(a) Scope. Under the authority of section 110 of the Act, a pension
benefit plan that meets the requirements of paragraph (b) of this
section is exempted from the provisions of the Act that require filing
with the Secretary an annual report and furnishing a summary annual
report to participants and beneficiaries receiving benefits. Such plans
may use a simplified method of reporting and disclosure to comply with
the requirement to furnish a summary plan description to participants
and beneficiaries receiving benefits, as follows:
(1) In lieu of filing an annual report with the Secretary or
distributing a summary annual report, a filing is made of Report Form
LM-2 or LM-3, pursuant to the Labor-Management Reporting and Disclosure
Act (LMRDA) and regulations thereunder, and
(2) In lieu of a summary plan description, the employee organization
constitution or bylaws may be furnished in accordance with Sec.
2520.104b-2 to participants and beneficiaries together with any
supplement to such document necessary to meet the requirements of
Sec. Sec. 2520.102-2 and 2520.102-3.
(b) Application. This exemption is available only to pension benefit
plans maintained by an employee organization, as that term is defined in
section 3(4) of the Act, paid for out of the employee organization's
general assets, which are derived wholly or partly from membership dues,
and which cover employee organization members and their beneficiaries.
(c) Limitations. This exemption does not exempt the administrator
from any other requirement of part 1 of title I of the Act.
[42 FR 37184, July 19, 1977, as amended at 67 FR 777, Jan. 7, 2002]