The Pension Protection Act of 2006 requires multiemployer plans to furnish participants and beneficiaries with certain financial information upon written request.
All private retirement plan participants can request copies of their plans’ annual financial reports. Plan administrators must file the annual financial report called a Form 5500 seven months after the end of a plan year, but may receive extensions.
The Pension Protection Act requires administrators of multiemployer plans to furnish certain additional financial documents within 30 days of receiving a written request:
A plan administrator who furnishes the above documents is not allowed to include any individual identifiable information, or proprietary information about the plan, employers, or service providers. The plan administrator may charge reasonable copying fees and the documents may also be provided in electronic form.
The new provision will take effect in 2008.
Read Section 502 of the Pension Protection Act of 2006 Public Law 109-280< Back