Sec. 107. Reporting and Disclosure
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The SAVE UP Board of Trustees shall provide each participant in the Fund an annual statement of— the estimated amount of the monthly benefit which the participant or beneficiary is projected to receive from the Fund, in the form of the default benefit described in the plan in accordance with the bill; an explanation, written in a manner calculated to be understood by the average plan participant, that includes interest and mortality assumptions used in calculating the estimate and a statement that actual benefits may be materially different from such estimate; a disclosure of SAVE UP Accounts Fund fees and performance that is substantially similar to the disclosures required of individual account plans under the Employee Retirement Income Security Act of 1974; any other disclosures, including projected benefit estimates, that the SAVE UP Board of Trustees determines appropriate; and such other disclosures as may be required by the Board of Governors.
The SAVE UP Board of Trustees shall provide participants a summary plan description (as described in section 102 of the Employee Retirement Income Security Act ( 29 U.S.C. 1022 )) as required by section 104(b) of the Employee Retirement Income Security Act ( 29 U.S.C. 1024(b) ). The SAVE UP Board of Trustees shall file with the Secretary of Labor periodic reports in accordance with regulations promulgated by the SAVE UP Board of Governors. The SAVE UP Board of Trustees shall be subject to sections 106 and 107 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1026 , 1027).
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