Page:United States Statutes at Large Volume 76.djvu/84

 36

PUBLIC LAW 87-420-MAR. 20, 1962

[76 STAT.

lary to membersliip in a fraternal benefit society described inj section 501(c)(8) of such Code or by organizations described inj sections 501(c)(3) and 501(c)(4) of such Code: Provided, That the provisions of this paragraph shall not exempt any plan administered by a fraternal benefit society or organization which represents its members for purposes of collective bargaining; or " (4) such plan covers not more than twenty-five participants." 29 USC 304. SEC. 7. Subsection (a) of section 5 of such Act is amended by striking out the last sentence thereof and inserting in lieu thereof the following: "Such description and such report shall contain the information 29 USC 305,306. required by sections 6 and 7 of this Act in such form and detail as the Secretary shall by regulations prescribe and copies thereof shall be executed, published, and filed in accordance with the provisions of this Act and the Secretary's regulations thereunder. No regulation shall be issued under the preceding sentence, which relieves any administrator of the obligation to include in such description or report, any information relative to his plan which is required by section 6 or 7. Notwithstanding the foregoing, if the Secretary finds, on the record after giving interested persons an opportunity to be heard, i that specific information on plans of certain kinds or on any class or \ 29 USC 302. classes of benefits described in section 3(1) and (2) which are pro-i vided by such plans cannot, in the normal method of operation of such plans, be practicably ascertained or made available for publication in the manner or for the period prescribed in any provision of this Act, or that the information if published in such manner or for such period would be duplicative or uninformative, the Secretary may by regulations prescribe such other manner or such other period for the publica- '\ tion of such information as he may determine to be necessary and appropriate to carry out the purposes of this Act." 29 USC 305. SEC. 8. Subsection (b) of section 6 of such Act is amended by adding at the end thereof the following new sentence: "Any change in the information required by this subsection shall be reported to the Secretary within sixty days after the change has been effectuated." 29 USC 306. SEC. 9. (a) Section 7(a) of such Act is amended by inserting after the word "plan" the second time it appears the following: "if it covers one hundred or more participants. However, the Secretary, after investigation, may require the administrator of any plan otherwise covered by the Act to publish such report when necessary and appropriate to carry out the purposes of the Act", and by striking out "twenty" both times it appears and inserting in lieu thereof "fifty". Report: contents. (b) Section 7(b) of sudi Act is amended by striking out the first s'entence of the second paragraph and inserting in lieu thereof the I following: "The amount contributed by each employer; the amount contributed by the employees; the amount of benefits paid or otherwise furnished; the number of employees covered; a statement of assets specifying the total amount in each of the following types of assets: cash. Government bonds, non-Government bonds and debentures, common stocks, preferred stocks, common trust funds, real estate loans and mortgages, operated real estate, other real estate, and other assets; a statement of liabilities, receipts, and disbursements of the plan; a detailed statement of the salaries and fees and commissions charged to the plan, to whom paid, in what amount, and for whatj purposes. The Secretary, when he has determined that an investiga29 USC 308. tion is necessary in accordance with section 9(d) of this Act, may require the filing, of supporting-schedules of assets and liabilities.''

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