88 STAT 998 29 USC 1203. Ante, p. 971. Ante, p. 832. Ante, p. 879. 29 USC 1204. Pub. Law 93-406 - 170 September 2, 1974 PROCEDURES IN CONNECTION WITH PROHIBITED TRANSACTIONS SEC. 3003. (a) Unless the Secretary of the Treasury finds that the collection of a tax is in jeopardy, in carrying out the provisions of section 4975 of the Internal Revenue Code of 1954 (relating to tax on prohibited transactions) the Secretary of the Treasury shall, in accordance with the provisions of subsection (h) of such section, notify the Secretary of Labor before sending a notice of deficiency with respect to the tax imposed by subsection (a) or (b) of such section, and, in accordance with the provisions of subsection (h) of such section, afford the Secretary an opportunity to comment on the imposition of the tax in any case. The Secretary of the Treasury shall have authority to waive the imposition of the tax imposed under section 4975 (b) in appropriate cases. Upon receiving a written request from the Secretary of Labor or from the Pension Benefit Guaranty Corporation, the Secretary of the Treasury shall cause an investigation to be carried out with respect to whether the tax imposed by section 4975 of such Code should be applied to any person referred to in the request. (b) The Secretary of the Treasury and the Secretary of Labor shall consult with each other from time to time with respect to the provisions of section 4975 of the Internal Revenue Code of 1954 (relating to tax on prohibited transactions) and with respect to the provisions of title I of this Act relating to prohibited transactions and exemptions therefrom in order to coordinate the rules applicable under such standards. (c) Whenever the Secretary of Labor obtains information indicating that a party-in-interest or disqualified person is violating section 406 of this Act, he shall transmit such information to the Secretary of the Treasury. 1 COORDINATION BETWEEN THE DEPARTMENT OF THE TREASURY AND THE SEC. 3004. (a) Whenever in this Act or in any provision of law. amended by this Act the Secretary of the Treasury and the Secretary of Labor are required to carry out provisions relating to the same subject matter (as determined by them) they shall consult with each other and shall develop rules, regulations, practices, and forms which, to the extent appropriate for the efficient administration of such provisions, are designed to reduce duplication of effort, duplication of reporting, conflicting or overlapping requirements, and the burden of compliance with such provisions by plan administrators, employers, and participants and beneficiaries. (b) In order to avoid unnecessary expense and duplication of functions among Government agencies, the Secretary of the Treasury and the Secretary of Labor may make such arrangements or agreements for cooperation or mutual assistance in the performance of their functions under this Act, and the functions of any such agency as they find to be practicable and consistent with law. The Secretary of the Treasury and the Secretary of Labor may utilize, on a reimbursable or other basis, the facilities or services, of any department, agency, or establishment of the United States or of any State or political subdivision of a State, including the services, of any of its employees, with the lawful consent of such department, agency, or establishment; and each department, agency, or establishment of the United States is authorized and September 2, 1974 - 171 Pub. Law 93-406 directed to cooperate with the Secretary of the Treasury and the Secretary of Labor and, to the extent permitted by law, to provide such information and facilities as they may request for their assistance in the performance of their functions under this Act. The Attorney General or his representative shall receive from the Secretary of the Treasury and the Secretary of Labor for appropriate action such evidence developed in the performance of their functions under this Act as may be found to warrant consideration for criminal prosecution under the provisions of this title or other Federal law. Subtitle B-Joint Pension Task Force; Studies PART 1-JOINT PENSION TASK FORCE ESTABLISHMENT 88 STAT 999 SEC. 3021. The staffs of the Committee on Ways and Means and the 29 USC 1221. Committee on Education and Labor of the House of Representatives, the Joint Committee on Internal Revenue Taxation, and the Committee on Finance and the Committee on Labor and Public Welfare of the Senate shall carry out the duties assigned under this title to the Joint Pension Task Force. By agreement among the chairmen of such Committees, the Joint Pension Task Force shall be furnished with office space, clerical personnel, and such supplies and equipment as may be necessary for the Joint Pension Task Force to carry out its duties under this title. DUTIES SEC. 3022. (a) The Joint Pension Task Force shall, within 24 months 29 USC 1222. after the date of enactment of this Act, make a full study and review of (1) the effect of the requirements of section 411 of the Internal Revenue Code of 1954 and of section 203 of this Act to determine Ante, pp. 901, the extent of discrimination, if any, among employees in various 854. age groups resulting from the application of such requirements; (2) means of