Page:United States Statutes at Large Volume 88 Part 1.djvu/892

 848

Reporting requirements, exemption.

Civil action.

Summary plan d e s c r i p t i o n s and annual report s, publication.

PUBLIC LAW 93-406-SEPT. 2, 1974

rSB STAT.

be precluded from revoking provisions for simplified reports for any such plan if he finds it necessary to do so in order to carry out the objectives of this title. (3) The Secretary may by regulation exempt any welfare benefit plan from all or part of the reporting and disclosure requirements of this title, or may provide for simplified reporting and disclosure if he finds that such requirements are inappropriate as applied to welfare benefit plans. (4) The Secretary may reject any filing under this section— (A) if he determines that such filing is incomplete for purposes of this part; or (B) if he determines that there is any material qualification by an accountant or actuary contained in an opinion submitted pursuant to section 1 0 3 (a)(3)(A) or section 1 0 3 (a)(4)(B). (5) If the Secretary rejects a filing of a report under paragraph (4) and if a revised filing satisfactory to the Secretary is not submitted within 45 days after the Secretary makes his determination under paragraph (4) to reject the filing, and if the Secretary deems it in the best interest of the participants, he may take any one or more of the following actions— (A) retain an independent qualified public accountant (as defined in section 103(a)(3)(D)) on behalf of the participants to perform an audit, (B) retain an enrolled actuary (as defined in section 103(a) (4)(C) of this Act) on behalf of the plan participants, to prepare an actuarial statement. (C) brin^ a civil action for such legal or equitable relief as may be appropriate to enforce the provisions of this part, or (D) take any other action authorized by this title. The administrator shall permit such accountant or actuary to inspect whatever books and records of the plan are necessary for such audit. The plan shall be liable to the Secretary for the expenses for such audit or report, and the Secretary may bring an action against the plan in any court of competent jurisdiction to recover such expenses. (b) Publication of the summary plan descriptions and annual reports shall be made to participants and beneficiaries of the particular plan as follows: (1) The administrator shall furnish to each participant, and each beneficiary receiving benefits under the p^an, a copy of the summary^ plan description, and all modifications and changes referred to in section 102(a)(1) — (A) within 90 days after he becomes a participant, or (in the case of a beneficiary) within 90 days after he first receives benefits, or (B) if later, within 120 days after the plan becomes subject to this part. The administrator shall furnish to each participant, and each beneficiary receiving benefits under the p^an, every fifth year after the plan becomes subject to this part an updated summary plan description described in section 102 which integrates all plan amendments made within such five-year period, except that in a case where no amendments have been made to a plan during such five-year period this sentence shall not apply. Notwithstanding the foregoing, the administrator shall furnish to each participant, and to each beneficiary receiving benefits under the plan, the summary plan description described in section 102 every tenth year after the plan becomes subject to this part. I f there is a modification or change described in section 102(a) (1), a summary description of such modification or change shall be

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