Compliance September 13, 2007

DoL Proposes Guidelines Requesting Documents from Multi-Employer Plans

September 13, 2007 (PLANSPONSOR.com) - The U.S. Department of Labor proposed rules on Thursday that give multi-employer plan participants, their union representatives and contributing employers the right to ask the plan for actuarial, financial and funding-related documents.
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The disclosure rules would implement the provisions of the Pension Protection Act of 2006 (See Everything You Wanted to Know About the PPA ).

The rule would give the plan 30 days after a request to furnish the documents, which are limited to one copy per report within a 12-month period.  

“These rules will ensure that workers, employee representatives and employers receive important information about the financial operation of their multiemployer plans,” said Bradford P. Campbell, assistant secretary of the Labor Department’s Employee Benefits Security Administration, in a press release.

The proposal is to be published in the Federal Register on Friday.  

Public comments may be submitted to the Labor Department via e-mail sent to e-ORI@dol.gov or through the federal e-rulemaking portal at www.regulations.gov .  

Paper-based comments should be sent to the Office of Regulations and Interpretations, Employee Benefits Security Administration, Room N-5669, U.S. Department of Labor, 200 Constitution Avenue, NW, Washington, D.C.   20210, Attention: ERISA 101(k) Regulation.

The full text of the rule is  here .

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