Sec. 407. Review and report to the Congress relating to reporting and disclosure requirements
171 words·~1 min read·
/bill/113/hr/2117/ih/section-407A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As soon as practicable after the date of the enactment of this Act, the Secretary of Labor, the Secretary of the Treasury, and the Pension Benefit Guaranty Corporation shall review the reporting and disclosure requirements of— title I of the Employee Retirement Income Security Act of 1974 applicable to pension plans (as defined in section 3(2) of such Act), and the Internal Revenue Code of 1986 applicable to qualified retirement plans (as defined in section 4974(c) of such Code without regard to paragraphs
(4)and
(5)thereof). Not later than 18 months after the date of the enactment of this Act, the Secretary of Labor, the Secretary of the Treasury, and the Pension Benefit Guaranty Corporation, jointly, shall make such recommendations as may be appropriate to the appropriate committees of the Congress to consolidate, simplify, standardize, and improve the applicable reporting and disclosure requirements so as to simplify reporting for plans referenced to in subsection
(a)and ensure that needed understandable information is provided to participants and beneficiaries of such plans.