short title and table of contents

short title and table of contents Section 1. [1001 note] This Act may be cited as the “Employee Retirement Income Security Act of 1974”. TABLE OF CONTENTS Sec. 1. Short title and table of contents. TITLE I—PROTECTION OF EMPLOYEE BENEFIT RIGHTS Subtitle A—General Provisions Sec. 2. Findings and declaration of policy. Sec. 3. Definitions. Sec. 4. Coverage. Subtitle B—Regulatory Provisions 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. Eliminating unnecessary plan requirements related to unenrolled participants. Sec. 112. Repeal and effective date. Sec. 113. Notice and disclosure requirements with respect to lump sum windows. 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. Requirement of joint and survivor annuity and preretirement survivor annuity. 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. Multiple employer plans and other special rules. Sec. 211. Effective dates. Part 3—Funding Sec. 301. Coverage. Sec. 302. Minimum funding standards. Sec. 303. Minimum funding standards for single-employer defined benefit pension plans. Sec. 304. Minimum funding standards for multiemployer plans. Sec. 305. Additional funding rules for multiemployer plans in endangered status or critical status. 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. [Coordination and responsibility of agencies enforcing Employee Retirement Income Security Act and related Federal laws.] 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. 515. Delinquent contributions. Sec. 516. Outreach to promote retirement income savings. Sec. 517. National Summit on Retirement Savings. Sec. 518. Authority to postpone certain deadlines by reason of Presidentially declared disaster or terroristic or military actions. Sec. 519. Prohibition on false statement and representations. Sec. 520. Applicability of State law to combat fraud and abuse. Sec. 521. Administrative summary cease and desist orders and summary seizure orders against health plans in financially hazardous condition. [Administrative summary cease and desist orders and summary seizure orders against multiple employer welfare arrangements in financially hazardous condition.] Sec. 522. Coordination of enforcement regarding violations of certain health care provider requirements; complaint process. Sec. 523. Retirement Savings Lost and Found. Part 6—Continuation Coverage and Additional Standards for Group Health Plans Sec. 601. Plans must provide continuation coverage to certain individuals. Sec. 602. Continuation coverage. Sec. 603. Qualifying event. Sec. 604. Applicable premium. Sec. 605. Election. Sec. 606. Notice requirements. Sec. 607. Definitions and special rules. Sec. 608. Regulations. Sec. 609. Additional standards for group health plans. Part 7—Group Health Plan Requirements Subpart A—Requirements Relating to Portability, Access, and Renewability Sec. 701. Increased portability through limitation on preexisting condition exclusions. Sec. 702. Prohibiting discrimination against individual participants and beneficiaries based on health status. Sec. 703. Guaranteed renewability in multiemployer plans and multiple employer welfare arrangements. Subpart B—Other Requirements Sec. 711. Standards relating to benefits for mothers and newborns. Sec. 712. Parity in mental health and substance use disorder benefits. Sec. 713. Required coverage reconstructive surgery following mastectomies. Sec. 714. Coverage of dependent students on medically necessary leave of absence. Sec. 715. Additional market reforms. Sec. 716. Preventing surprise medical bills. Sec. 719. Maintenance of price comparison tool. Sec. 720. Protecting patients and improving the accuracy of provider directory information. Sec. 718. Continuity of care. Sec. 722. Other patient protections. Sec. 723. Air ambulance report requirements. Sec. 724. Increasing transparency by removing gag clauses on price and quality information. Sec. 725. Reporting on pharmacy benefits and drug costs. Sec. 726. Oversight of entities that provide pharmacy benefit management services. Subpart C—General Provisions Sec. 731. Preemption; State flexibility; construction. Sec. 732. Special rules relating to group health plans. Sec. 733. Definitions. Sec. 734. Regulations. Part 8. Pension-linked Emergency Savings Accounts Sec. 801. Pension-linked emergency savings accounts. Sec. 802. Preemption of State anti-garnishment laws. Sec. 803. Reporting and disclosure requirements. Sec. 804. Report to Congress on emergency savings accounts. 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 [Secretary of Health and Human Services]. 