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72 Stat. 1001.

(e) Details relative to the manner in which any funds held by an employee welfare benefit plan are held or invested shall be reported as provided under paragraphs (B), (C), and (D) of subsection (f) (1).

(f) Reports on employee pension benefit plans shall include, in addition to the applicable information required by the foregoing provisions of this section, the following:

(1) If the plan is funded through the medium of a trust, the report Plan funded shall include

(A) the type and basis of funding, actuarial assumptions used, the amount of current and past service liabilities, and the number of employees, both retired and nonretired covered by the plan; (B) a summary statement showing the assets of the fund broken down by types, such as cash investments in governmental obligations, investments in nongovernmental bonds, and investments in corporate stocks. Such assets shall be valued on the basis regularly used in valuing investments held in the fund and reported to the United States Treasury Department, or shall be valued at their aggregate cost or present value, whichever is lower, if such a statement is not so required to be filed with the United States Treasury Department;

through trust.

(C) a detailed list, including information as to cost, present value, and percentage of total fund, of all investments in securities or properties of the employer or employee organization, or any other party in interest by reason of being an officer, trustee, or employee of such fund, but the identity of all securities and the detail of brokerage fees and commissions incidental to the purchase or sale of such securities need not be revealed if such securities are listed and traded on an exchange subject to regulation by the Securities and Exchange Commission or securities in an investment company registered under the Investment Company Act of 1940, or securities of a public utility holding com- 15 USC 80apany registered under the Public Utility Holding Company Act 51.

54 Stat. 789.

of 1935, and the statement of assets contains a statement of the 49 Stat. 838. total investments in common stock, preferred stock, bonds and 15 USC 79. debentures, respectively, listed at their aggregate cost or present value, whichever is lower.

(D) a detailed list of all loans made to the employer, employee organization, or other party in interest by reason of being an officer, trustee, or employee of such fund, including the terms and conditions of the loan and the name and address of the borrower: Provided, That if the plan is funded through the medium of a trust invested, in whole or in part, in one or more insurance or annuity contracts with an insurance carrier, the report shall include, as to the portion of the funds so invested, only the information required by paragraph (2) below.

(2) If the plan is funded through the medium of a contract with Plan funded an insurance carrier, the report shall include

(A) the type and basis of funding, actuarial assumptions used in determining the payments under the contract, and the number of employees, both retired and nonretired, covered by the contract; and

(B) except for benefits completely guaranteed by the carrier, the amount of current and past service liabilities, based on those assumptions, and the amount of all reserves accumulated under the plan.

(3) If the plan is unfunded, the report shall include the total benefits paid to retired employees for the past five years, broken down by year.

through contract.

72 Stat. 1002.

62 Stat. 961.

PUBLICATION

SEC. 8. (a) Publication of the description of the plan and the latest annual report required under this Act shall be made to the participants and to the beneficiaries covered by the particular plan as follows:

(1) The administrator shall make copies of such description of the plan (including all amendments or modifications thereto upon their effective date) and of the latest annual report available for examination by any participant or beneficiary in the principal office of the plan.

(2) The administrator shall deliver upon written request to such participant or beneficiary a copy of the description of the plan (including all amendments or modifications thereto upon their effective date) and a summary of the latest annual report, by mailing such documents to the last known address of the participant or beneficiary making such request.

(b) The administrator of any plan subject to the provisions of this Act shall file with the Secretary of Labor two copies of the description of the plan and each annual report thereon. The Secretary of Labor shall make available for examination in the public document room of the Department of Labor copies of descriptions of plans and annual reports filed under this subsection.

(c) The Secretary of Labor shall prepare forms for the descriptions of plans and the annual reports required by the provisions of this Act, and shall make such forms available to the administrators of such plans on request.

ENFORCEMENT

SEC. 9. (a) Any person who willfully violates any provision of sections 5 or 8 of this Act shall be fined not more than $1,000, or imprisoned not more than six months.

(b) Any administrator of a plan who fails or refuses, upon the written request of a participant or beneficiary covered by such plan, to make publication to him within thirty days of such request, in accordance with the provisions of section 8, of a description of the plan or an annual report containing the information required by sections 6 and 7, may in the court's discretion become liable to any such participant or beneficiary making such request in the amount of $50 a day from the date of such failure or refusal.

(c) Action to recover such liability may be mantained in any court of competent jurisdiction by any participant or beneficiary. The court in such action may in its discretion, in addition to any judgment awarded to the plaintiff or plaintiffs, allow a reasonable attorney's fee to be paid by the defendant, and costs of the action.

(d) The district courts of the United States and the United States courts of the Territories and possessions shall have jurisdiction, for cause shown, and subject to the provisions of Rule 65 (relating to notice to adverse party) of the rules of civil procedure for the United States district courts, as amended (U. S. C., 1952 edition, title 28, section 2072), to restrain violations of section 8.

(e) The provisions of section 1001 of title 18 of the United States 62 Stat. 749. Code shall be applicable to any description of a plan or any annual report which is sworn to under this Act.

