H.R.3005 - Pension Security Disclosure Act of 2003108th Congress (2003-2004)
Summary: H.R.3005 — 108th Congress (2003-2004)
Introduced in House (09/04/2003)
Pension Security Disclosure Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to repeal the exemption from public disclosure of the contents of certain records, documents, and other information required to be reported to the Pension Benefit Guaranty Corporation by contributing sponsors, and each member of a contributing sponsor's controlled group, of a single-employer plan.
Declares all such information to be public information, except any that the Corporation has identified by regulation as confidential. Requires the Corporation to: (1) make any such public information available for inspection in its principal office; and (2) upon written request, and for a reasonable charge, furnish to any participant or beneficiary a written copy of any such information.
Requires the Corporation to provide by regulation for timely disclosure on a Corporation website on the Internet and other appropriate media of a summary of any such information regarding any plan whose funding ratio of assets to liabilities for a reporting period was less than 90 percent. Requires immediate transmittal of a copy of such summary to the plan administrator, and, within 30 days after its receipt, by the plan administrator to each plan participant and beneficiary.