Title 29 — Labor
Part 3 · Chapter 18 — Employee Retirement Income Security Program
§ 1081. Coverage
Statutory text
Plans excepted from applicability of this part
This part shall apply to any employee pension benefit plan described in section 1003(a) of this title, (and not exempted under section 1003(b) of this title), other than—
an employee welfare benefit plan;
an insurance contract plan described in subsection (b);
a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees;
a plan which is established and maintained by a society, order, or association described in section 501(c)(8) or (9) of title 26, if no part of the contributions to or under such plan are made by employers of participants in such plan; or
a trust described in section 501(c)(18) of title 26;
a plan which has not at any time after , provided for employer contributions;
an agreement providing payments to a retired partner or deceased partner or a deceased partner’s successor in interest as described in section 736 of title 26;
an individual retirement account or annuity as described in section 408(a) of title 26, or a retirement bond described in section 409 of title 26 (as effective for obligations issued before );
an individual account plan (other than a money purchase plan) and a defined benefit plan to the extent it is treated as an individual account plan (other than a money purchase plan) under section 1002(35)(B) of this title;
an excess benefit plan; or
any plan, fund or program under which an employer, all of whose stock is directly or indirectly owned by employees, former employees or their beneficiaries, proposes through an unfunded arrangement to compensate retired employees for benefits which were forfeited by such employees under a pension plan maintained by a former employer prior to the date such pension plan became subject to this chapter.
“Insurance contract plan” defined
For the purposes of paragraph (2) of subsection (a) a plan is an “insurance contract plan” if—
the plan is funded exclusively by the purchase of individual insurance contracts,
such contracts provide for level annual premium payments to be paid extending not later than the retirement age for each individual participating in the plan, and commencing with the date the individual became a participant in the plan (or, in the case of an increase in benefits, commencing at the time such increase became effective),
benefits provided by the plan are equal to the benefits provided under each contract at normal retirement age under the plan and are guaranteed by an insurance carrier (licensed under the laws of a State to do business with the plan) to the extent premiums have been paid,
premiums payable for the plan year, and all prior plan years under such contracts have been paid before lapse or there is reinstatement of the policy,
no rights under such contracts have been subject to a security interest at any time during the plan year, and
no policy loans are outstanding at any time during the plan year.
A plan funded exclusively by the purchase of group insurance contracts which is determined under regulations prescribed by the Secretary of the Treasury to have the same characteristics as contracts described in the preceding sentence shall be treated as a plan described in this subsection.
Applicability of this part to terminated multiemployer plans
This part applies, with respect to a terminated multiemployer plan to which section 1321 of this title applies, until the last day of the plan year in which the plan terminates, within the meaning of section 1341a(a)(2) of this title.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Employee Retirement Income Security Act of 1974
Pub. L. 93–406 title I § 301 · 88 Stat. 829
Enacted · 29 U.S.C. § 1081
Pub. L. 93–406, title I, § 301, Sept. 2, 1974, 88 Stat. 868
Source evidence
Code source credit
Pub. L. 93–406, title I, § 301, Sept. 2, 1974, 88 Stat. 868Enacted provision · exact public law section