providing for the portability of pension rights among different pension plans; (3) the appropriate treatment under title IV of this Act (relat- Ante, p. 1003. ing to termination insurance) of plans established and maintained by small employers; (4) the effects and desirability of the Federal preemption of State and local law with respect to matters relating to pension and similar plans; and (5) such other matter as any of the committees referred to in section 3021 may refer to it. (b) The Joint Pension Task Force shall report the results of its study and review to each of the committees referred to in section 3021. PART 2-OTHER STUDIES CONGRESSIONAL STUDY Supra. SEC. 3031. (a) The Committee on Education and Labor and the 29 USC 1231. Committee on Ways and Means of the House of Representatives and the Committee on Finance and the Committee on Labor and Public Welfare of the Senate shall study retirement plans established and maintained or financed (directly or indirectly) by the Government of 88 STAT 1000 Report to congressional committees. 29 USC 1232. Report to Regulations. Pub. Law 93-406 - 172 September 2, 1974 the United States, by any State (including the District of Columbia) (2) existing fiduciary standards, and (3) the necessity for Federal legislation and standards with respect to such plans. In determining whether any such plan is adequately financed, each committee shall consider the necessity for minimum funding standards, as well as the taxing power of the government maintaining the plan. (b) Not later than December 31, 1976, the Committee on Education and Labor and the Committee on Ways and Means shall each submit to the House of Representatives the results of the studies conducted under this section, together with such recommendations as they deem appropriate. The Committee on Finance and the Committee on Labor and Public Welfare shall each submit to the Senate the results of the studies conducted under this section together with such recommendations as they deem appropriate not later than such date. PROTECTION FOR EMPLOYEES UNDER FEDERAL PROCUREMENT, SEC. 3032. (a) The Secretary of Labor shall, during the 2-year period beginning on the date of the enactment of this Act, conduct a full and complete study and investigation of the steps necessary to be taken to insure that professional, scientific, and technical personnel and others working in associated occupations employed under Federal procurement, construction, or research contracts or grants will, to the extent feasible, be protected against forfeitures of pension or retirement rights or benefits, otherwise provided, as a consequence of job transfers or loss of employment resulting from terminations or modifications of Federal contracts, grants, or procurement policies. The Secretary of Labor shall report the results of his study and investigation to the Congress within 2 years after the date of the enactment of this Act. The Secretary of Labor is authorized, to the extent provided by law, to obtain the services of private research institutions and such other persons by contract or other arrangement as he determines necessary in carrying out the provisions of this section. (b) In the course of conducting the study and investigation described in subsection (a), and in developing the regulations referred to in subsection (c), the Secretary of Labor shall consult (1) with appropriate professional societies, business organizations, and labor organizations, and (2) with the heads of interested Federal departments and agencies. (c) Within 1 year after the date on which he submits his report to the Congress under subsection (a), the Secretary of Labor shall, if he determines it to be feasible, develop regulations which will provide the protection of pension and retirement rights and benefits referred to in subsection (a). (d) (1) Any regulations developed pursuant to subsection (c) shall take effect if, and only if (A) the Secretary of Labor, not later than the day which is 3 years after the date of the enactment of this Act, delivers a copy of such regulations to the House of Representatives and a copy to the Senate, and 30-779 78 - 12 September 2, 1974 - 173 Pub. Law 93-406 (B) before the close of the 120-day period which begins on the day on which the copies of such regulations are delivered to the House of Representatives and to the Senate, neither the House of Representatives nor the Senate adopts, by an affirmative vote of a majority of those present and voting in that House, a resolution of disapproval. 