§1081. Coverage — Inbound Citations
29 U.S.C. § 1081
Cited by 6 provisions in release 119-102.
Citations to 29 U.S.C. § 1081 as a whole
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43 F.R. 47713, 92 Stat. 3790, as amended Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 109–280, title I, § 108(c), formerly § 107(c), Aug. 17, 2006, 120 Stat. 820, renumbered § 108(c), Pub. L. 111–192, title II, § 202(a), June 25, 2010, 124 Stat. 1297
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(a) Except as provided in subsection (b) or (c) and in sections 1051, 1081, and 1101 of this title, this subchapter shall apply to any employee benefit plan if it is established or maintained—(1) by any employer engaged in commerce or in any industry or activity affecting commerce; or(2) by any employee organization or organizations representing employees engaged in commerce or in any industry or activity affecting commerce; or(3) by both.
Citations to §1081(a)
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(d) With respect to an employee pension benefit plan (other than (A) a profit sharing, savings, or other plan, which is an individual account plan, (B) a plan described in section 1081(b) of this title, or (C) a plan described both in section 1321(b) of this title and in paragraph (1), (2), (3), (4), (5), (6), or (7) of section 1081(a) of this title) an annual report under this section for a plan year shall include a complete actuarial statement applicable to the plan year which shall include the following:(1) The date of the plan year, and the date of the actuarial valuation applicable to the plan year for which the report is filed.(2) The date and amount of the contribution (or contributions) received by the plan for the plan year for which the report is filed and contributions for prior plan years not previously reported.(3) The following information applicable to the plan year for which the report is filed: the normal costs or target normal costs, the accrued liabilities or funding target, an identification of benefits not included in the calculation; a statement of the other facts and actuarial assumptions and methods used to determine costs, and a justification for any change in actuarial assumptions or cost methods; and the minimum contribution required under section 1082 of this title.(4) The number of participants and beneficiaries, both retired and nonretired, covered by the plan.(5) The current value of the assets accumulated in the plan, and the present value of the assets of the plan used by the actuary in any computation of the amount of contributions to the plan required under section 1082 of this title and a statement explaining the basis of such valuation of present value of assets.(6) Information required in regulations of the Pension Benefit Guaranty Corporation with respect to:(A) the current value of the assets of the plan,(B) the present value of all nonforfeitable benefits for participants and beneficiaries receiving payments under the plan,(C) the present value of all nonforfeitable benefits for all other participants and beneficiaries,(D) the present value of all accrued benefits which are not nonforfeitable (including a separate accounting of such benefits which are benefit commitments, as defined in section 1301(a)(16) of this title), and(E) the actuarial assumptions and techniques used in determining the values described in subparagraphs (A) through (D).(7) A certification of the contribution necessary to reduce the minimum required contribution determined under section 1083 of this title, or the accumulated funding deficiency determined under section 1084 of this title, to zero.(8) A statement by the enrolled actuary—(A) that to the best of his knowledge the report is complete and accurate, and(B) the applicable requirements of sections 1083(h), 1084(c)(3), and 1085a(c)(3) of this title (relating to reasonable actuarial assumptions and methods) have been complied with.(9) A copy of the opinion required by subsection (a)(4).(10) A statement by the actuary which discloses—(A) any event which the actuary has not taken into account, and(B) any trend which, for purposes of the actuarial assumptions used, was not assumed to continue in the future,but only if, to the best of the actuary’s knowledge, such event or trend may require a material increase in plan costs or required contribution rates.(11) If the current value of the assets of the plan is less than 70 percent of—(A) in the case of a single-employer plan, the funding target (as defined in section 1083(d)(1) of this title) of the plan, or(B) in the case of a multiemployer plan, the current liability (as defined in section 1084(c)(6)(D) of this title) under the plan,(12) A statement explaining the actuarial assumptions and methods used in projecting future retirements and forms of benefit distributions under the plan.(13) Such other information regarding the plan as the Secretary may by regulation require.(14) Such other information as may be necessary to fully and fairly disclose the actuarial position of the plan.Such actuary shall make an actuarial valuation of the plan for every third plan year, unless he determines that a more frequent valuation is necessary to support his opinion under subsection (a)(4) of this section.
