120 STAT. 950
PUBLIC LAW 109–280—AUG. 17, 2006 ‘‘(B) DEFINED BENEFIT PLAN.—The administrator of a defined benefit plan (other than a one-participant retirement plan described in section 101(i)(8)(B)) shall furnish a pension benefit statement— ‘‘(i) at least once every 3 years to each participant with a nonforfeitable accrued benefit and who is employed by the employer maintaining the plan at the time the statement is to be furnished, and ‘‘(ii) to a participant or beneficiary of the plan upon written request. Information furnished under clause (i) to a participant may be based on reasonable estimates determined under regulations prescribed by the Secretary, in consultation with the Pension Benefit Guaranty Corporation. ‘‘(2) STATEMENTS.— ‘‘(A) IN GENERAL.—A pension benefit statement under paragraph (1)— ‘‘(i) shall indicate, on the basis of the latest available information— ‘‘(I) the total benefits accrued, and ‘‘(II) the nonforfeitable pension benefits, if any, which have accrued, or the earliest date on which benefits will become nonforfeitable, ‘‘(ii) shall include an explanation of any permitted disparity under section 401(l) of the Internal Revenue Code of 1986 or any floor-offset arrangement that may be applied in determining any accrued benefits described in clause (i), ‘‘(iii) shall be written in a manner calculated to be understood by the average plan participant, and ‘‘(iv) may be delivered in written, electronic, or other appropriate form to the extent such form is reasonably accessible to the participant or beneficiary. ‘‘(B) ADDITIONAL INFORMATION.—In the case of an individual account plan, any pension benefit statement under clause (i) or (ii) of paragraph (1)(A) shall include— ‘‘(i) the value of each investment to which assets in the individual account have been allocated, determined as of the most recent valuation date under the plan, including the value of any assets held in the form of employer securities, without regard to whether such securities were contributed by the plan sponsor or acquired at the direction of the plan or of the participant or beneficiary, and ‘‘(ii) in the case of a pension benefit statement under paragraph (1)(A)(i)— ‘‘(I) an explanation of any limitations or restrictions on any right of the participant or beneficiary under the plan to direct an investment, ‘‘(II) an explanation, written in a manner calculated to be understood by the average plan participant, of the importance, for the long-term retirement security of participants and beneficiaries, of a well-balanced and diversified investment portfolio, including a statement of the risk that holding more than 20 percent of a portfolio
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