88 STAT 1001 (2) For purposes of this subsection, the term "resolution of disap- "Resolution of proval" means only a resolution of either House of Congress, the mat- disapproval." ter after the resolving clause of which is as follows: "That the does not favor the taking effect of the regulations transmitted to the Congress by the Secretary of Labor on -", the first blank space therein being filled with the name of the resolving House and the second blank space therein being filled with the day and year. (3) A resolution of disapproval in the House of Representatives shall be referred to the Committee on Education and Labor. A resolution of disapproval in the Senate shall be referred to the Committee on Labor and Public Welfare. (4) (A) If the committee to which a resolution of disapproval has been referred has not reported it at the end of 7 calendar days after its introduction, it is in order to move either to discharge the committee from further consideration of the resolution or to discharge the committee from further consideration of any other resolution of disapproval which has been referred to the committee. (B) A motion to discharge may be made only by an individual Motion to favoring the resolution, is highly privileged (except that it may not discharge. be made after the committee has reported a resolution of disapproval), and debate thereon shall be limited to not more than 1 hour, to be divided equally between those favoring and those opposing the resolution. An amendment to the motion is not in order, and it is not in order to move to reconsider the vote by which the motion is agreed to or disagreed to. (C) If the motion to discharge is agreed to or disagreed to, the motion may not be renewed, nor may another motion to discharge the committee be made with respect to any other resolution of disapproval. (5) (A) When the committee has reported, or has been discharged from further consideration of, a resolution of disapproval, it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the resolution. The motion is highly privileged and is not debatable. An amendment to the motion is not in order, and it is not in order to move to reconsider the vote by which the motion is agreed to or disagreed to. (B) Debate on the resolution of disapproval shall be limited to not limited debate. more than 10 hours, which shall be divided equally between those favoring and those opposing the resolution. A motion further to limit debate is not debatable. An amendment to, or motion to recommit, the resolution is not in order, and it is not in order to move to reconsider the vote by which the resolution is agreed to or disagreed to. (6) (A) Motions to postpone, made with respect to the discharge Motion to from committee or the consideration of a resolution of disapproval, postpone. and motions to proceed to the consideration of other business, shall be decided without debate. (B) Appeals from the decisions of the Chair relating to the appli- Appeals. cation of the rules of the House of Representatives or the Senate, as the case may be, to the procedure relating to any resolution of disapproval shall be decided without debate. (7) Whenever the Secretary of Labor transmits copies of the regu- Regulations lations to the Congress, a copy of such regulations shall be delivered to to oongressional committees. BB STAT 1002 29 USC 1241. Standards and 29 USC 1242. each House of Congress on the same day and shall be delivered to the (A) the days on which either House is not in session because of an adjournment of more than 3 days to a day certain or an adjournment of the Congress sine die, and (B) any Saturday and Sunday, not excluded under subparagraph (A), when either House is not in session. (9) This subsection is enacted by the Congress (A) as an exercise of the rulemaking power of the House of Representatives and the Senate, respectively, and as such they are deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of resolutions of disapproval described in paragraph (2); and they supersede other rules only to the extent that they are inconsistent therewith; and (B) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedures of that House) at any time, in the same manner and to the same extent as in the case of any other rule of that House. Subtitle C-Enrollment of Actuaries ESTABLISHMENT OF JOINT BOARD FOR THE ENROLLMENT OF ACTUARIES SEC. 3041. The Secretary of Labor and the Secretary of the Treasury shall, not later than the last day of the first calendar month beginning after the date of the enactment of this Act, establish a Joint Board for the Enrollment of Actuaries (hereinafter in this part referred to as the "Joint Board"). ENROLLMENT BY JOINT BOARD SEC. 3042. (a) The Joint Board shall, by regulations, establish reaqualifications. sonable standards and qualifications for persons performing actuarial services with respect to plans in which this Act applies and, upon application by any individual, shall enroll such individual if the Joint Board finds that such individual satisfies such standards and qualifications. With respect to individuals applying for enrollment before January 1, 1976, such standards and qualifications shall include a requirement for an appropriate period of responsible actuarial experience relating to pension plans. With respect to individuals applying for enrollment on or after January 1, 1976, such standards and qualifications shall include (1) education and training in actuarial mathematics and methodology, as evidenced by (A) a degree in actuarial mathematics or its equivalent from an accredited college or university, (B) successful completion of an examination in actuarial mathematics and methodology to be given by the Joint Board, or (C) successful completion of other actuarial examinations deemed adequate by the Joint Board, and (2) an appropriate period of responsible actuarial experience. Notwithstanding the preceding provisions of this subsection, the Joint Board may provide for the temporary enrollment for the period end |