88 STAT. 941 under section 401(a), 403 (a), or 405 (a), an individual 26 USC 401, retirement account described in section 408 (a), or an 403, 405. individual retirement annuity described in section 408 (b) "(ii) any application filed with respect to the exemption from tax under section 501 (a) of an organization forming part of a plan or account referred to in clause (i), "(iii) any papers submitted in support of an application referred to in clause (i) or (ii), and "(iv) any letter or other document issued by the Except in the case of a plan participant, this subparagraph "(C) CERTAIN NAMES AND COMPENSATION NOT TO BE OPENED (B) The heading of subparagraph (A) of section 6104(a) 26 USC 6104. (1) is amended to read as follows: "(A) ORGANIZATIONS DESCRIBED IN SECTION 501.-". (C) The heading of subparagraph (D) of section 6104 (a) (1) as redesignated by subparagraph (A) of this paragraph is amended to read as follows: "(D) WITHHOLDING OF CERTAIN OTHER INFORMATION.—”. (D) Subparagraph (D) of section 6104 (a) (1) (as so redesignated) is amended by striking out "subparagraph (A)" each place it appears and inserting in lieu thereof "subparagraph (A) or (B)". (2) AMENDMENT OF SECTION 8104 (a) (2).-Subparagraph (A) of section 6104 (a) (2) is amended by adding at the end thereof "any application referred to in subparagraph (B) of subsection (a)(1) of this section, and". (3) AMENDMENT OF SECTION 6104 (b).-Section 6104(b) (relating to inspection of annual information returns) is amended by striking out "and 6056" and inserting in lieu thereof "6956, and 6058". (4) EFFECTIVE DATE.-The amendinents made by this subsection 26 05C 6104 shall apply to applications filed (or documents issued) after the note. date of enactment of this Act. (h) PUBLICITY OF RETURNS.-Effective on the date of the enactment 26 USC 6103 and of this Act, section 6103 (relating to publicity of returns and disclosure note. of information as to persons filing income tax returns) is amended by adding at the end thereof a new subsection (g) to read as follows: "(g) DISCLOSURE OF INFORMATION WITH RESPECT TO DEFERRED COMPENSATION PLANS.-The Secretary or his delegate is authorized to furnish "(1) returns with respect to any tax imposed by this title or information with respect to such returns to the proper officers and employees of the Department of Labor and the Pension Benefit TAT. 942 P. 832. → P. 1003. SC 6057. - p. 947. SC 501 and SC 501. EC 404 Guaranty Corporation for purposes of administration of Titles I "(2) registration statements (as described in section 6057) and information with respect to such statements to the proper officers I and employees of the Department of Health, Education, and Welfare for purposes of administration of section 1131 of the Social Security Act." (i) CERTAIN PUERTO RICAN PENSION, ETC., PLANS TO BE EXEMPT FROM TAX UNDER SECTION 501(a).— (1) GENERAL RULE.-Effective for taxable years beginning after December 31, 1973, for purposes of section 501(a) of the Internal Revenue Code of 1954 (reiating to exemption from tax), any trust forming part of a pension, profit-sharing, or stock bonus plan all of the participants of which are residents of the Commonwealth of Puerto Rico shall be treated as an organization described in section 401(a) of such Code if such trust— (A) forms part of a pension, profit-sharing, or stock bonus plan, and (B) is exempt from income tax under the laws of the Commonwealth of Puerto Rico. (2) ELECTION TO HAVE PROVISIONS OF, AND AMENDMENTS MADE BY, TITLE II OF THIS ACT APPLY.— (A) If the administrator of a pension, profit-sharing, or stock bonus plan which is created or organized in Puerto Rico elects, at such time and in such manner as the Secretary of the Treasury may require, to have the provisions of this paragraph apply, for plan years beginning after the date of election any trust forming a part of such plan shall be treated as a trust created or organized in the United States for purposes of section 401 (a) of the Internal Revenue Code of 1954. (B) An election under subparagraph (A), once made, is irrevocable. (C) This paragraph applies to plan years beginning after the date of enactment of this Act. (D) The source of any distributions made under a plan which makes an election under this paragraph to participants and beneficiaries residing outside of the United States shall be determined, for purposes of subchapter N of chapter 1 of the Internal Revenue Code of 1954, by the Secretary of the Treasury in accordance with regulations prescribed by him. For purposes of this subparagraph the United States means the United States as defined in section 7701 (a) (9) of the Internal Revenue Code of 1954. (j) YEAR OF DEDUCTION FOR CERTAIN EMPLOYER_CONTRIBUTIONS FOR SEVERANCE PAYMENTS REQUIRED BY FOREIGN LAW.