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. TITLE III—JURISDICTION, ADMINISTRATION, ENFORCEMENT; JOINT PENSION, PROFIT-SHARING, AND EMPLOYEE STOCK OWNERSHIP PLAN TASK FORCE, ETC. [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, Profit-Sharing, and Employee Stock Ownership Plan Task Force: Studies Part 1—Joint Pension, Profit-Sharing, and Employee Stock Ownership Plan 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 actions. 4004. Participant and Plan Sponsor Advocate. 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. Sec. 4010. Authority to require certain information. Subtitle B—Coverage Sec. 4021. Plans covered. Sec. 4022. Single-employer plan benefits guaranteed. Sec. 4022A. Multiemployer plan benefits guaranteed. Sec. 4022B. Aggregate limit on benefits guaranteed. Sec. 4023. Plan fiduciaries. Subtitle C—Terminations Sec. 4041. Termination of single-employer plans. Sec. 4041A. Termination of multiemployer plans. Sec. 4042. Institution of termination proceedings by the 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. Termination date. [Date of termination.] [ Sec. 4049. Repealed. ] Sec. 4050. Missing participants. Subtitle D—Liability Sec. 4061. Amounts payable by the corporation. Sec. 4062. Liability for termination of single-employer plans under a distress termination or a termination by the corporation. Sec. 4063. Liability of substantial employer for withdrawal from single-employer plans under multiple controlled groups. Sec. 4064. Liability on termination of single-employer plans under multiple controlled groups. Sec. 4065. Annual report of plan administrator. Sec. 4066. Annual notification of [to] substantial employers. Sec. 4067. Recovery of liability for plan termination. Sec. 4068. Lien for liability. Sec. 4069. Treatment of transactions to evade liability; effect of corporate reorganization. Sec. 4070. Enforcement authority relating to terminations of single-employer plans. Sec. 4071. Penalty for failure to timely provide required information. Subtitle E—Special Provisions for Multiemployer Plans Part 1—Employer Withdrawals Sec. 4201. Withdrawal liability established. Sec. 4202. Determination and collection of liability; notification of employer. Sec. 4203. Complete withdrawal. Sec. 4204. Sale of assets. Sec. 4205. Partial withdrawals. Sec. 4206. Adjustment for partial withdrawal. Sec. 4207. Reduction or waiver of complete withdrawal liability. Sec. 4208. Reduction or abatement of partial withdrawal liability. [Reduction of partial withdrawal liability.] Sec. 4209. De minimis rule. Sec. 4210. No withdrawal liability for certain temporary contribution obligation periods. Sec. 4211. Methods for computing withdrawal liability. Sec. 4212. Obligation to contribute; special rules. Sec. 4213. Actuarial assumptions, etc. Sec. 4214. Application of plan amendments. Sec. 4215. Plan notification to corporation of potentially significant withdrawals. Sec. 4216. Special rules for section 404(c) plans. Sec. 4217. Application of part in case of certain pre-1980 withdrawals. Sec. 4218. Withdrawal not to occur merely because of change in business form or suspension of contributions during labor dispute. Sec. 4219. Notice, collection, etc., of withdrawal liability. Sec. 4220. Approval of amendments. Sec. 4221. Resolution of disputes. Sec. 4222. Reimbursements for uncollectible withdrawal liability. Sec. 4223. Withdrawal liability payment fund. Sec. 4224. Alternative method of withdrawal liability payments. Sec. 4225. Limitation on withdrawal liability. Part 2—Merger or Transfer of Plan Assets or Liabilities Sec. 4231. Mergers and transfers between multiemployer plans. Sec. 4232. Transfers between a multiemployer plan and a single-employer plan. Sec. 4233. Partition. Sec. 4224. Asset transfer rules. Sec. 4235. Transfers pursuant to change in bargaining representative. Part 3—Reorganization; Minimum Contribution Requirement for Multiemployer Plans [Items relating to sections 4241 through 4244A are repealed by section 108(a)(3)(D) of division O of Public Law 113–235.] Sec. 4245. Insolvent plans. Part 4—Financial Assistance Sec. 4261. Financial assistance. Part 5—Benefits After Termination Sec. 4281. Benefits under certain terminated plans. Part 6—Enforcement Sec. 4301. Civil actions. Sec. 4302. Penalty for failure to provide notice. Sec. 4303. Election of plan status. Subtitle F—Transition Rules and Effective Dates Sec. 4401. Amendment to Internal Revenue Code of 1954. Sec. 4402. Transition rules and effective dates. Sec. 4403. Election of plan status. * * * * * * *