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Compliance March 8, 2013
DOL Issues MAP-21 Disclosure Guidance
Defined benefit (DB) plan sponsors have new guidance
concerning new disclosure requirements mandated by the Moving Ahead for
Progress in the 21st Century Act (MAP-21).
Reported by PLANADVISER staff
In Field Assistance Bulletin (FAB) 2013-01, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) notes that MAP-21 amended section 101(f) of the Employee Retirement Income Security Act (ERISA) to require plan administrators of single-employer defined benefit pension plans to provide participants and others additional information regarding the impact of MAP-21’s interest rate stabilization rules on the plan’s funding status (see “Congress Passes Bill with Pension Funding Relief”).
The FAB addresses a need for interim guidance pending the adoption of regulations or other guidance under section 101(f) of ERISA, as amended by MAP-21, and sets forth technical questions and answers and provides a model supplement that plan administrators may use to discharge their MAP-21 disclosure obligations.
According to the notice, an estimated 12,000 single-employer plans covering approximately 33.5 million participants and beneficiaries are subject to the new disclosure requirements. Many of these plans must furnish their first annual funding notice under the new law no later than April 30, 2013.
FAB 2013-01 is at http://www.dol.gov/ebsa/regs/fab2013-1.html.