29 USC 1304 - Participant and Plan Sponsor Advocate

U.S Code last checked for updates: Apr 29, 2024

§ 1304.

Participant and Plan Sponsor Advocate

(a)

In general

(b)

Duties

The Participant and Plan Sponsor Advocate shall—

(1)

act as a liaison between the corporation, sponsors of defined benefit pension plans insured by the corporation, and participants in pension plans trusteed by the corporation;

(2)

advocate for the full attainment of the rights of participants in plans trusteed by the corporation;

(3)

assist pension plan sponsors and participants in resolving disputes with the corporation;

(4)

identify areas in which participants and plan sponsors have persistent problems in dealings with the corporation;

(5)

to the extent possible, propose changes in the administrative practices of the corporation to mitigate problems;

(6)

identify potential legislative changes which may be appropriate to mitigate problems; and

(7)

refer instances of fraud, waste, and abuse, and violations of law to the Office of the Inspector General of the corporation.

(c)

Removal

(d)

Compensation

(e)

Annual report

(1)

In general

(2)

Content

Each report submitted under paragraph (1) shall—

(A)

summarize the assistance requests received from participants and plan sponsors and describe the activities, and evaluate the effectiveness, of the Participant and Plan Sponsor Advocate during the preceding year;

(B)

identify significant problems the Participant and Plan Sponsor Advocate has identified;

(C)

include specific legislative and regulatory changes to address the problems; and

(D)

identify any actions taken to correct problems identified in any previous report.

(3)

Concurrent submission

(Pub. L. 93–406, title IV, § 4004, as added Pub. L. 112–141, div. D, title II, § 40232(a), July 6, 2012, 126 Stat. 856.)

cite as: 29 USC 1304