Page:United States Statutes at Large Volume 120.djvu/982

 PUBLIC LAW 109–280—AUG. 17, 2006

120 STAT. 951

in the security of one entity (such as employer securities) may not be adequately diversified, and ‘‘(III) a notice directing the participant or beneficiary to the Internet website of the Department of Labor for sources of information on individual investing and diversification. ‘‘(C) ALTERNATIVE NOTICE.—The requirements of subparagraph (A)(i)(II) are met if, at least annually and in accordance with requirements of the Secretary, the plan— ‘‘(i) updates the information described in such paragraph which is provided in the pension benefit statement, or ‘‘(ii) provides in a separate statement such information as is necessary to enable a participant or beneficiary to determine their nonforfeitable vested benefits. ‘‘(3) DEFINED BENEFIT PLANS.— ‘‘(A) ALTERNATIVE NOTICE.—In the case of a defined benefit plan, the requirements of paragraph (1)(B)(i) shall be treated as met with respect to a participant if at least once each year the administrator provides to the participant notice of the availability of the pension benefit statement and the ways in which the participant may obtain such statement. Such notice may be delivered in written, electronic, or other appropriate form to the extent such form is reasonably accessible to the participant. ‘‘(B) YEARS IN WHICH NO BENEFITS ACCRUE.—The Secretary may provide that years in which no employee or former employee benefits (within the meaning of section 410(b) of the Internal Revenue Code of 1986) under the plan need not be taken into account in determining the 3-year period under paragraph (1)(B)(i).’’. (2) CONFORMING AMENDMENTS.— (A) Section 105 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1025) is amended by striking subsection (d). (B) Section 105(b) of such Act (29 U.S.C. 1025(b)) is amended to read as follows: ‘‘(b) LIMITATION ON NUMBER OF STATEMENTS.—In no case shall a participant or beneficiary of a plan be entitled to more than 1 statement described in subparagraph (A)(iii) or (B)(ii) of subsection (a)(1), whichever is applicable, in any 12-month period.’’. (C) Section 502(c)(1) of such Act (29 U.S.C. 1132(c)(1)) is amended by striking ‘‘or section 101(f)’’ and inserting ‘‘section 101(f), or section 105(a)’’. (b) MODEL STATEMENTS.— (1) IN GENERAL.—The Secretary of Labor shall, within 1 year after the date of the enactment of this section, develop 1 or more model benefit statements that are written in a manner calculated to be understood by the average plan participant and that may be used by plan administrators in complying with the requirements of section 105 of the Employee Retirement Income Security Act of 1974. (2) INTERIM FINAL RULES.—The Secretary of Labor may promulgate any interim final rules as the Secretary determines appropriate to carry out the provisions of this subsection.

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Notices.

29 USC 1025 note. Deadline.

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