Sec. 7. Reports of plans receiving pension rehabilitation loans
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Subpart E of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: In the case of a plan receiving a loan under section 4(a) of the Butch Lewis Act of 2019 , with respect to the first plan year beginning after the date of the loan and each of the 29 succeeding plan years, not later than the 90th day of each such plan year the plan sponsor shall file with the Secretary a report (including appropriate documentation and actuarial certifications from the plan actuary, as required by the Secretary) that contains— the funded percentage (as defined in section 432(i)(2)) as of the first day of such plan year, and the underlying actuarial value of assets (determined with regard, and without regard, to annuity contracts purchased and portfolios implemented with proceeds of such loan) and liabilities (including any amounts due with respect to such loan) taken into account in determining such percentage, the market value of the assets of the plan (determined as provided in paragraph (1)) as of the last day of the plan year preceding such plan year, the total value of all contributions made by employers and employees during the plan year preceding such plan year, the total value of all benefits paid during the plan year preceding such plan year, cash flow projections for such plan year and the 9 succeeding plan years, and the assumptions used in making such projections, funding standard account projections for such plan year and the 9 succeeding plan years, and the assumptions relied upon in making such projections, the total value of all investment gains or losses during the plan year preceding such plan year, any significant reduction in the number of active participants during the plan year preceding such plan year, and the reason for such reduction, a list of employers that withdrew from the plan in the plan year preceding such plan year, and the resulting reduction in contributions, a list of employers that paid withdrawal liability to the plan during the plan year preceding such plan year and, for each employer, a total assessment of the withdrawal liability paid, the annual payment amount, and the number of years remaining in the payment schedule with respect to such withdrawal liability, any material changes to benefits, accrual rates, or contribution rates during the plan year preceding such plan year, and whether such changes relate to the terms of the loan, details regarding any funding improvement plan or rehabilitation plan and updates to such plan, the number of participants and beneficiaries during the plan year preceding such plan year who are active participants, the number of participants and beneficiaries in pay status, and the number of terminated vested participants and beneficiaries, the amount of any financial assistance received under section 4261 of the Employee Retirement Income Security Act of 1974 to pay benefits during the preceding plan year, and the total amount of such financial assistance received for all preceding years, the information contained on the most recent annual funding notice submitted by the plan under section 101(f) of the Employee Retirement Income Security Act of 1974, the information contained on the most recent annual return under section 6058 and actuarial report under section 6059 of the plan, and copies of the plan document and amendments, other retirement benefit or ancillary benefit plans relating to the plan and contribution obligations under such plans, a breakdown of administrative expenses of the plan, participant census data and distribution of benefits, the most recent actuarial valuation report as of the plan year, copies of collective bargaining agreements, and financial reports, and such other information as the Secretary, in consultation with the Director of the Pension Rehabilitation Administration, may require.
The report required under subsection
(a)shall be submitted electronically. The Secretary shall share the information in the report under subsection
(a)with the Secretary of Labor and the Director of the Pension Benefit Guaranty Corporation. Each plan sponsor required to file a report under subsection
(a)shall, before the expiration of the time prescribed for the filing of such report, also provide a summary (written in a manner so as to be understood by the average plan participant) of the information in such report to participants and beneficiaries in the plan and to each employer with an obligation to contribute to the plan. . Subsection
(e)of section 6652 of the Internal Revenue Code of 1986 is amended— by inserting , 6059A (relating to reports of plans receiving pension rehabilitation loans) after deferred compensation) ; by inserting ($100 in the case of failures under section 6059A) after $25 ; and by adding at the end the following: In the case of a failure with respect to section 6059A, the amount imposed under this subsection shall not be paid from the assets of the plan. . The table of sections for subpart E of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. 6059A. Reports of plans receiving pension rehabilitation loans. .