-Effective for taxable years beginning after December 31, 1973, if— (1) an employer is engaged in a trade or business in a foreign country, (2) such employer is required by the laws of that country to make payments, based on periods of service, to its employees or their beneficiaries after the employees' retirement, death, or other separation from the service, and (3) such employer establishes a trust (whether organized ધર્મ છે. da within or outside the United States) for the purpose of funding the payments required by soon then, in determining for purposes of paragraph 15. of section 404 a. of the Internal Revenue Code of 1954 the taxable year in which any contribution to or under the plan is includible in the gross income of the nonresident alien employees of such employer, such paragraph (5) shall be treated as not requiring that separate accounts be maintained for such nonresident alien employees. 26 SC 404. (k) RECEIPTS FOR EMPLOYEES.-Section 6151 (relating to receipts 24 uso 6051. for employees) is amended by inserting after "exemption." in subsection (a) the following: "or every employer engaged in a trade or business who pays remuneration for services performed by an employee, including the cash value of such remuneration paid in any medium other than cash.". SEC. 1023. RETROACTIVE CHANGES IN PLAN. Section 401 (b) (relating to certain retroactive changes in plan) is amended to read as follows: "(b) CERTAIN RETROACTIVE CHANGES IN PLAN-A stock bonus, pension, profit-sharing, or annuity plan shall be considered as satisfying the requirements of subsection (a) for the period beginning with the date on which it was put into effect, or for the period beginning with the earlier of the date on which there was adopted or put into effect any amendment which caused the plan to fail to satisfy such requirements, and ending with the time prescribed by law for filing the return of the employer for his taxable year in which such plan or amendment was adopted (including extensions thereof) or such later time as the Secretary or his delegate may designate, if all provisions of the plan which are necessary to satisfy such requirements are in effect by the end of such period and have been made effective for all purposes for the whole of such period." SEC. 1024. EFFECTIVE DATES. 26 USC 401. 26 USC 401 Except as otherwise provided in section 1021, the amendments made note. by section 1021 shall apply to plan years to which part I applies. Except as otherwise provided in section 1022, the amendments made by section 1022 shall apply to plan years to which part I applies. Section 1023 shall take effect on the date of the enactment of this Act. PART 3-REGISTRATION AND INFORMATION SEC. 1031. REGISTRATION AND INFORMATION. (a) ANNUAL REGISTRATION AND INFORMATION RETURNS.-Part III of subchapter A of chapter 61 (relating to information returns) is amended by adding at the end thereof the following new subpart: "SUBPART E-REGISTRATION OF AND INFORMATION CONCERNING PENSION, ETC., PLANS "Sec. 6057. Annual registration, etc. "Sec. 6058. Information required in connection with certain plans of deferred compensation. "Sec. 6059. Periodic report by actuary. "SEC. 6057. ANNUAL REGISTRATION, ETC. "(a) ANNUAL REGISTRATION. "(1) GENERAL RULE.-Within such period after the end of a plan year as the Secretary or his delegate may by regulations prescribe, the plan administrator (within the meaning of section 26 USC 6031. 414(g)) of each plan to which the vesting standards of section 203 Ante, p. 925. of part 2 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 applies for such plan year shall file Ante, p. 854. a registration statement with the Secretary or his delegate. |