Sec. 301. coverage (a) This part shall apply to any employee pension benefit 29 USC 1081. plan described in section 4(a), (and not exempted under section 4(b)), other than— (1) an employee welfare benefit plan; (2) an insurance contract plan described in subsection (b); (3) a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees; (4) (A) a plan which is established and maintained by a society, order, or association described in section 501(c) (8) or (9) of the Internal Revenue Code of 1954, if no part of the contributions to 26 USC 501. or under such plan are made by employers of participants in such plan; or (B) a trust described in section 501(c)(18) of such Code; (5) a plan which has not at any time after the date of enactment of this Act provided for employer contributions; (6) an agreement providing payments to a retired partner or deceased partner or a deceased partner’s successor in interest as described in section 736 of the Internal Revenue Code of 1954; 26 USC 736. (7) an individual retirement account or annuity as described in section 408(a) of the Internal Revenue Code of 1954, or a retirement bond described in section 409 of such Code; Post, p. 959. (8) an individual account plan (other than a money purchase plan) and a defined benefit plan to the extent it is treated as an individual account plan (other than a money purchase plan) under section 3(35)(B) of this title; or (9) an excess benefit plan. (b) For the purposes of paragraph (2) of subsection (a) a plan is “Insurance contract plan.” an “insurance contract plan” if— (1) the plan is funded exclusively by the purchase of individual insurance contracts, (2) such contracts provide for level annual premium payments to be paid extending not later than the retirement age for each individual participating in the plan, and commencing with the date the individual became a participant in the plan (or, in the case of an increase in benefits, commencing at the time such increase becomes effective), (3) benefits provided by the plan are equal to the benefits provided under each contract at normal retirement age under the plan and are guaranteed by an insurance carrier (licensed under the laws of a State to do business with the plan) to the extent premiums have been paid, (4) premiums payable for the plan year, and all prior plan years under such contracts have been paid before lapse or there is reinstatement of the policy, (5) no rights under such contracts have been subject to a security interest at any time during the plan year, and (6) no policy loans are outstanding at any time during the plan year. A plan funded exclusively by the purchase of group insurance contracts which is determined under regulations prescribed by the Secretary of the Treasury to have the same characteristics as contracts described in the preceding sentence shall be treated as a plan described in this subsection.Multiemployer Pension Plan Amendments Act of 1980
Pub. L. 96–364 § 411(b) · 94 Stat. 1208
Added · 29 U.S.C. § 1081(a)(10)
Pub. L. 96–364, § 411(b), added par. (10)
Source evidence
Code amendment note
Subsec. (a)(10). Pub. L. 96–364, § 411(b), added par. (10).Enacted provision · exact public law section
(b) Section 301(a) of the Employee Retirement Income Security Act 29 USC 1081. of 1974 is amended by adding at the end thereof the following new paragraph: “(10) Any plan, fund or program under which an employer, all of whose stock is directly or indirectly owned by employees, former employees or their beneficiaries, proposes through an unfunded arrangement to compensate retired employees for benefits which were forfeited by such employees under a pension plan maintained by a former employer prior to the date such pension plan became subject to this Act.”.Multiemployer Pension Plan Amendments Act of 1980
Pub. L. 96–364 § 304(a) · 94 Stat. 1208
Added · 29 U.S.C. § 1081(c); 29 U.S.C. § 1081(d)
Pub. L. 96–364, § 304(a), added subsecs. (c) and (d)
Source evidence
Code amendment note
Subsecs. (c), (d). Pub. L. 96–364, § 304(a), added subsecs. (c) and (d).Enacted provision · exact public law section
(a) Section 301 is amended by adding at the end thereof the 29 USC 1081. following new subsections: “(c) This part applies, with respect to a terminated multiemployer plan to which section 4021 applies, until the last day of the plan year 29 USC 1321. in which the plan terminates, within the meaning of section 4041A(a)(2). Ante, p. 1216. “(d) Any amount of any financial assistance from the Pension Benefit Guaranty Corporation to any plan, and any repayment of such amount, shall be taken into account under this section in such manner as determined by the Secretary of the Treasury.”.Revenue Reconciliation Act of 1989
Pub. L. 101–239 § 7891(a)(1) · 103 Stat. 2106
Substituted · 29 U.S.C. § 1081(a)(4)(A); 29 U.S.C. § 1081(a)(4)(6)
Pub. L. 101–239, § 7891(a)(1), substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text
Source evidence
Code amendment note
