Sec. 6. Data portal
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The Director shall establish a standardized portal for the Fund (or each custodial entity in the case of PRIA Choice Account), and any plan administrator (as defined in section 414(g) of the Internal Revenue Code of 1986) of a plan to which section 6058 of the Internal Revenue Code of 1986 applies, to submit the reports required under subsection (b), the back end of which is developed and standardized to ensure ease of data upload by plan sponsors. Each such plan administrator, and the Fund or each such custodial entity in the case of a PRIA Basic or PRIA Choice Account, shall report on a quarterly basis to the Director, by uploading such report to the portal established under subsection (a).
Each such report shall include— information on the assets held by such account as of market close the day before the last day of the quarter; the balance of the account on the first and last day of the quarter; the gross of contributions, withdrawals, transfers, and realized and unrealized gains and losses (reported separately by fund) with respect to the account; expense ratios, reported separately by fund; the rate of return for the preceding 12 months, reported both overall and separately by fund; and the lifetime income stream equivalent of the total benefits accrued (as defined in section 105(a)(2)(D)(i)(II) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1025(a)(2)(D)(i)(II) )) in the account as of the last day of the quarter.
Any failure to provide the report pursuant to subsection
(b)shall be treated by the Secretary of the Treasury as a failure to file a return or statement required under section 6058 of the Internal Revenue Code of 1986. The Director may prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section. There is appropriated to the Director, out of any funds in the Treasury not otherwise appropriated, such funds as are necessary to carry out the requirements of this section, including for the development and ongoing hosting costs of the portal established under subsection (a). Compliance with the provisions of this section requiring plan sponsors to disclose or share information shall not constitute a violation of the provisions of Gramm-Leach-Bliley Act or the Employee Retirement Income Security Act of 1974.
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