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[From the Congressional Record-Digest, Senate, August 22, 1974]

Pension plans-enrollment correction: Senate agreed to H. Con. Res. 609, authorizing corrections to be made in the enrollment of H.R. 2, pension reform bill.

Pension Reform: By unanimous vote of 85 yeas, Senate agreed to the conference report on H.R. 2, to revise the Welfare and Pension Plans Disclosure Act, thus clearing the measure for the White House.

On September 2, 1974, the President approved H.R. 2 and signed into law the Employee Retirement Income Security Act of 1974 (Public Law 93-406).

[The full text of Public Law 93-406 follows:]

(4835)

Public Law 93-406 93rd Congress, H. R. 2 September 2, 1974

An Act

To provide for pension reform.

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

SHORT TITLE AND TABLE OF CONTENTS

SECTION 1. This Act may be cited as the "Employee Retirement Income Security Act of 1974".

88 STAT. 829

Employee Retirement Income Security Act of 1974. 29 USC 1001 note.

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Sec. 103. Annual reports.

Sec. 104. Filing with Secretary and furnishing information to participants.
Sec. 105. Reporting of participant's benefit rights.

Sec. 106. Reports made public information.

Sec. 107. Retention of records.

Sec. 108. Reliance on administrative interpretations.

Sec. 109. Forms.

Sec. 110. Alternative methods of compliance.

Sec. 111. Repeal and effective date.

Sec. 201. Coverage.

PART 2-PARTICIPATION AND VESTING

Sec. 202. Minimum participation standards.

Sec. 203. Minimum vesting standards.

Sec. 204. Benefit accrual requirements.

Sec. 205. Joint and survivor annuity requirement.

Sec. 206. Other provisions relating to form and payment of benefits.

Sec. 207. Temporary variances from certain vesting requirements.

Sec. 208. Mergers and consolidations of plans or transfers of plan assets.

Sec. 209. Recordkeeping and reporting requirements.

Sec. 210. Plans maintained by more than one employer, predecessor plans, and employer groups.

Sec. 211. Effective dates.

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Sec. 405. Liability for breach by co-fiduciary.

Sec. 406. Prohibited transactions.

Sec. 407. 10 percent limitation with respect to acquisition and holding of employer securities and employer real property by certain plans.

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PART 4-FIDCIARY RESPONSIBILITY-Continued

Sec. 408. Exemptions from prohibited transactions.

Sec. 409. Liability for breach of fiduciary duty.

Sec. 410. Exculpatory provisions; insurance.

Sec. 411. Prohibition against certain persons holding certain positions.
Sec. 412. Bonding.

Sec. 413. Limitation on actions.

Sec. 414. Effective date.

PART 5 ADMINISTRATION AND ENFORCEMENT

Sec. 501. Criminal penalties.

Sec. 502. Civil enforcement.

Sec. 503. Claims procedure.

Sec. 504. Investigative authority.

Sec. 505. Regulations.

Sec. 506. Other agencies and departments.

Sec. 507. Administration.

Sec. 508. Appropriations.

Sec. 509. Separability provisions.

Sec. 510. Interference with rights protected under Act.

Sec. 511. Coercive interference.

Sec. 512. Advisory Council.

Sec. 513. Research, studies, and annual report.

Sec. 514. Effect on other laws.

TITLE II-AMENDMENTS TO THE INTERNAL REVENUE CODE
RELATING TO RETIREMENT PLANS

Sec. 1001. Amendment of Internal Revenue Code of 1954.

Subtitle A-Participation, Vesting, Funding, Administration, Etc.

PART 1-PARTICIPATION, VESTing, and FundING

Sec. 1011. Minimum participation standards.

Sec. 1012. Minimum vesting standards.

Sec. 1013. Minimum funding standards.

Sec. 1014. Collectively bargained plans.

Sec. 1015. Definitions and special rules.
Sec. 1016. Conforming and clerical amendments.
Sec. 1017. Effective dates and transitional rules.

PART 2-CERTAIN OTHER PROVISIONS RELATING TO QUALIFIED RETIREMENT

PLANS

Sec. 1021. Additional plan requirements.

Sec. 1022. Miscellaneous provisions.
Sec. 1023. Retroactive changes in plan.

Sec. 1024. Effective dates.

PART 3-REGISTRATION AND INFORMATION

Sec. 1031. Registration and information.

Sec. 1032. Duties of Secretary of Health, Education, and Welfare.

Sec. 1033. Reports by actuaries.

Sec. 1034. Effective dates.

PART 4-DECLARATORY JUDGMENTS RELATING TO QUALIFICATION OF CERTAIN
RETIREMENT PLANS

Sec. 1041. Tax Court procedure.

