; and (ii) participants and beneficiaries seeking financial advice should get written confirmation that the adviser is acting as a fiduciary to the participant or beneficiary. (2) Plain language The notice under this subsection shall be written in a manner calculated to be understood by the average plan participant. (c) Notice to the Secretary The notice required under subsection (a)(2) shall include the following: (1) The total number of participants and beneficiaries eligible for such lump sum option and the number of such participants and beneficiaries who are in pay status during the limited period in which the lump sum is offered. (2) The length of the limited period during which the lump sum is offered. (3) An explanation of how the lump sum was calculated, including the interest rate, mortality assumptions, and whether any additional plan benefits were included in the lump sum, such as early retirement subsidies. (4) A copy of the notice provided to participants and beneficiaries under subsection (b). (d) Post-Offer report to the Secretary (1) In general Not later than 60 days after the conclusion of the limited period during which participants and beneficiaries in a plan may accept a plan’s offer to convert their annuity into a lump sum as generally permitted under section 401(a)(9) of the Internal Revenue Code of 1986, a plan sponsor shall submit a report to the Secretary that includes— (A) the number of participants and beneficiaries who accepted the lump sum offer and a breakdown of the number of those participants and beneficiaries who were in pay status