeping and reporting requirements

submitted 52 years ago by Pub. L. 93-406 to r/title-29-LABOR · 316 words · no verdicts yet

in plain englishAI-generated · not legal advice

Employers must keep records that show the pension benefits each employee is owed or may become owed. Plan administrators must provide certain participants with benefit reports, and failures can lead to a $10-per-employee civil penalty unless there was reasonable cause.

(a)(1) Except for paragraph (2), every employer must follow the Secretary’s regulations and keep enough records about each employee to determine benefits owed or that may become owed. The plan administrator must give a participant a report when the participant requests one under the regulations, ends employment, or has a 1-year break in service as defined in section 1053(b)(3)(A). The employer must give the administrator the information needed for these reports. No more than one request-based report is required in a 12-month period, and no more than one report is required for consecutive 1-year breaks. The report must have the same form and information as a periodic benefit statement under section 1025(a). (a)(2) If more than one employer adopts the plan, each employer must give the administrator the information needed to keep the records and make the reports in paragraph (1). The administrator must keep those records and make those reports. (b) A person required under subsection (a) to provide information or keep records for a plan year who fails to do so must pay the Secretary $10 for each affected employee, unless the failure was caused by reasonable cause.

the actual law source: uscode.house.gov ↗public domain

(a)

(1)

Except as provided by paragraph (2) every employer shall, in accordance with such regulations as the Secretary may prescribe, maintain records with respect to each of his employees sufficient to determine the benefits due or which may become due to such employees. The plan administrator shall make a report, in such manner and at such time as may be provided in regulations prescribed by the Secretary, to each employee who is a participant under the plan and who—

(A)

requests such report, in such manner and at such time as may be provided in such regulations,

(B)

terminates his service with the employer, or

(C)

has a 1-year break in service (as defined in section 1053(b)(3)(A) of this title).

The employer shall furnish to the plan administrator the information necessary for the administrator to make the reports required by the preceding sentence. Not more than one report shall be required under subparagraph (A) in any 12-month period. Not more than one report shall be required under subparagraph (C) with respect to consecutive 1-year breaks in service. The report required under this paragraph shall be in the same form, and contain the same information, as periodic benefit statements under section 1025(a) of this title.

(2)

If more than one employer adopts a plan, each such employer shall furnish to the plan administrator the information necessary for the administrator to maintain the records, and make the reports, required by paragraph (1). Such administrator shall maintain the records, and make the reports, required by paragraph (1).

(b)

If any person who is required, under subsection (a), to furnish information or maintain records for any plan year fails to comply with such requirement, he shall pay to the Secretary a civil penalty of $10 for each employee with respect to whom such failure occurs, unless it is shown that such failure is due to reasonable cause.

Source credit: (Pub. L. 93–406, title I, § 209, Sept. 2, 1974, 88 Stat. 865; Pub. L. 110–458, title I, § 105(f), Dec. 23, 2008, 122 Stat. 5105.)

history & why it existsrecord from the source credit

1974Enacted · Pub. L. 93-406 · 88 Stat. 865
2008Amended · Pub. L. 110-458 · 122 Stat. 5105

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-406 on 1974-09-02.

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