[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR4007.10]

[Page 698]
 
                             TITLE 29--LABOR
 
                          GUARANTY CORPORATION
 
PART 4007--PAYMENT OF PREMIUMS--Table of Contents
 
Sec. 4007.10  Recordkeeping; audits; disclosure of information.

    (a) Retention of records to support premium payments. All plan 
records, including calculations and other data prepared by an enrolled 
actuary or, for a plan described in section 412(i) of the Code, by the 
insurer from which the insurance contracts are purchased, that are 
necessary to support or to validate premium payments under this part 
shall be retained by the plan administrator for a period of six years 
after the premium due date. Records that must be retained pursuant to 
this paragraph include, but are not limited to, records that establish 
the number of plan participants and that reconcile the calculation of 
the plan's unfunded vested benefits with the actuarial valuation upon 
which the calculation was based.
    (b) PBGC audit. Premium payments under this part are subject to 
audit by the PBGC. If, upon audit, the PBGC determines that a premium 
due under this part was underpaid, the late payment interest charges 
under Sec. 4007.7 and the late payment penalty charges under Sec. 4007.8 
shall apply to the unpaid balance from the premium due date to the date 
of payment. In determining the premium due, if, in the judgment of the 
PBGC, the plan's records fail to establish the number of plan 
participants with respect to whom premiums were required for any premium 
payment year, the PBGC may rely on data it obtains from other sources 
(including the IRS and the Department of Labor) for presumptively 
establishing the number of plan participants for premium computation 
purposes.
    (c) Providing record information. (1) In general. The plan 
administrator shall make the records retained pursuant to paragraph (a) 
of this section available to the PBGC upon request for inspection and 
photocopying at the location where they are kept (or another, mutually 
agreeable, location) and shall submit information in such records to the 
PBGC within 45 days of the date of the PBGC's written request therefor, 
or by a different time specified therein.
    (2) Extension. Except as provided in paragraph (c)(3) of this 
section, the plan administrator may automatically extend the period 
described in paragraph (c)(1) by submitting a certification to the PBGC 
prior to the expiration of that time period. The certification shall--
    (i) Specify a date to which the time period described in paragraph 
(c)(1) is extended that is no more than 90 days from the date of the 
PBGC's written request for information; and
    (ii) Contain a statement, certified to by the plan administrator 
under penalty of perjury (18 U.S.C. Sec. 1001), that, despite reasonable 
efforts, the additional time is necessary to comply with the PBGC's 
request.
    (3) Shortening of time period. The PBGC may in its discretion 
shorten the time period described in paragraph (c)(1) or (c)(2) of this 
section where it determines that collection of unpaid premiums (or any 
associated interest or penalties) would otherwise be jeopardized. If the 
PBGC shortens the time period described in paragraph (c)(1), no 
extension is available under paragraph (c)(2).
    (d) Address and timeliness. Information required to be submitted 
under paragraph (c) of this section shall be submitted to the address 
specified in the PBGC's request. The timeliness of a submission shall be 
determined in accordance with Secs. 4007.5 and 4007.6.

[61 FR 34020, July 1, 1996, as amended at 62 FR 36663, July 9, 1997]