Subsec. (a)(4)(A), (6). Pub. L. 101–239, § 7891(a)(1), substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.Enacted provision · exact public law section
(1) Titles I, III, and IV of ERISA (other than sections 3(37)(E), 29 USC 1001 et seq. 301(a)(7), and 308, the last sentence of section 408(d), and sections 414(c), 4001(a)(3)(ii), and 4303) are each amended by striking “Internal Revenue Code of 1954” each place it appears and inserting “Internal Revenue Code of 1986”.Revenue Reconciliation Act of 1989
Pub. L. 101–239 § 7894(d)(4)(A) · 103 Stat. 2106
Substituted · 29 U.S.C. § 1081(a)(7)
Pub. L. 101–239, § 7894(d)(4)(A), substituted “section 409 of title 26 (as effective for obligations issued before January 1, 1984)” for “section 409 of title 26”
Source evidence
Code amendment note
Subsec. (a)(7). Pub. L. 101–239, § 7894(d)(4)(A), substituted “section 409 of title 26 (as effective for obligations issued before January 1, 1984)” for “section 409 of title 26”.Enacted provision · exact public law section
(A) Section 301(a)(7) of ERISA is amended by striking “section 409 of such Code” and inserting “section 409 of the Internal Revenue Code of 1954 (as effective for obligations issued before January 1, 1984)”.Revenue Reconciliation Act of 1989
Pub. L. 101–239 § 7894(d)(1)(A)(i) · 103 Stat. 2106
Struck · 29 U.S.C. § 1081(a)(8)
Pub. L. 101–239, § 7894(d)(1)(A)(i), struck out “or” after semicolon at end
Source evidence
Code amendment note
Subsec. (a)(8). Pub. L. 101–239, § 7894(d)(1)(A)(i), struck out “or” after semicolon at end.Enacted provision · exact public law section
(i) in paragraph (8), by striking “or” at the end;Revenue Reconciliation Act of 1989
Pub. L. 101–239 § 7894(d)(1)(A)(ii) · 103 Stat. 2106
Substituted · 29 U.S.C. § 1081(a)(9)
Pub. L. 101–239, § 7894(d)(1)(A)(ii), substituted “; or” for period at end
Source evidence
Code amendment note
Subsec. (a)(9). Pub. L. 101–239, § 7894(d)(1)(A)(ii), substituted “; or” for period at end.Enacted provision · exact public law section
(ii) in paragraph (9), by striking “plan.” and inserting “plan; or”; andRevenue Reconciliation Act of 1989
Pub. L. 101–239 § 7894(d)(1)(A)(iii) · 103 Stat. 2106
Substituted · 29 U.S.C. § 1081(a)(10)
Pub. L. 101–239, § 7894(d)(1)(A)(iii), substituted “any” for “Any”
Source evidence
Code amendment note
Subsec. (a)(10). Pub. L. 101–239, § 7894(d)(1)(A)(iii), substituted “any” for “Any”.Enacted provision · exact public law section
(iii) in paragraph (10), by striking “Any” and inserting “any”.Pub. L. 109–280 title II § 201(c)(1) · 120 Stat. 780
Struck · 29 U.S.C. § 1081(d)
Pub. L. 109–280 struck out heading and text of subsec. (d). Text read as follows: “Any amount of any financial assistance from the Pension Benefit Guaranty Corporation to any plan, and any repayment of such amount, shall be taken into account under this section in such manner as determined by the Secretary of the Treasury.”
Source evidence
Code amendment note
Subsec. (d). Pub. L. 109–280 struck out heading and text of subsec. (d). Text read as follows: “Any amount of any financial assistance from the Pension Benefit Guaranty Corporation to any plan, and any repayment of such amount, shall be taken into account under this section in such manner as determined by the Secretary of the Treasury.”Enacted provision · exact public law section
(1) Section 301 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1081) is amended by striking subsection (d).Effective date note
Pub. L. 109–280, title II, § 201(d), Aug. 17, 2006, 120 Stat. 868, provided that:
9 of 9 references resolved to an enrolled provision
Editorial Notes
References in Text
Section 409 of title 26, referred to in subsec. (a)(7), means section 409 of Title 26, Internal Revenue Code, prior to its repeal by Pub. L. 98–369, div. A, title IV, § 491(b), , 98 Stat. 848, applicable to obligations issued after .
This chapter, referred to in subsec. (a)(10), was in the original “this Act”, meaning Pub. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles I, III, and IV of such Act are classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of this title and Tables.
Amendments1980–2006 · 3 rounds
2006
Subsec. (d). Pub. L. 109–280 struck out heading and text of subsec. (d). Text read as follows: “Any amount of any financial assistance from the Pension Benefit Guaranty Corporation to any plan, and any repayment of such amount, shall be taken into account under this section in such manner as determined by the Secretary of the Treasury.”