EFFECT OF OTHER LAWS

SEC. 10. (a) In the case of an employee welfare or pension benefit plan providing benefits to employees employed in two or more States, no person shall be required by reason of any law of any such State

to file with any State agency (other than an agency of the State in 72 Stat. 1002. which such plan has its principal office) any information included 72 Stat. 1003. within a description of the plan or an annual report published and filed pursuant to the provisions of this Act if copies of such description of the plan and of such annual report are filed with the State agency, and if copies of such portion of the description of the plan and annual report, as may be required by the State agency, are distributed to participants and beneficiaries in accordance with the requirements of such State law with respect to scope of distribution. Nothing contained in this subsection shall be construed to prevent any State from obtaining such additional information relating to any such plan as it may desire, or from otherwise regulating such plan.

(b) The provisions of this Act, except subsection (a) of this section, and any action taken thereunder, shall not be held to exempt or relieve any person from any liability, duty, penalty, or punishment provided by any present or future law of the United States or of any State affecting the operation or administration of employee welfare or pension benefit plans, or in any manner to authorize the operation or administration of any such plan contrary to any such law.

SEPARABILITY OF PROVISIONS

SEC. 11. If any provision of this Act or the application of such provision to any person or circumstance is held invalid, the remainder of this Act and the application of such provision to other persons or circumstances shall not be affected.

EFFECTIVE DATE

SEC. 12. The provisions of this Act shall become effective January 1, 1959.

Approved August 28, 1958.

Public Law 86-1 86th Congress, S. 961 February 17, 1959

AN ACT

73 Stat. 3.

Fixing the representation of the majority and minority membership of the Joint
Economic Committee.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 5(a) Joint Economic of the Employment Act of 1946, as amended (60 Stat. 23, Public Law Committee. 304, Seventh-ninth Congress), is amended to read as follows: Composition. 15 USC 1024.

"(a) There is established a Joint Economic Committee, to be composed of eight Members of the Senate, to be appointed by the President of the Senate, and eight Members of the House of Representatives, to be appointed by the Speaker of the House of Representatives. In each case, the majority party shall be represented by five Members and the minority party shall be represented by three Members." Approved February 17, 1959.

86th Congress, H. R. 7086
July 13, 1959

AN ACT

To extend the Renegotiation Act of 1951, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. EXTENSION.

Renegotiation Act of 1951, extension.

Section 102 (c) (1) of the Renegotiation Act of 1951, as amended (50 72 Stat. 1789. U.S.C. App., sec. 1212(c) (1)), is amended by striking out "June 30, 1959" and inserting in lieu thereof "June 30, 1962”.

SEC. 2. FIVE-YEAR LOSS CARRYFORWARD.

Subsection (m) of section 103 of the Renegotiation Act of 1951, as amended (50 U.S.C. App., sec. 1213 (m)), is amended

(1) By striking out the heading and inserting in lieu thereof the following:

"(m) RENEGOTIATION LOSS CARRYFORWARDS.—”.

(2) By striking out subparagraph (A) of paragraph (2) and inserting in lieu thereof the following:

"(A) The term 'renegotiation loss deduction' means

"(i) for any fiscal year ending on or after December 31, 1956, and before January 1, 1959, the sum of the renegotiation loss carry forwards to such fiscal year from the preceding two fiscal years; and

"(ii) for any fiscal year ending after December 31, 1958, the sum of the renegotiation loss carry forwards to such fiscal year from the preceding five fiscal years (excluding any fiscal year ending before December 31, 1956)."

(3) By striking out "CARRYFORWARDS.-A" in paragraph (3) and inserting in lieu thereof the following: "CARRY FORWARDS TO 1956, 1957, AND 1958.-For the purposes of paragraph (2) (A) (i), a”.

(4) By adding at the end of such subsection the following new paragraph:

"(4) AMOUNT OF CARRYFORWARDS TO FISCAL YEARS ENDING AFTER 1958. For the purposes of paragraph (2) (A) (ii), a renegotiation loss for any fiscal year (hereinafter in this paragraph referred to as the 'loss year') ending on or after December 31, 1956, shall be a renegotiation loss carry forward to each of the five fiscal years following the loss year. The entire amount of such loss shall be carried to the first fiscal year succeeding the loss year. The portion of such loss which shall be carried to each of the other four fiscal years shall be the excess, if any, of the amount of such loss over the sum of the profits derived from contracts with the Departments and subcontracts in each of the prior fiscal years to which such loss may be carried. For the purposes of the preceding sentence, the profits derived from contracts with the Departments and subcontracts in any such prior fiscal year shall be computed by determining the amount of the renegotiation loss deduction without regard to the renegotiation loss for the loss year or for any fiscal year thereafter, and the profits so computed shall not be considered to be less than zero."

SEC. 3. GENERAL COUNSEL OF THE RENEGOTIATION BOARD.

70 Stat. 786.

73 Stat. 210. 73 Stat. 211.

Section 107 (c) of the Renegotiation Act of 1951, as amended (50 70 Stat. 791. U.S.C. App., sec. 1217 (c)), is amended by inserting before the first sentence thereof the following new sentence: "There shall be a General Counsel of the Renegotiation Board who shall be appointed by the

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