Citations to §1081(b)
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(d) With respect to an employee pension benefit plan (other than (A) a profit sharing, savings, or other plan, which is an individual account plan, (B) a plan described in section 1081(b) of this title, or (C) a plan described both in section 1321(b) of this title and in paragraph (1), (2), (3), (4), (5), (6), or (7) of section 1081(a) of this title) an annual report under this section for a plan year shall include a complete actuarial statement applicable to the plan year which shall include the following:(1) The date of the plan year, and the date of the actuarial valuation applicable to the plan year for which the report is filed.(2) The date and amount of the contribution (or contributions) received by the plan for the plan year for which the report is filed and contributions for prior plan years not previously reported.(3) The following information applicable to the plan year for which the report is filed: the normal costs or target normal costs, the accrued liabilities or funding target, an identification of benefits not included in the calculation; a statement of the other facts and actuarial assumptions and methods used to determine costs, and a justification for any change in actuarial assumptions or cost methods; and the minimum contribution required under section 1082 of this title.(4) The number of participants and beneficiaries, both retired and nonretired, covered by the plan.(5) The current value of the assets accumulated in the plan, and the present value of the assets of the plan used by the actuary in any computation of the amount of contributions to the plan required under section 1082 of this title and a statement explaining the basis of such valuation of present value of assets.(6) Information required in regulations of the Pension Benefit Guaranty Corporation with respect to:(A) the current value of the assets of the plan,(B) the present value of all nonforfeitable benefits for participants and beneficiaries receiving payments under the plan,(C) the present value of all nonforfeitable benefits for all other participants and beneficiaries,(D) the present value of all accrued benefits which are not nonforfeitable (including a separate accounting of such benefits which are benefit commitments, as defined in section 1301(a)(16) of this title), and(E) the actuarial assumptions and techniques used in determining the values described in subparagraphs (A) through (D).(7) A certification of the contribution necessary to reduce the minimum required contribution determined under section 1083 of this title, or the accumulated funding deficiency determined under section 1084 of this title, to zero.(8) A statement by the enrolled actuary—(A) that to the best of his knowledge the report is complete and accurate, and(B) the applicable requirements of sections 1083(h), 1084(c)(3), and 1085a(c)(3) of this title (relating to reasonable actuarial assumptions and methods) have been complied with.(9) A copy of the opinion required by subsection (a)(4).(10) A statement by the actuary which discloses—(A) any event which the actuary has not taken into account, and(B) any trend which, for purposes of the actuarial assumptions used, was not assumed to continue in the future,but only if, to the best of the actuary’s knowledge, such event or trend may require a material increase in plan costs or required contribution rates.(11) If the current value of the assets of the plan is less than 70 percent of—(A) in the case of a single-employer plan, the funding target (as defined in section 1083(d)(1) of this title) of the plan, or(B) in the case of a multiemployer plan, the current liability (as defined in section 1084(c)(6)(D) of this title) under the plan,(12) A statement explaining the actuarial assumptions and methods used in projecting future retirements and forms of benefit distributions under the plan.(13) Such other information regarding the plan as the Secretary may by regulation require.(14) Such other information as may be necessary to fully and fairly disclose the actuarial position of the plan.Such actuary shall make an actuarial valuation of the plan for every third plan year, unless he determines that a more frequent valuation is necessary to support his opinion under subsection (a)(4) of this section.
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(F) Notwithstanding subparagraphs (A), (B), and (C), a defined benefit plan satisfies the requirements of this paragraph if such plan(i) is funded exclusively by the purchase of insurance contracts, and(ii) satisfies the requirements of paragraphs (2) and (3) of section 1081(b) of this title (relating to certain insurance contract plans),but only if an employee’s accrued benefit as of any applicable date is not less than the cash surrender value his insurance contracts would have on such applicable date if the requirements of paragraphs (4), (5), and (6) of section 1081(b) of this title were satisfied.
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(ii) satisfies the requirements of paragraphs (2) and (3) of section 1081(b) of this title (relating to certain insurance contract plans),