29 USC 1310(c): Confidential business information information submitted to PBGC as part of a notice of a reportable event
About This Project
This project uses data compiled by the Sunshine in Government initiative, a coalition of journalism and transparency groups. SGI compiled data from federal agency annual FOIA reports to track how often b(3) exemptions were used. SGI also standardized the exemptions since some agencies used slightly different citations of the same laws. In some cases, agencies listed general laws without specifying a section under which information was withheld. This project does not include information from agencies that use no b(3) exemptions in 2008 or 2009. ProPublica compiled information about FOIA denials.
TITLE 29--LABOR CHAPTER 18--EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM SUBCHAPTER III--PLAN TERMINATION INSURANCE Subtitle A--Pension Benefit Guaranty Corporation
Sec. 1310. Authority to require certain information (a) Information required Each person described in subsection (b) of this section shall provide the corporation annually, on or before a date specified by the corporation in regulations, with-- (1) such records, documents, or other information that the corporation specifies in regulations as necessary to determine the liabilities and assets of plans covered by this subchapter; and (2) copies of such person's audited (or, if unavailable, unaudited) financial statements, and such other financial information as the corporation may prescribe in regulations. (b) Persons required to provide information The persons covered by subsection (a) of this section are each contributing sponsor, and each member of a contributing sponsor's controlled group, of a single-employer plan covered by this subchapter, if-- (1) the aggregate unfunded vested benefits at the end of the preceding plan year (as determined under section 1306(a)(3)(E)(iii) of this title) of plans maintained by the contributing sponsor and the members of its controlled group exceed $50,000,000 (disregarding plans with no unfunded vested benefits); (2) the conditions for imposition of a lien described in section 1082(f)(1)(A) and (B) of this title or section 412(n)(1)(A) and (B) of title 26 have been met with respect to any plan maintained by the contributing sponsor or any member of its controlled group; or (3) minimum funding waivers in excess of $1,000,000 have been granted with respect to any plan maintained by the contributing sponsor or any member of its controlled group, and any portion thereof is still outstanding.
(c) Information exempt from disclosure requirements Any information or documentary material submitted to the corporation pursuant to this section shall be exempt from disclosure under section 552 of title 5, and no such information or documentary material may be made public, except as may be relevant to any administrative or judicial action or proceeding. Nothing in this section is intended to prevent disclosure to either body of Congress or to any duly authorized committee or subcommittee of the Congress. (Pub. L. 93-406, title IV, Sec. 4010, as added Pub. L. 103-465, title VII, Sec. 772(a), Dec. 8, 1994, 108 Stat. 5044; amended Pub. L. 109-280, title I, Sec. 107(b)(3), title V, Sec. 505(a), (b), Aug. 17, 2006, 120 Stat. 819, 946.) Amendment of Section Pub. L. 109-280, title I, Sec. 107(b)(3), (e), Aug. 17, 2006, 120 Stat. 819, 820, provided that, applicable to plan years beginning after 2007, subsection (b)(2) of this section is amended by substituting ``1083(k)(1)(A) and (B)'' for ``1082(f)(1)(A) and (B)'' and ``430(k)(1)(A) and (B)'' for ``412(n)(1)(A) and (B)''. Pub. L. 109-280, title V, Sec. 505, Aug. 17, 2006, 120 Stat. 946, provided that, applicable with respect to years beginning after 2007, this section is amended as follows: (1) in subsection (b), by striking out paragraph (1) and by adding a new paragraph (1) to read as follows: ``(1) the funding target attainment percentage (as defined in subsection (d)) at the end of the preceding plan year of a plan maintained by the contributing sponsor or any member of its controlled group is less than 80 percent;'' and (2) by adding subsections (d) and (e) to read as follows: (d) Additional information required (1) In general The information submitted to the corporation under subsection (a) shall include-- (A) the amount of benefit liabilities under the plan determined using the assumptions used by the corporation in determining liabilities; (B) the funding target of the plan determined as if the plan has been in at-risk status for at least 5 plan years; and (C) the funding target attainment percentage of the plan. (2) Definitions For purposes of this subsection: (A) Funding target The term ``funding target'' has the meaning provided under section 1083(d)(1) of this title. (B) Funding target attainment percentage The term ``funding target attainment percentage'' has the meaning provided under section 1082(d)(2) of this title. (C) At-risk status The term ``at-risk status'' has the meaning provided in section 1083(i)(4) of this title. (e) Notice to Congress The corporation shall, on an annual basis, submit to the Committee on Health, Education, Labor, and Pensions and the Committee on Finance of the Senate and the Committee on Education and the Workforce and the Committee on Ways and Means of the House of Representatives, a summary report in the aggregate of the information submitted to the corporation under this section. Effective Date of 2006 Amendment Amendment by section 107(b)(3) of Pub. L. 109-280 applicable to plan years beginning after 2007, see section 107(e) of Pub. L. 109-280, set out as a note under section 1021 of this title. Pub. L. 109-280, title V, Sec. 505(c), Aug. 17, 2006, 120 Stat. 946, provided that: ``The amendments made by this section [amending this section] shall apply with respect to years beginning after 2007.'' Effective Date Section 772(c) of Pub. L. 103-465 provided that: ``The amendments made by this section [enacting this section] shall be effective on the date of enactment of this Act [Dec. 8, 1994].'' Applicability of Amendments by Subtitles A and B of Title I of Pub. L. 109-280 For special rules on applicability of amendments by subtitles A (Secs. 101-107) and B (Secs. 111-116) of title I of Pub. L. 109- 280 to certain eligible cooperative plans, PBGC settlement plans, and eligible government contractor plans, see sections 104, 105, and 106 of Pub. L. 109-280, set out as notes under section 401 of Title 26, Internal Revenue Code.