Employee Retirement Income Security Act of 1974
93RD UNITED STATES CONGRESS
2ND SESSION
2ND SESSION
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,
SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
[edit]- This Act may be cited as the ``Employee Retirement Income Security Act of 1974´´.
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TABLE OF CONTENTS
Part 1 — Reporting and Disclosure
- Sec. 101. Duty of disclosure and reporting.
- Sec. 102. Plan description and summary plan description.
- 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.
Part 2 — Participation and Vesting
- Sec. 201. Coverage.
- 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. Record keeping and reporting requirements.
- Sec. 210. Plans maintained by more than one employer, predecessor plans, and employer groups.
- Sec. 211. Effective dates.
Part 3 — Funding
- Sec. 301. Coverage.
- Sec. 302. Minimum funding standards.
- Sec. 303. Variance from minimum funding standard.
- Sec. 304. Extension of amortization periods.
- Sec. 305. Alternative minimum funding standard.
- Sec. 306. Effective dates.
Part 4 — Fiduciary Responsibility
- Sec. 401. Coverage.
- Sec. 402. Establishment of plan.
- Sec. 403. Establishment of trust.
- Sec. 404. Fiduciary duties.
- 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.
- 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.
- 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.
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.
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.
Subtitle A — Pension Benefit Guaranty Corporation
- Sec. 4001. Definitions.
- Sec. 4002. Pension Benefit Guaranty Corporation.
- Sec. 4003. Investigatory authority; cooperation with other agencies; civil actions.
- Sec. 4004. Temporary authority for initial period.
- Sec. 4005. Establishment of pension benefit guaranty funds.
- Sec. 4006. Premium rates.
- Sec. 4007. Payment of premiums.
- Sec. 4008. Report by the corporation.
- Sec. 4009. Portability assistance.
Subtitle B — Coverage
- Sec. 4021. Plans covered
- Sec. 4022. Benefits guaranteed.
- Sec. 4023. Contingent liability coverage.
Subtitle C — Terminations
- Sec. 4041. Termination by plan administrator.
- Sec. 4042. Termination by corporation.
- Sec. 4043. Reportable events.
- Sec. 4044. Allocation of assets.
- Sec. 4045. Recapture of certain payments.
- Sec. 4046. Reports to trustee.
- Sec. 4047. Restoration of plans.
- Sec. 4048. Date of termination.
Subtitle D — Liability
- 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 of 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.
Approved September 2, 1974.
Legislative History
[edit]- HOUSE REPORTS:
- No. 93-533 (Comm. on Education and Labor )
- No. 93-1280 (Comm. of Conference)
- SENATE REPORTS:
- No. 93-1090 (Comm. of Conference)
- CONGRESSIONAL RECORD, Vol. 120 (1974):
- Feb. 28, Measure passed House, amended.
- Mar. 4, Measure passed Senate, amended (provisions of H.R. 4200 substituted).
- Aug. 20, House agreed to conference report.
- Aug. 22, Senate agreed to conference report.
- HOUSE REPORTS:
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