29 U.S.C. § 1310 — Authority to require certain information

(a) Information required. Each person described in subsection (b) must give the corporation every year, by the date set in the corporation’s regulations: (1) the records, documents, or other information the regulations specify as needed to determine the liabilities and assets of plans covered by this subchapter; and (2) copies of the person’s audited financial statements, or unaudited statements if audited statements are unavailable, plus other financial information the corporation requires by regulation.

(b) Persons required to provide information. The people covered by subsection (a) are each contributing sponsor, and each member of a contributing sponsor’s controlled group, of a covered single-employer plan, if any of these conditions applies: (1) the plan’s funding target attainment percentage at the end of the preceding plan year^* is less than 80 percent; (2) the conditions for imposing a lien described in the listed provisions of this title or title 26 have been met for a plan maintained by the sponsor or controlled-group member; or (3) minimum-funding waivers totaling more than $1,000,000 have been granted for such a plan and any part remains unpaid or outstanding.

(c) Information exempt from disclosure requirements. Information or documentary material submitted under this section is exempt from disclosure under section 552 of title 5 and may not be made public, except when relevant to an administrative or judicial action or proceeding. This section does not prevent disclosure to either house of Congress or to a duly authorized congressional committee or subcommittee.

(d) Additional information required.

(1) In general. The information under subsection (a) must include: (A) the plan’s benefit liabilities calculated using the assumptions the corporation uses to calculate liabilities; (B) the plan’s funding target calculated as though the plan had been in at-risk status for at least five plan years; and (C) the plan’s funding target attainment percentage.

(2) Definitions. For this subsection, “funding target” has the meaning in section 1083(d)(1) of this title; “funding target attainment percentage” has the meaning in section 1083(d)(2); and “at-risk status” has the meaning in section 1083(i)(4). This section does not otherwise define those terms.

(3) Pension stabilization disregarded. For this section, the segment rates used to calculate the funding target and funding target attainment percentage must be determined without considering the adjustment under section 1083(h)(2)(C)(iv) of this title.

(e) Notice to Congress. Each year the corporation must submit an aggregate summary report of the information received under this section to the listed labor and finance committees of the Senate and the listed education/workforce and ways-and-means committees of the House.