PART 5 INTERNAL REVENUE SERVICE

Sec. 1051. Establishment of Office.

Sec. 1052. Authorization of appropriations.

September 2, 1974

3

Pub. Law 93-406

88 STAT. 831

TABLE OF CONTENTS—Continued

TITLE II—AMENDMENTS TO THE INTERNAL REVENUE CODE
RELATING TO RETIREMENT PLANS-Continued

Subtitle B-Other Amendments to the Internal Revenue Code Relating to
Retirement Plans

Sec. 2001. Contributions on behalf of self-employed individuals and shareholder-
employees.

Sec. 2002. Deduction for retirement savings.

Sec. 2003. Prohibited transactions.

Sec. 2004. Limitations on benefits and contributions.

Sec. 2005. Taxation of certain lump sum distributions.

Sec. 2006. Salary reduction regulations.

Sec. 2007. Rules for certain negotiated plans.

Sec. 2008. Certain armed forces survivor annuities.

TITLE III-JURISDICTION, ADMINISTRATION, ENFORCEMENT; JOINT
PENSION TASK FORCE, ETC.

Subtitle A-Jurisdiction, Administration, and Enforcement

Sec. 3001. Procedures in connection with the issuance of certain determination letters by the Secretary of the Treasury.

Sec. 3002. Procedures with respect to continued compliance with requirements relating to participation, vesting, and funding standards.

Sec. 3003. Procedures in connection with prohibited transactions.

Sec. 3004. Coordination between the Department of the Treasury and the Department of Labor.

Subtitle B-Joint Pension Task Force; Studies

PART 1--JOINT PENSION TASK FORCE

Sec. 3021. Establishment.

Sec. 3022. Duties.

PART 2-OTHER STUDIES

Sec. 3031. Congressional study.

Sec. 3032. Protection for employees under Federal procurement, construction, and research contracts and grants.

Subtitle C-Enrollment of Actuaries

Sec. 3041. Establishment of Joint Board for the enrollment of actuaries.
Sec. 3042. Enrollment by Joint Board.

Sec. 3043. Amendment of Internal Revenue Code.

TITLE IV-PLAN TERMINATION INSURANCE

Subtitle A-Pension Benefit Guaranty Corporation

Sec. 4001. Definitions.

Sec. 4002. Pension Benefit Guaranty Corporation.

Sec. 4003. Investigatory authority; cooperation with other agencies; civil

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29 USC 1001.

Sec. 4061. Amounts payable by the corporation.

Sec. 4062. Liability of employer.

Sec. 4063. Liability of substantial employer for withdrawal.

Sec. 4064. Liability of employers on termination of plan maintained by more

than one employer.

Sec. 4065. Annual report of plan administrator.

Sec. 4066. Annual notification to substantial employers.

Sec. 4067. Recovery of employer liability for plan termination.

Sec. 4068. Lien for liability of employer.

Subtitle E-Amendments to Internal Revenue Code of 1954; Effective Dates

Sec. 4081. Amendments to Internal Revenue Code of 1954.

Sec. 4082. Effective date; special rules.

TITLE I-PROTECTION OF EMPLOYEE BENEFIT

RIGHTS

SUBTITLE A-GENERAL PROVISIONS

FINDINGS AND DECLARATION OF POLICY

SEC. 2. (a) The Congress finds that the growth in size, scope, and numbers of employee benefit plans in recent years has been rapid and substantial; that the operational scope and economic impact of such plans is increasingly interstate; that the continued well-being and security of millions of employees and their dependents are directly affected by these plans; that they are affected with a national public interest; that they have become an important factor affecting the stability of employment and the successful development of industrial relations; that they have become an important factor in commerce because of the interstate character of their activities, and of the activities of their participants, and the employers, employee organizations, and other entities by which they are established or maintained; that a large volume of the activities of such plans is carried on by means of the mails and instrumentalities of interstate commerce; that owing to the lack of employee information and adequate safeguards concerning their operation, it is desirable in the interests of employees and their beneficiaries, and to provide for the general welfare and the free flow of commerce, that disclosure be made and safeguards be provided with respect to the establishment, operation, and administration of such plans; that they substantially affect the revenues of the United States because they are afforded preferential Federal tax treatment; that despite the enormous growth in such plans many employees with long years of employment are losing anticipated retirement benefits owing to the lack of vesting provisions in such plans; that owing to the inadequacy of current minimum standards, the soundness and stability of plans with respect to adequate funds to pay promised benefits may be endangered; that owing to the termination of plans before

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