ADDITIONAL AMENDMENTS RELATING TO PLAN TERMINATION.

SEC. 9314. ADDITIONAL AMENDMENTS RELATING TO PLAN TERMINATION. (a) Certain Information Not Required From Certain Insurance Contract Plans.— (1) Standard termination.— Section 4041(b)(2)(A) of ERISA (29 U.S.C. 1341(b)(2)(A)) is amended— (A) by striking clause (iii) and inserting the following: “(iii) certification by the plan administrator that— “(I) the information on which the enrolled actuary based the certification under clause (i) is accurate and complete, and “(II) the information provided to the corporation under clause (ii) is accurate and complete.”; and (B) by adding at the end thereof the following: “Clause (i) and clause (iii)(I) shall not apply to a plan described in section 412(i) of the Internal Revenue Code of 1986.”. (2) Distress termination.— Section 4041(c)(2)(A) of ERISA (29 U.S.C. 1341(c)(2)(A)) is amended— (A) by striking clause (iv) and inserting the following: “(iv) certification by the plan administrator that— “(I) the information on which the enrolled actuary based the certifications under clause (ii) is accurate and complete, and “(II) the information provided to the corporation under clauses (i) and (iii) is accurate and complete.”; and (B) by adding at the end the following: “Clause (ii) and clause (iv)(I) shall not apply to a plan described in section 412(i) of the Internal Revenue Code of 1986.”. (b) Clarification of Existing Authority to Pool Assets of Terminated Plans.— Section 4042 of ERISA (29 U.S.C. 1342(a)) is amended by striking the third sentence and inserting the following: “Notwithstanding any other provision of this title, the corporation is authorized to pool assets of terminated plans for purposes of administration, investment, payment of liabilities of all such terminated plans, and such other purposes as it determines to be appropriate in the administration of this title.”. 101 STAT. 1330–367 (b) Submission of Plan Data in Involuntary Termination.— Section 4042(c) of ERISA (29 U.S.C. 1342(c)) is amended by adding at the end the following new paragraph: “(3) In the case of a proceeding initiated under this section, the plan administrator shall provide the corporation, upon the request of the corporation, the information described in clauses (ii), (iii), and (iv) of section 4041(c)(2)(A).”. (c) Civil Penalties for Failure to Timely Provide Required Information Relating to Single-Employer Plans.— (1) In general.— Subtitle D of ERISA (29 U.S.C. 1361 et seq.) is amended by adding at the end the following new section: “penalty for failure to timely provide required information “Sec. 4071. The corporation may assess a penalty, payable to the corporation, against any person who fails to provide any notice or other material information required under this subtitle or subtitle A, B, or C, or any regulations prescribed under any such subtitle, within the applicable time limit specified therein. Such penalty shall not exceed $1,000 for each day for which such failure continues.”. (2) Clerical amendments.— The table of contents in section 1 of ERISA (29 U.S.C. 1001 note) is amended by adding after the item relating to section 4070 the following new item: “Sec. 4071. Penalty for failure to timely provide required information.”.