1989
Subsec. (a)(4)(A), (6). Pub. L. 101–239, § 7891(a)(1), substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.
Subsec. (a)(7). Pub. L. 101–239, § 7894(d)(4)(A), substituted “section 409 of title 26 (as effective for obligations issued before )” for “section 409 of title 26”.
Subsec. (a)(8). Pub. L. 101–239, § 7894(d)(1)(A)(i), struck out “or” after semicolon at end.
Subsec. (a)(9). Pub. L. 101–239, § 7894(d)(1)(A)(ii), substituted “; or” for period at end.
Subsec. (a)(10). Pub. L. 101–239, § 7894(d)(1)(A)(iii), substituted “any” for “Any”.
1980
Subsec. (a)(10). Pub. L. 96–364, § 411(b), added par. (10).
Subsecs. (c), (d). Pub. L. 96–364, § 304(a), added subsecs. (c) and (d).
Statutory Notes and Related Subsidiaries
Effective Date of 2006 Amendment
Pub. L. 109–280, title II, § 201(d), , 120 Stat. 868, provided that:
“(1) In general.—
The amendments made by this section [enacting section 1084 of this title and amending this section] shall apply to plan years beginning after 2007.
“(2) Special rule for certain amortization extensions.—
If the Secretary of the Treasury grants an extension under section 304 of the Employee Retirement Income Security Act of 1974 [29 U.S.C. 1084] and section 412(e) of the Internal Revenue Code of 1986 [former 26 U.S.C. 412(e)] with respect to any application filed with the Secretary of the Treasury on or before , the extension (and any modification thereof) shall be applied and administered under the rules of such sections as in effect before the enactment of this Act [], including the use of the rate of interest determined under section 6621(b) of such Code [26 U.S.C. 6621(b)].”
Effective Date of 1989 Amendment
Amendment by section 7891(a)(1) of Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 7891(f) of Pub. L. 101–239, set out as a note under section 1002 of this title.
Section 7894(d)(1)(B) of Pub. L. 101–239 provided that: “The amendments made by subparagraph (A) [amending this section] shall take effect as if included in section 411 of the Multiemployer Pension Plan Amendments Act of 1980 [Pub. L. 96–364].”
Section 7894(d)(4)(B) of Pub. L. 101–239 provided that: “The amendment made by subparagraph (A) [amending this section] shall take effect as if originally included in section 491(b) of Public Law 98–369.”
Effective Date of 1980 Amendment
Amendment by Pub. L. 96–364 effective , except as specifically provided, see section 1461(e) of this title.
Regulations
Secretary authorized, effective , to promulgate regulations wherever provisions of this subchapter call for the promulgation of regulations, see section 1031 of this title.
Special Rule for Certain Benefits Funded Under an Agreement Approved by the Pension Benefit Guaranty Corporation
For applicability of amendment by Pub. L. 109–280 to a multiemployer plan that is a party to an agreement that was approved by the Pension Benefit Guaranty Corporation prior to , and that increases benefits and provides for certain withdrawal liability rules, see section 206 of Pub. L. 109–280, set out as a note under section 412 of Title 26, Internal Revenue Code.
Credits
1974–2006 · 4 acts
- 1974Pub. L. 93–406, title I, § 301, , 88 Stat. 868
- 1980Pub. L. 96–364, title III, § 304(a), title IV, § 411(b), , 94 Stat. 1293, 1308
- 1989Pub. L. 101–239, title VII, §§ 7891(a)(1), 7894(d)(1)(A), (4)(A), , 103 Stat. 2445, 2449
- 2006Pub. L. 109–280, title II, § 201(c)(1), , 120 Stat. 868.
Show as published
(Pub. L. 93–406, title I, § 301, , 88 Stat. 868; Pub. L. 96–364, title III, § 304(a), title IV, § 411(b), , 94 Stat. 1293, 1308; Pub. L. 101–239, title VII, §§ 7891(a)(1), 7894(d)(1)(A), (4)(A), , 103 Stat. 2445, 2449; Pub. L. 109–280, title II, § 201(c)(1), , 120 Stat. 868.)