Welfare and Pension Plans Disclosure Act

Legislation in the United States regulating employee pension plans. It requires pensions with more than 25 employees participating to register with the Labor Department and to file information regarding the plan. Larger plans with more than 100 participants must also file a financial report annually. The Act requires all paperwork to be made available to plan participants on request. The intent of the Act is to increase transparency in employee pension plans.

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Fortified by public outrage over corrupt practices revealed by the McClelland committee's investigations in 1957-1959, proponents of federal regulation pushed through the Welfare and Pension Plans Disclosure Act of 1958 (WPPDA).

The underlying theory of the Welfare and Pension Plans Disclosure Act to date has been that reporting of generalized information concerning plan operations to plan participants and beneficiaries and to the public in general would, by subjecting the dealings of persons controlling employee benefit plans to the light of public scrutiny, insure that the plan would be operated according to instructions and in the best interests of participants and beneficiaries.

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